E199 ‘Building Trust and Expertise in Financial Services’ with Reitigh’s Brian Walsh

Today’s guest is Brian Walsh, CEO at Reitigh. In the episode – in partnership with Enterprise Ireland – Brian explores the nuanced perspectives surrounding AI in the financial services industry. He sheds light on the challenges of growing a business, the importance of specialisation and the strategic use of AI as a tool rather than a magic bullet.

Brian recounts the origins of Reitigh, a company born out of a recognised need for better data management in financial services. Alongside two trusted colleagues, Brian founded Reitigh to connect disparate back-office systems within large financial institutions. The company’s unique value lies in its ability to provide a differentiated service through its specialised team of actuaries, offering solutions that larger, more generalised counterparts cannot match.

Contrary to popular startup culture, Reitigh opted out of the venture capital race, choosing to bootstrap its way to success. Brian explains how this decision was informed by his previous experience at a bootstrap company, which solidified his understanding of the business landscape and the necessity for trust-building in client relationships. This approach ensured profitability from day one and laid a stable foundation for future growth.

The conversation naturally gravitates towards AI. Brian articulates a balanced view, recognising both the potential and the limitations of AI. While many companies tout AI as the ultimate solution, Brian emphasises the importance of understanding the specific problems AI can address and the realistic expectations about its implementation in risk-averse industries like financial services.

Networking remains a cornerstone of Reitigh’s growth strategy. Brian shares how personal and professional connections, built over years of industry involvement, have been pivotal in winning contracts against giants like Deloitte. The company’s reliance on a network-based sales approach underscores the importance of nurture over nature in client relations.

A recurring theme is the company’s focus on specialist knowledge. Employing highly trained actuaries allows Reitigh to offer tailored solutions and make a significant impact in complex regulatory environments. This specialisation not only distinguishes the company but also positions it to capture larger, more lucrative projects without direct competition from less-specialised firms.

Reflecting on his journey, Brian advises against the allure of the entrepreneurial myth of the solitary billionaire. Instead, he champions the value of industry expertise and teamwork in building a successful business. He foresees AI as an accelerator that augments human expertise rather than replaces it, advocating for a harmonious integration of technology and human insight.

Brian’s podcast encapsulates a pragmatic approach to business and technology. Reitigh’s journey exemplifies how a focused and specialised strategy, combined with judicious use of AI and a strong network foundation, can lead to sustainable growth and innovation in the financial services industry. Reitigh’s contribution is a testament to the power of collaboration, expertise and a clear vision in navigating the evolving landscape of AI.