Crowdsourcing Your Opinion with Host Joe Casali
Wrestling Payments Podcast: Season 1 - Episode 16
Episode Summary
In the Season 1 finale show of Wrestling Payments, Joe Casali delves into the dynamic world of financial technology and seeks audience input or crowdsourcing of the critical issues for 2024.
Joe discusses a list of important, interesting, and pressing issues with a request of the audience to suggest how the Association should direct resources and energy in 2024.
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Cast Your Vote for Season 2 Podcast Topics
Key Insights
⚡Rise of Fast Payment Systems: FedNow's Impact
Joe Casali discusses the rapid growth and adoption of FedNow, emphasizing its role in expanding payment options. With over 300 participants quickly joining, FedNow represents a significant move towards faster, more reliable transactions. The dialogue revolves around the operational and strategic implications of adopting such technologies. Casali questions how institutions should adapt their policies, risk management, and compliance in response to these faster payment systems, urging listeners to consider their impact on the broader financial landscape.
⚡Navigating Payment Innovations Amidst Risks
The episode highlights the double-edged sword of technological innovation in the payment sector. Casali points to a recent ransomware attack affecting several credit unions as a case study for understanding the intertwined relationship between emerging technologies and their inherent risks. He calls for a robust understanding and preparation for these risks, emphasizing the need for proactive risk assessment and management strategies. The discussion extends to the broader implications for regulatory compliance and operational resilience in the face of these emerging threats.
⚡Regulatory Landscape: A Moving Target
Addressing the ever-evolving nature of regulations, Casali speaks on the necessity of staying informed and adaptable. With regulatory frameworks constantly shifting, organizations must be vigilant and proactive in understanding and preparing for these changes. The conversation delves into how regulations impact various aspects of payment strategies and risk management. Casali encourages listeners to stay engaged with regulatory developments to effectively navigate the complexities and ensure compliance in a dynamic environment.
Episode Highlights
The Crowdsourcing Initiative in Financial Services
Timestamp: [00:01:00]
Joe Casali introduces the concept of crowdsourcing for the podcast's content in 2024. He invites listeners to participate actively by voting on topics they want the podcast to cover. This participatory approach aims to shape the future episodes based on real interests and pressing questions in the financial services sector.
"So I'm going to ask for your help. Now, if you were listening earlier, I used the word crowdsource. What we're going to do is go through a few topics, discuss the pros and cons of that particular topic. And direct you to vote on the inclusion or exclusion of our focus for 2024."
The Evolution of Faster Payments and User Choices
Timestamp: [00:06:00]
Casali delves into the evolution of payment systems, particularly focusing on faster payment options like FedNow and RTP. He discusses the exponential increase in payment choices and the complexities that these new options present. The conversation underscores the importance of understanding these evolving systems to make informed decisions.
"It literally is a new choice. In my mind, it adds to the available options and I'm not sure — someone who knows math could say — but by expanding the denominator of possible choices it's added X many possible choices to all the choices."
The Rise of AI in Financial Services
Timestamp: [00:05:00]
In this segment, Joe Casali addresses the rapid adoption and implications of Artificial Intelligence (AI) in the financial services sector. He explores its applications in areas like fraud prevention and the need for industry players to understand and leverage AI's capabilities effectively.
"Just this year we've seen almost like — and I'm not a professional at this survey stuff — but the world has embraced AI for everything, and you know it comes with its own pitfalls, comes with its own advantages. But our point is, should we look at AI and is it either in its tipping point or right about around it."
Navigating the Regulatory Landscape
Timestamp: [00:10:00]
Casali discusses the shifting regulatory landscape, emphasizing the constant movement and updates in regulatory frameworks. He talks about the importance of staying informed and prepared for regulatory changes, particularly focusing on the risks and management strategies related to third-party relationships.
"What can we say about regulation? Risk management and technology is certainly something to follow. What are the regulators looking at, right? Because we know that changes from time to time, searching for what are they examining? And again, that changes from time to time."
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