Fintech Confidential

DD3, Media

Entertaining information focused on Fintech industry insights, market trends, news, and life stories from Fintech leaders, thinkers, and doers. read less
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Episodes

Fintech in the Caribbean: Where Cash Meets the Future! - Empowering Diaspora Communities with Seamless Remittances and Financial Solutions Across Latin America and the Caribbean
Jan 7 2025
Fintech in the Caribbean: Where Cash Meets the Future! - Empowering Diaspora Communities with Seamless Remittances and Financial Solutions Across Latin America and the Caribbean
See More Here! In this episode of Fintech Confidential: Leaders One on One, host Tedd Huff speaks with Pascale Elie, Co-FOunder & Chairperson of Cellpay and co-founder of HaitiPay, about her work in improving financial services in LatinAmerica and the Caribbean. Pascale shares how the 2010 earthquake highlighted the need for accessible financial tools, leading to the launch of HaitiPay, Haiti’s first privately regulated fintech company. She discusses the importance of building partnerships, fostering trust, and addressing regulatory gaps to provide effective solutions.Expanding her efforts, Pascale established Cellpay to connect diaspora funds with local economies, supporting small business investments and community development. She explains how understanding local dynamics and forming strong partnerships are essential for delivering meaningful financial services.The conversation also covers challenges in working with traditional banks and the process of collaborating with Haiti’s central bank to create regulations that allowed fintech companies to operate independently. Pascale emphasizes practical tools like digital systems for community savings clubs, which offer secure and transparent ways for members to manage their funds.Pascale shares advice for fintech entrepreneurs, urging them to focus on clear goals, collaborate with the right people, and adapt to unregulated markets by advocating for necessary changes. She also highlights the potential of artificial intelligence to increase efficiency and expand access to financial services, stressing that ethical use of such tools is critical.Join Tedd Huff and Pascale Elie at the FinTech Islands Conference in Barbados from January 22-24, 2025, where they will share additional insights on improving financial services in underserved regions.Key Highlights 📌  How a Letter Changed Fintech in Haiti Forever📌  Why Trust Matters More Than Tech in Financial Services📌  The Bold Move That Made HaitiPay Stand Out📌  The Surprising Role of the Diaspora in Local Economies📌  The Biggest Barrier to Financial Growth Nobody Talks About📌  What Cellpay Teaches Us About Serving Local Markets📌  The One Question Every Fintech Founder Must Answer📌  How Local Partnerships Became the Secret to Success📌  How Artificial Intelligence Could Change Financial Access📌  What Fintech Can Learn From HaitiPay’s Early StrugglesTakeaways1️⃣ Build Trust by Prioritizing Transparency2️⃣ Offer Instant Payment Confirmations3️⃣ Promote Financial Literacy Programs4️⃣ Create a Team Aligned with Your Vision5️⃣ Digitize Savings Systems for Security and GrowthLinks:Pascale EllieLinkedIn: https://www.linkedin.com/in/pascaleelie/X: https://x.com/PascaleElieFacebook: https://www.facebook.com/pascale.elie.reneInstagram: https://www.instagram.com/pascaleelie/CellPayWebsite: https://cellpay.comLinkedIn: https://www.linkedin.com/company/cellpaydotcom/X: https://x.com/cellpaydotcomFacebook:
Goodbye Credit Scores? Hello Consumer-Controlled Credit!
Dec 23 2024
Goodbye Credit Scores? Hello Consumer-Controlled Credit!
Click Here for MoreIn this episode of Accrued, Tedd Huff and Colton Pond talk with Georgina Merhom, founder of Solo, about rethinking financial services by addressing the flaws in traditional credit scoring systems like Experian, Transunion and FICO. Georgina explains how Solo creates a personalized, verified financial profile for each consumer, enabling lenders to make better decisions without relying on outdated metrics or subjective trust. The discussion covers the limitations of current credit scores, the benefits of replacing them with tailored evaluations, and the importance of consumer-controlled data. Georgina also shares practical advice for entrepreneurs, emphasizing the value of flexibility and learning from market signals to achieve long-term success.Key HighlightsWhy Credit Bureau Scores Are Outdated for Today’s EconomyThe True Cost of Collecting Financial DataBreaking the Bias in Banking TrustHow Solo Turns Financial Data Into Real-Time InsightsWhat Makes “One Score Fits All” a Problem?The Future of Financial Decisions Without BiasHow Solo Simplifies Credit EvaluationsTaking “No” as a Signal, Not a SetbackWhat Consumers Gain With Verified Financial DataWhy Banks Need Flexibility in Credit ScoringTakeaways1️⃣ Stop Depending on Outdated Credit Scores2️⃣ Slash Costs With Smarter Verification Methods3️⃣ Take Charge of Financial Information4️⃣ Use “No” to Strengthen Your Strategy5️⃣ Create Fairer Financial Systems With Verified DataLinks:SoloWebsite: https://solo.one/LinkedIn: https://www.linkedin.com/company/soloapi/X: https://x.com/soloapiYouTube: https://www.youtube.com/watch?v=mJ4pCxocO64 Georgina MerhomLinkedIn: https://www.linkedin.com/in/georginamerhom/Fintech ConfidentialNotifications: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialX: https://x.com/FTconfidentialInstagram: https://www.instagram.com/fintechconfidentialFacebook: https://www.facebook.com/fintechconfidentialSupportersLoanPro: Enhance lending operations with LoanPro's modern core. Learn more at https://loanpro.io/demoSkyflow, privacy platform trusted by leading financial institutions, to protect customers’ data. www.skyflowsecure.comHAWK: Enhance compliance with real-time monitoring and advanced AI.
