Interview with Patric Glassell, Head of Sales at Kwanti

While Patric Glassell, Head of Sales at Kwanti, is clearly passionate about fintech as a sector, he’s less enthused about AI at this point in time. “I think we’re still in a hype phase,” he tells us. Nor is he impressed by vendors who are “often quick to slap the ‘AI-powered’ label on their products for marketing allure”.

But don’t mistake this valid criticism for unwillingness to embrace new technology. Over the past 15 years, Patric has successfully managed and scaled sales divisions within SaaS fintech companies – talents that he is now bringing to Kwanti, a platform for financial advisors and investment managers that uses the latest tech to give its clients cutting-edge insights and analysis.

In this interview, Patric generously shares that experience. He has seen for himself the lessons that the traditional banking sector can learn from fintechs, and due to his work with startups – as an investor and mentor – he explains why it’s better to “embrace the risk” rather than sit back and wait. He also shares some predictions for the world of WealthTech…

Whether you already work in the financial sector or are looking to join, keep on reading. All you’re risking is a few minutes of your time!

I’m originally Swedish but grew up in Connecticut. I spent some time in London before doing my undergraduate studies at Babson College, where I earned a Bachelor of Science in Entrepreneurial Studies, which laid the foundation for my entrepreneurial spirit and financial expertise.

I spent the first 12 years of my career leading sales teams at places like Morgan Stanley, Merrill Lynch, and Wells Fargo until I made the jump to fintech. I led teams in the US, Europe, Middle East, Asia and Australia, providing me with an international expertise which I think helped to differentiate me early in my career. For the past eight years, I have been working in the fintech space, not only running and scaling sales teams but also as an investor.

What drove me to fintech was the amount of opportunity. Having seen the large financial organisations’ lack of innovation, bureaucratic processes and outdated technology, I thought it would be better to innovate in smaller, more focused teams. It would also allow me to focus on my passion: solving complicated problems to delight clients. As an active member of the Swedish American Chamber of Commerce, I enjoy contributing insights and fostering connections within the industry.

What do you think traditional finance and banking companies can learn from disruptors in the fintech space?

Traditional finance and banking companies stand at a pivotal juncture where embracing the innovation spurred by disruptors in the fintech space is not just beneficial, but essential for their survival and growth.

One crucial lesson they can glean from disruptors is the significance of customer-centricity and agility. Fintech companies have redefined customer expectations by offering seamless, user-friendly experiences tailored to individual needs, a large change from the bureaucratic procedures often associated with traditional institutions. Embracing this customer-centric approach entails leveraging data analytics to personalise services, streamline processes and anticipate customer needs.

Moreover, fintech disruptors have excelled in harnessing technology to drive efficiency and reduce costs, demonstrating the potential for automation and digitisation in enhancing operational processes. Traditional finance companies can learn from this by modernising their infrastructure, adopting cloud-based solutions and embracing emerging technologies to optimise operations and mitigate risks.

Lastly, fintech companies have been pioneers in fostering innovation through collaboration and open ecosystems, showcasing the power of partnerships and co-creation in driving industry-wide progress. Traditional financial institutions can emulate this by fostering a culture of innovation, encouraging experimentation and forging strategic alliances with fintech startups to leverage their expertise and stay ahead of the curve. By embracing these lessons, traditional finance and banking companies can not only adapt to the evolving landscape but also thrive in the digital age.

In what ways is artificial intelligence impacting the fintech sector?

The incorporation of AI into specific areas of the wealth management industry offers undeniable benefits, though perhaps not as extensive as initially imagined. Presently, the industry finds itself in a period of heightened anticipation, with vendors often quick to slap the “AI-powered” label on their products for marketing allure. I think we’re still in a hype phase.

Yet, a more pressing concern emerges: the challenge of data privacy and confidentiality, exacerbated by the current absence of robust regulations governing AI usage. Advisors are thus urged to pose critical questions to vendors, probing into whether client data will fuel model refinement and the proprietary nature of these models.

These inquiries hold profound significance, addressing not only immediate apprehensions but also charting the course for ethical AI integration within the wealth management space. By fostering transparency and accountability, they pave the way for a future where AI-driven solutions can be embraced with confidence and integrity. It’s through meticulous scrutiny and ethical consideration that the industry can harness the transformative potential of AI while safeguarding the trust and privacy of clients.

