During a short interview, Michael Zetser shared his vision of the future of the fintech industry. With his rich experience in the field of finance and a couple of successful startups behind his back, Mr. Zetser is uniquely positioned to answer some of the toughest questions about contemporary online financial services and startups that want to make it in the fintech domain.
Below are some of the answers this man gave to our correspondent.
Q: What challenges make it hard for modern startups to succeed?
A: Many people who want to create a new product that will help users to solve their issues are focused on doing something unique without wondering whether their proposition is a sound one.
The internet is a massive place, and it is a wonderful technology, but it is just a new medium. The humanity has been using money as a form of social contract for thousands of years. The internet simply made many existing tools and instrument instant and gave them the global reach.
People know how to use money and where to send it. Creating products that dictate new conditions and conceiving rules where there should be none is not the right way. It is the wrong way. Learning how to stop coming up with crazy ideas that nobody will love is the biggest challenge.
Q: Michael Zetser is known for his ability to build new products. Do you have something exciting to share?
A: I don’t like talking about my projects before they are ready to be deployed and used by the public. What I can say is that we are working behind closed doors on a variety of new concepts.
I see a lot of potential in crypto. Some of my peers are against using crypto and introduce features that allow users to interact with coins slowly.
I believe that the future of finance is in blockchain. We still have many unique technological challenges to overcome and the majority of people are not ready to switch to digital money, but I still think that the shift will start happening sooner rather than later.
Many countries in Europe are moving forward with their plans to issue digital coins representing their fiat currencies. When it happens, I want to be among people in the fintech industry ready to deploy relevant products and services.
Q: Is there a particular reason why Michael Zetser is working in finance?
A: I like studying the global economy. It fascinates me. Just half a century ago, we lived in a completely different world and could not believe that the future held so many new opportunities for everyone.
The internet was a game changer. Imagine telling someone from the 80s that we would be able to instantly shop and pay for goods without even leaving our homes. It would sound crazy.
Today, you have a smartphone more capable than the most powerful computer that was used by anyone 50 years ago. You use it to browse social media and do other silly things.
What is important to me is that you are using it to manage your personal finances. By simply using the internet, you become a part of a much bigger ecosystem, a global financial network.
I simply love the idea that I can bring to life unique products that provide benefits to those who want to use their money efficiently. My startups are always about giving end users a way to manage money, to build wealth.
Q: Is fintech entrepreneur Michael Zetser interested only in money?
A: No, money is just a social contract. I’m interested in social aspects of finance. I have many hobbies, but watching society and how it evolves is still the most fascinating experience.
Perhaps, it is the only reason why I have been building fintech startups. I want to give users more ways to express themselves financially and be flexible with their money.