What 62 Years of Experience Can Teach You About Financial Innovation: Building Trust Through Inclusive Lending
Dec 13 2024
What 62 Years of Experience Can Teach You About Financial Innovation: Building Trust Through Inclusive Lending
In this episode of Accrued a Fintech Confidential series presented by LoanPro, Tedd Huff and Colton Pond talk with Ben Boyer of World Acceptance about evolving financial strategies. They discuss how businesses can build lasting customer relationships by focusing on customer needs, expanding product offerings, and leveraging alternative data. Ben highlights the importance of realistic credit-building products, empathetic customer service, and accessible financial tools. The conversation emphasizes trust, transparency, and tailoring services to meet client needs while adapting to economic changes. A must-listen for businesses aiming to stay competitive and customer-focused in the financial sector. Key HighlightsThe Key to Retaining Customers You Might Be OverlookingWhy One-Size-Fits-All Credit Scores Could Be Holding You BackThe Secret to Offering Financial Products Customers Actually WantHow Expanding Your Offerings Can Keep Customers Coming BackWhat Makes a Great First Financial ProductWhy Data-Driven Decisions Beat Gut Instinct Every TimeBreaking Down Barriers to Financial SuccessHow to Balance Profitability and Customer CareWhat Most Financial Companies Get Wrong About Credit BuildingWhy Lifelong Customers Start with Exceptional Service Takeaways1️⃣ Set Clear Expectations to Earn Trust2️⃣ Simplify Financial Tools for Better Engagement3️⃣ Prioritize Trust Over Immediate Profits4️⃣ Stay Ahead by Analyzing Market Trends5️⃣ Be Proactive in Reaching Customers Links:World Finance: https://www.loansbyworld.com/aboutLinkedIn: https://www.linkedin.com/company/worldfinance/Ben Boyer Linkedin: https://www.linkedin.com/in/ben-boyer-535a272/ Fintech ConfidentialPodcast: https://fintechconfidential.com/listenNotifications: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialX: https://x.com/FTconfidentialInstagram: https://www.instagram.com/fintechconfidentialFacebook: https://www.facebook.com/fintechconfidentialSupportersSupporters LoanPro: Enhance lending operations with LoanPro's modern core. Learn more at https://loanpro.io/demoSkyflow, privacy platform trusted by leading financial institutions, to protect customers’ data. www.skyflowsecure.comHAWK: Enhance compliance with real-time monitoring and advanced AI. https://gethawkai.com  for better compliance About:GuestBen Boyer: Ben Boyer is a finance executive in Product Development at World Finance, previously serving as COO at Simpliphy and VP...