How does your company differ from its direct competitors in the fintech space?

At Kwanti, our dedication to empowering financial advisors with tools to help with client acquisition and retention sets us apart from competitors in the fintech sphere. Unlike other platforms, Kwanti specialises in providing sophisticated yet user-friendly portfolio analytics tools tailored specifically for advisors. Our platform excels in both robustness and depth of analysis, offering comprehensive solutions seamlessly integrated into advisors’ workflows.

A key differentiator is our commitment to simplicity without compromising functionality. While competitors may overwhelm users with complex interfaces, Kwanti prioritises intuitive design, ensuring that advisors can swiftly access insights for informed decision-making. In addition, new features and enhancements are determined based on listening to clients’ needs and wants.

Kwanti also emphasises customisation, enabling advisors to tailor reports and analyses to meet clients’ unique preferences. This flexibility facilitates the delivery of personalised, value-added services, enhancing advisors’ differentiation.

In addition, Kwanti offers deeper, more meaningful integrations than competitors, ensuring smoother collaboration and workflow efficiency for advisors. Lastly, our unmatched commitment to data security and compliance provides peace of mind to both advisors and clients, allowing them to navigate the financial landscape confidently. With Kwanti, advisors stay ahead in an increasingly competitive industry while upholding the highest standards of security and regulatory compliance.

Recommended reading: Top ten breakthrough fintech companies

What are your top three fintech predictions for the upcoming years?

I’m going to tailor this a bit to WealthTech and the wealth management industry, but here goes:

Personalisation and Customisation: WealthTech platforms will increasingly prioritise personalisation and customisation to meet the unique needs and preferences of individual investors. Through advanced data analytics and algorithms, these platforms will offer tailored investment strategies, asset allocations and financial advice, catering to diverse investor profiles and life stages.

Automation and Integration of Financial Tools: WealthTech platforms will increasingly focus on automation and seamless integration of financial tools and services. Through advanced APIs and partnerships with complementary fintech providers, WealthTech firms will enable investors to automate various aspects of their financial lives, including portfolio rebalancing, tax optimisation and goal tracking. All these integrations with banking, insurance and other financial services will allow WealthTech platforms to offer holistic solutions that provide a comprehensive view of clients’ finances and streamline the management of their wealth.

Enhanced Digital Client Experience: WealthTech firms will continue to invest in enhancing the digital client experience, leveraging technologies such as blockchain, virtual reality and augmented reality to create immersive and interactive investment platforms. From intuitive mobile apps to virtual wealth advisors, these innovations will streamline account management, improve communication and deepen client engagement, ultimately enhancing the overall client experience.

What advice do you have for aspiring professionals wanting to work in fintech?

Get a good mentor. Prioritise seeking out a strong mentor (or mentors) who have traversed the industry’s twists and turns. Having the guidance of seasoned individuals who have “been there, done that” can be invaluable in navigating the complex and ever-evolving fintech landscape. These mentors can offer insights, share experiences and provide valuable advice that can make all the difference in one’s career trajectory.

Find the right team. When considering which company or team to join within the fintech space, skill diversity should be a key consideration. Aim for a team with a diverse mix of talents and backgrounds that complement each other. By bringing together individuals with different skill sets and perspectives, teams are better equipped to handle the myriad of challenges and curveballs that fintech inevitably throws their way.

Be adaptable. You should continuously invest in enhancing your own skill set. Blend expertise in finance, technology, and perhaps even design or marketing to create a well-rounded skill set that is highly sought after in the fintech industry. Fintech thrives on the fusion of different disciplines, and those who bring diverse skills to the table can contribute significantly to the success of their team.

Embrace the risk. Aspiring fintech professionals should embrace risk and uncertainty. Fintech is a rollercoaster ride, especially for those rolling with a small crew. Failure is an inevitable part of the game, but it’s how individuals learn and grow from those failures that truly matters. Embracing risk-taking and viewing failure as a learning opportunity can lead to personal and professional growth, ultimately propelling individuals forward in their fintech careers.