Garth Howat Focuses on Underside of Finance: Infrastructure

Modern consumers expect instant transactions and 24/7 service, a stark contrast to the intricate infrastructure that often underpins financial operations. Garth Howat, a fintech leader with 17 years of experience across payments, banking technology, and embedded finance in Europe, the United Kingdom, and the United States, has focused his career on this often-unseen framework.

Howat's work centers on identifying and resolving inefficiencies within financial systems, such as delays and redundancies in inter-institutional or cross-border money transfers. Instead of viewing these complexities as inherent to the system, he sees them as problems to be solved, aiming to make financial services more accessible and user-friendly by removing obstacles.

The financial services industry, built over decades with established banks, payment networks, and regulatory bodies, does not lend itself to complete overhauls. Howat's approach involves developing technology that integrates with existing financial environments, helping institutions modernize their operations. A key aspect of this is enabling better communication between disparate systems, which can significantly improve speed, efficiency, and reliability, even if the improvements are not immediately apparent to the end consumer.

Compliance, often overlooked in favor of innovation, is viewed by Howat as a fundamental element for growth, particularly for organizations operating internationally. This perspective informs his strategies for developing partnerships and expanding services, emphasizing that consistency and accountability are crucial for building trust among institutions, regulators, and customers, especially as financial services become increasingly global.

Looking ahead, Howat anticipates that the next wave of financial technology will involve the integration of automation, artificial intelligence, and embedded financial services with current operational frameworks. He suggests the primary challenge will not be access to new technologies, but rather their implementation in a way that simplifies processes rather than adding further complexity. His ongoing focus remains on enhancing the infrastructure that supports financial transactions, improving interconnections, and optimizing the overall functionality of the financial system.