Banking Revolution Starts NOW in Canada! Building a better financial future for Canadians with Jeff Adamson Co-founder of Neo
Dec 5 2024
Banking Revolution Starts NOW in Canada! Building a better financial future for Canadians with Jeff Adamson Co-founder of Neo
See More Here: In this episode of Accrued by FinTech Confidential presented by LoanPro, hosts Tedd Huff and Colton Pond discuss these issues with Jeff Adamson, co-founder and Chief Commercial Officer of the company. Jeff shares how his team built an in-house technology stack to overcome these limitations, allowing them to offer personalized credit rates and a cashback system tailored to spending habits. AI tools further enhance the platform by simplifying financial management and providing actionable insights. Despite navigating complex regulatory requirements like the Retail Payments Activity Act, the company maintains a focus on creating transparent, user-friendly products. By integrating credit, savings, investments, and more into a cohesive system, the organization delivers added value while setting a high standard for customer-focused financial services. The conversation offers practical takeaways for FinTech professionals and entrepreneurs seeking to thrive in a challenging market.Takeaways 1️⃣ Stop Waiting for Support—Build It Yourself2️⃣ Make Fair Lending Your Priority3️⃣ Turn Regulations into Opportunities4️⃣ Create Value Beyond Basic Rewards5️⃣ Focus on Clear and Simple CommunicationFintech Confidential Podcast: https://fintechconfidential.com/listen Notifications: https://fintechconfidential.com/access LinkedIn: https://www.linkedin.com/company/fintechconfidential X: https://x.com/FTconfidential Instagram: https://www.instagram.com/fintechconfidential Facebook: https://www.facebook.com/fintechconfidential SupportersLoanPro: Enhance lending operations with LoanPro's modern core. Learn more at https://loanpro.io/demo CheckAlt ClearingWorks: Your one-stop solution for AR needs. Learn more at https://clearingworks.com Under.io: Revolutionize merchant applications with digital transformation. Discover more at https://under.io/ftc Skyflow, privacy platform trusted by leading financial institutions, to protect customers’ data. www.skyflowsecure.com HAWK: Enhance compliance with real-time monitoring and advanced AI. https://gethawkai.com for better complianceThis is a Production of Diamond D3, Media ABOUT: [Guest Name]: [Guest Bio][Company Name] : [Company info]Tedd Huff: Tedd Huff is the Co-Founder of Voalyre, and the President & Founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential.Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments.Diamond D3, Media: A media creation, management, and production company delivering engaging content globally
Discover the BEST Kept Secret in Lending Analytics - Proven Strategies for Scaling Credit Models and Optimizing Financial Decision-Making
Nov 22 2024
Discover the BEST Kept Secret in Lending Analytics - Proven Strategies for Scaling Credit Models and Optimizing Financial Decision-Making
Get the full story HERE!In this episode of Accrued, hosts Tedd Huff and Colton Pond engage with Ensemblex leaders Shawn Budde and Chloe Zhu to explore challenges and opportunities in lending and financial technology. The discussion highlights common pitfalls for fintech startups, such as prioritizing customer acquisition while neglecting critical processes like servicing and collections, which are essential for long-term success. The importance of clean, organized data for informed decision-making is emphasized, along with strategies to enhance operational efficiency through structured approaches. They also address the role of AI, stressing the need for human oversight to prevent errors and biases while using it as a tool to improve automation and decision-making. Practical advice is provided on meeting evolving regulatory requirements, ensuring compliance is integrated into business operations. Finally, the episode examines advanced financial practices in countries like India and Brazil, offering lessons on improving accessibility and efficiency in U.S. markets. This conversation delivers actionable insights for professionals seeking to refine their strategies in fintech and lending.Takeaways1️⃣ Avoid the Biggest Lending Mistake Startups Make2️⃣ AI Won’t Fix Everything3️⃣ Start Compliance Early to Save Time and Money4️⃣ What’s Your Customer’s Long-Term Value5️⃣ Look Globally to Stay AheadLinks:EnsembleX: https://www.ensemblex.com/EnsembleX LinkedIn: https://www.linkedin.com/company/ensemblex/Shawn Budde LinkedIn: https://www.linkedin.com/in/shawn-budde-584aa4/Chloe Zhu LinkedIn: https://www.linkedin.com/in/chloe-zhu-cfa/ Fintech Confidential Notifications: https://fintechconfidential.com/access LinkedIn: https://www.linkedin.com/company/fintechconfidential X: https://x.com/FTconfidential Instagram: https://www.instagram.com/fintechconfidential Facebook: https://www.facebook.com/fintechconfidential SupportersLoanPro: As default rates continue to rise and margins compress in lending, financial organizations are searching for solutions that combine operational efficiency with innovation. Look no further, as LoanPro allows lenders to enhance their origination, servicing, collections, and payments using the foundation of a modern lending core. Check out loanpro.io/demo to learn how 600+ financial organizations have modernized their tech stack with LoanPro.Skyflow, the leading data privacy platform trusted by top financial institutions. Protect your customers' data with Skyflow's innovative solutions. Get started at www.skyflowsecure.comHAWK:AI - A game-changing...
