Phil Barrar Predicts The Top 5 Fintech and Banking Trends Over The Next 3 Years

Breana Patel
Jul 2, 2018 · 8 min read

“I started my company because I wanted to improve financial literacy and financial inclusion, and I hope that this will start a positive movement here in Canada and abroad, too. Our research has found 1 in 2 Canadian millennials has less than $1,000 in savings, which I wanted to change. With Mylo, we’re trying to help by making it easier to save and invest, no matter how much money you have. Everyone deserves the opportunity to achieve their goals.”

I had the pleasure of interviewing Phil Barrar, Founder and CEO of Mylo. Phil is on a mission to help Canadians achieve their financial goals with the personal finance app Mylo. Although it’s only been a year since Mylo officially launched, Phil has already raised $3.9M, acquired an asset management firm with $120M AUM, scored a deal on CBC’s Dragons’ Den and been named one of Bay Street Bull’s 30 under 30 for 2018. Mylo has the largest share of the robo-advisor market in Canada, and is already helping more than 65,000 users invest over $5 million in spare change.

Thank you so much for doing this with us! What is your “backstory”?

Can you share the funniest or most interesting story that happened to you since you began leading your company?

What do you think makes your company stand out during these disruptive times? Can you share a story?

Many of our users are saving and investing for the first time, and I love to see how they become more curious about the world of investing as time goes by. Ultimately, Mylo is the catalyst for financial literacy. In fact, I recently learned that a teacher was using Mylo to show her kindergarten class the basics of saving and investing. It’s really heartwarming to see what you’ve made being used for good.

What advice would you give to other CEOs or founders to help their employees to thrive?

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story or example?

Can you share what you believe will be the “Top 5 Fintech and Banking Trends Over The Next 3 Years” (Please share a story or example for each.)

  1. Financial products with anything less than a five star rating will go bust

    Today’s users expect simplicity and ease of use, but traditional financial institutions are notoriously bad at delivering products that fit this brief. Fintech is nurturing a new generation of innovators who are focused on setting a higher standard for UX/UI when it comes to financial experiences. That’s why we’re going to see fintech companies creating great user experiences for their customers by prioritizing fast and frictionless onboarding and making finding financial services and products fun and easy.
  2. People will only use one app for all of their financial needs (and it won’t be a bank’s app).

    If you bank with several financial institutions now, you know that you have to use several accounts with different digital experiences: Banking isn’t yet a seamless process. To meet customer needs, we’re going to see a lot of reaggregation of financial services, meaning that customers will be able to handle many aspects of their financial life from one convenient platform. WeChat in China is a great example of reaggregation: It’s a messaging app, social media app and mobile payment app rolled into one. We want to do the same thing with Mylo, with a focus on your finances, so you’ll be able to access and manage all aspects of your financial life directly from our platform.
  3. We don’t want your parents’ banking products (but we wouldn’t say no to their account balance).

    We’ve done research that found 53% of Canadian millennials have less than $1,000 in savings, which means that many are not getting the financial services they need to achieve their goals. There’s a great movement in the industry to fix that through financial inclusion, which means a world where everyone has access to sustainable, affordable and useful financial products. We’re using technology to make financial services accessible to all consumers, not just those with the most money or financial knowledge. This means that there will be a focus on pricing transparency. Ultimately, the fintech industry is trying to make managing your finances easy in a way that was previously only available to customers with higher AUMs. We’re democratizing financial services.
  4. Your banking data is more valuable than your social media data; and it belongs to you!

    In Europe, legislation called PSD2 recently passed that stimulates that a user’s personal financial data belongs to them and that they should be able to access and share that data with third parties that can help derive value from it. Right now, in North America, your data belongs to the provider that collects it, but in the future we’ll go the way of Europe, and we’ll see individuals gain greater access to data and the ability to move and use data to benefit themselves personally.
  5. Friends or Foes? Turns out, FinTechs and banks are a match made in heaven.

    There’s a misconception that fintech is a threat to the traditional banking industry. In fact, we’re going to see a lot of collaboration between fintech companies and incumbent banks. Big banks are recognizing that they need fintechs to provide their customers with better digital experiences ad innovative financial products and services, so they will start to partner with, develop or acquire fintech companies that can deliver these more effectively and efficiently. It’s a healthy, symbiotic relationship, however, because fintechs can also benefit from the credibility, trust and consumer reach that big banks bring to the equation.

Can you please give us your favorite “Life Lesson Quote”?

“I am not the business, and the business is not me.” Eytan Bensoussan, a friend and CEO of NorthOne, gave me that advice.

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

Authority Magazine

Leadership Lessons from Authorities in Business, Film…

Authority Magazine

Leadership Lessons from Authorities in Business, Pop Culture, Wellness, Social Impact, and Tech. We use interviews to draw out stories that are both empowering and actionable.

Breana Patel

Written by

Regtech Expert & CEO of Bonova Advisory- Robust Risk Management and Regulatory Transformations

Authority Magazine

Leadership Lessons from Authorities in Business, Pop Culture, Wellness, Social Impact, and Tech. We use interviews to draw out stories that are both empowering and actionable.

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store