How to Avoid Living in ‘Obviousville’ or ‘Assumption City’ and Improving the Financial Services Industry Through the Use of AI

Executive Perspectives Live, one of the top online business shows on C-Suite TV, is launching a new episode featuring Randy Tate, CEO of iFlip Invest talking about the best way to scale a business by ensuring the vision, mission, team, and leadership are all aligned for scalable growth and ways to make the financial services industry easier and available to more people.

Host Jeffrey Hayzlett talked to Tate about how he and his business partner came up with the concept of using automation, AI, and machine learning to create iFlip, a financial learning platform. Tate argues that while industries go through shifts and face all types of disruptions, the financial services industry is “broken” on two fronts: fees and risks. He added that “AI is the only tool we can use to mitigate risk” as people want to know the money they invest is safe, that their risks are being reduced, and that they’re paying less in fees. Tate was able to successfully create a platform that simplified the financial services industry to make it more accessible to users, regardless of financial status.

However, it’s not the only way to scale a business. People are the main difference-maker in any business.

Putting the right people in place and surrounding yourself with the right team is what makes a business successful. When looking for talent, Tate says, “We look for people that solve problems and approach things through curiosity.” He adds that he looks for “someone who will ask questions, listen, articulate, and get confirmation that they heard.” Tate also said that leaders who live in ‘Obviousville’ or ‘Assumption City’ are not really leading. In fact, establishing residence there is the biggest enemy of leading as these individuals feel they are always right.

How do you know you have the right leaders in your midst? These are the people that are invested in your vision, and participate in it, are curious and would come work for you for two-thirds of their salary. Tate says he finds most of his employees from the networks he knows. He adds, “The power of who you know gets you where you want to go.”

All episodes of Executive Perspectives Live are hosted by Jeffrey Hayzlett and can be seen on C-Suite TV.

Best-selling author, speaker, and former Fortune 100 CMO Jeffrey Hayzlett created C-Suite TV to give top-tier business executives a forum for sharing thought-provoking insights, in-depth business analysis, and their compelling personal narratives.

“I’ve had many conversations with Randy – not just about investing but about the people you put in certain positions. The conversations have been enlightening and I hope the audience gets their ‘ah-ha’ moment watching this interview,” Hayzlett said. “Everyone is looking to invest in their future and by simplifying the process, Randy looks to educate as many people as possible about how money works – even people with lots of money to invest.”