Greg Woolf, Coalesce’s founder and CEO, sat down with Janet Wu and Peter Barnes of Bloomberg Radio last night to discuss artificial intelligence, financial services, and his personal story.
“What we’re finding with artificial intelligence is there’s a lot of hype and excitement around the space. And a lot of potential. In fact, what we are seeing from some of our customers is that this is the ‘fourth wave’ behind cloud, mobile, and social as the next transformative technology, especially in financial services… Without a doubt, financial institutions are under a lot of pressure when it comes to fees, especially in asset management… Our clients are very interested in using our technology to do more, faster.”
On the value of our partner, DCU:
“We are fortunate to be participants in the DCU FinTech Innovation Center. In fact, we did a pivot last year that resulted from our conversations with DCU. We were originally focused on using AI to automate investment research, specifically private market investment research. What we found that it wasn’t a great market for our technology… However, in working with large financial institutions we found there was huge demand for enhancing efficiencies on the operational side of things. So we focus more on the middle and the back office and DCU was a great partner in this process.”
Where is Greg from and how did he get into startups?
“Originally from South Africa and came to Boston about 25 years ago. My entry point was actually through PWC in Boston and I’ve been here ever since. It was a wonderful expereince and opportunity to learn business culture and the way business is done here in the US… I kind of always knew I wanted to work for myself and create something… After a career as an auditor I worked with a couple of dot-com start ups back in the 2000 era and when the bubble burst, the company ran out of money. Shortly after, a friend called who’d been a client at PWC and asked if I’d like to do some consulting work for one of the largest private equity firms in Boston. So I checked my completely empty calendar and jumped on the opportunity.”