Velez: AI private bankers will disrupt ultra-wealthy management within 10 years
David Vélez · David Velez: How AI Changes The Future of Finance | E1059 · 20VC with Harry Stebbings · Sep 11, 2023 · at 41:15
David Velez is the co-founder and CEO of Nubank. He addresses whether AI fintech platforms can disrupt top-tier private banks like Goldman Sachs and Pictet serving ultra-high-net-worth individuals.
0:00 / 0:50exact quote · 50.4s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“I think then AI and this vision around AI really private banker could become the catalyst for accelerating the immigration towards a fully digitalized private banker. And at that point, then you really start attacking the one percent. You really start offering products to the wealthiest of the wealthiest because you have an algorithm that is 24 seven available. That give you actually better advice than the human, that gives you access to products that the human is not giving you. And finally, it doesn't take a toll, doesn't, it's not taking a lot of commissions in the middle, and has no conflicts of interest, which a lot of the time some of the bankers that you mentioned do have conflicts of interest embedded in the business model. So I wouldn't discard it that we will see this happening not in the next two years, but maybe in the next five to 10 years.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from David Vélez
Velez: Complacency allowed emerging markets to surpass US and Europe in fintech
“I think that level of complacency in these industries, in these big countries, has stopped innovation and have permitted that a lot of these emerging markets, these technologies have leapfrog to a place today where, where Brazil, China, India are ahead of U.S.…”
Velez: Spiky hires with obvious flaws outperform well-rounded candidates
“I rather have the people that have the There's incredible strengths in the weaknesses than the people that are okay in just certain areas. Those tend to be, if you manage them adequately, those are much more powerful type of hires.”
Velez: More Nubank-scale tech giants will emerge in LATAM within 10 years
“I do think now that the kind of the setup for more new banks in the region exists. And you'll see them over the next five to 10 years.”
Velez: Single-country startups in Chile or Colombia face severe exit constraints
“I think you run a little bit into more of the liquidity constraints where you see the businesses just building for Chile or building just for Colombia. Those tend to have much much harder exit opportunity. But when you really get Brazil and Mexico, you'll find…”
Velez: Nubank sees path to become largest bank in Brazil, Mexico, Colombia
“When we go to these three countries, Brazil, Mexico, and Colombia, we go after big markets where we see a path to be Probably the largest financial institution in each one of these countries eventually, because we are the primary bank account and we become the…”
Velez: Nubank is the primary bank for nearly 30% of adult Brazilians
“So if we have 50% of the population and 60% of primary bank account, we have already close to, we have the primary bank account for close to 30% of adult Brazilians. Which, by the way, is now the highest among any bank in Brazil. We are now the most often, mos…”