FintekNews is pleased to offer our weekly feature column 3 Questions. Each week, we feature a thought leader within a unique sector of fintech and ask them to answer just 3 questions for our audience in their vernacular. This week, we’d like to introduce you to Robert Cortright of DriveWealth, a wealthtech platform that provides a modern suite of APIs that enable the creation of innovative financial experiences in communities where new investors can be reached.
NAME: Robert Cortright
COMPANY: DriveWealth LLC
WEB ADDRESS: https://drivewealth.com/
What does your firm do/offer within the fintech sector?
DriveWealth is modern, full carrying brokerage platform that has developed an extensive suite of APIs to empower companies to build the financial services products for the digital age. Our cloud-based infrastructure offers powerful scaling and pricing efficiencies enabling global partners (i.e. brokers, advisors, and digital financial services companies) seamless access to the U.S. securities market. Additionally, DriveWealth’s technology stack allows its partners to deliver native investment experiences – including DriveWealth’s real time dollar-based investing capabilities – directly on their own mobile applications.
What area/s of fintech do you believe will grow the most in the coming 5 years?
The bundling trend towards “financial life” applications from financial services firms such as lending firms (student loans, personal loans, mortgage loans), insurance companies, credit unions, ebanks, and more, I believe will show great growth in the next five (5) years. We have seen the wave of retail focused, digital and mobile first wealth management platforms/apps, that prior to DriveWealth have been forced to integrate with legacy institutional clearing firms. DriveWealth has modernized retail brokerage enabling our partners to integrate with our 100% digital, API technology stack to offer scalable, frictionless products to customers of any size. DriveWealth can power investing solutions for partners to deliver to their retail investors; which allows them to broaden their product offerings and expand their user base.
What are the biggest problems facing the fintech industry in the future?
The biggest problem the fintech space will face in the future is the hurdle legacy brokers encounter by not being able to efficiently cost financial services in the digital device age. The infrastructure was not built with digital investing in mind; making implementation cumbersome, time consuming, and expensive to create a functional platform for partners. We had the foresight to build our entire platform using a suite of customizable APIs. We feel our complete and flexible offering paired with the requisite execution/clearing licenses fits well with the solutions needed by both digital and traditional financial firms.
During his career spanning more than thirty (30) years, Mr. Cortright has been both a co-owner and managing member of numerous financial services businesses. For a full biography please click here.