What Happens When You Solve the $80 Trillion Problem? - Donuts, APIs, and Innovation: The Orum Startup Story with Founder & CEO Stephany Kirkpatrick
Nov 14 2024
What Happens When You Solve the $80 Trillion Problem? - Donuts, APIs, and Innovation: The Orum Startup Story with Founder & CEO Stephany Kirkpatrick
See MoreIn this episode of Fintech Confidential, recorded live at the 2024 Money 20/20 event in Las Vegas, Tedd Huff and Stephany Kirkpatrick, founder and CEO of Orum, dive into the world of money movement technology. The discussion flows naturally, covering the many ways Orum is simplifying payments and enhancing access to funds. Kirkpatrick brings a unique perspective, sharing how her background as the daughter of an immigrant and a former financial planner shaped her understanding of money access and inspired her to start Orum.Key Highlights🚀 Making Instant Payouts Possible for Businesses🍩 Time to Make the Donuts💸 Why Wait for Money Movement?💲 Real-Time Payments Without High Costs🔒 Making Compliance Easy💼 The Power of Clear Pricing📊 CFPB’s 1033 Rule and Data Access🌐 Stablecoins in International Payments🏗 Building a Strong Product First🤝 Trusted Partnerships for Reliable PaymentsTakeaways 1️⃣ Apply Financial Planning Insights to Your Startup Vision2️⃣ Keep Remote Teams Engaged with Simple Tools3️⃣ Streamline Payment Solutions with Easy APIs4️⃣ Enhance Security in Transactions with Verification Tools5️⃣ Choose Strong Partnerships to Boost Your Business’s CredibilityLinks: Stephany KirkpatrickLinkedIn: https://www.linkedin.com/in/stephany-kirkpatrick/Orum:Website: https://orum.io/LinkedIn: https://www.linkedin.com/company/helloorumX: https://twitter.com/hello_orumFacebook: https://www.facebook.com/helloorum/Instagram: https://www.instagram.com/orum.io/Fintech ConfidentialYouTube: https://fintechconfidential.com/watchPodcast: https://fintechconfidential.com/listenNotifications: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialX: https://X.com/FTconfidentialInstagram: https://www.instagram.com/fintechconfidentialFacebook: https://www.facebook.com/fintechconfidentialSupportersSupportersUnder: Transform Your Merchant Applications with Under. The Under platform revolutionizes the way ISOs handle merchant applications, offering a seamless transition to digital forms. Say goodbye to outdated processes and hello to efficiency. Discover the future of financial applications at
Cash Flow Made Easy:  Fee-free access to revenue when businesses need it most with Receive’s Ariel Blum
Nov 7 2024
Cash Flow Made Easy: Fee-free access to revenue when businesses need it most with Receive’s Ariel Blum
See More In this episode of Fintech Confidential’s Leaders, Tedd Huff talks with Ariel Blum, CEO of Receive, about how fintech can transform cash flow for small businesses. Receive’s unique model provides immediate, fee-free access to earned revenue, giving small businesses the “spending power” they need without relying on costly credit. Tedd and Ariel discuss the importance of simplifying financial tools, building a customer-centered company culture, and the role of regulation in supporting fintech innovation. They explore how access to essential financial tools can empower underserved entrepreneurs globally, highlighting fintech’s potential to make finance more accessible and responsive to real-world business needs.Key Highlights-  No Fees Just Freedom-  Beyond Credit Scores-  Spending Power Not Loans-  Say Goodbye to Jargon-  Empathy as a Business Strategy-  Tech-Driven Liquidity-  Smarter Business Growth-  A New Approach to Regulation-  Going Global with Financial Access-  Focus on Cash FlowTakeaways 1️⃣ Unlock Immediate Spending Power2️⃣ Put Empathy First in Your Business Strategy3️⃣ Use Jargon-Free Language in Client Interactions4️⃣ When to Consider an Interchange-Based Revenue Model5️⃣ Look Beyond Borders for Business GrowthLinks: Ariel Blum LinkedInReceiveLinkedInFacebookInstagramFintech ConfidentialYouTubeNotificationsLinkedInXInstagram FacebookSupportersUnder: Transform Your Merchant Applications with Under. The Under platform revolutionizes the way ISOs handle merchant applications, offering a seamless transition to digital forms. Say goodbye to outdated processes and hello to efficiency. Discover the future of financial applications at https://under.io/ftc CheckAlt: a game-changer in the financial world: ClearingWorks. Simplify your financial management with a one-stop solution for all your AR needs and with a single login. Intrigued? Visit
Onboarding Made EASY - No Code Needed!  Enabling rapid, secure onboarding for banks and lenders and ultimate customer satisfaction
Oct 30 2024
Onboarding Made EASY - No Code Needed! Enabling rapid, secure onboarding for banks and lenders and ultimate customer satisfaction
See More In this episode of FinTech Confidential, host Tedd Huff and co-host Colton Pond speak with Timothy Li, CEO of LendAPI, on core strategies for fintech success. Key topics include the importance of fraud detection advancements, the need to build comprehensive products rather than features, and the role of partnerships in providing complete solutions for financial institutions. They also discuss the potential of international payments using blockchain and stresses the importance of customer feedback for relevant product development. Finally, they emphasize execution over ideas, highlighting the need to act on customer needs swiftly to remain competitive in fintech.Key HighlightsHow Fintech Tackles Fraud: The Latest Security TrendsBuilding Products, Not Features: The Key to Lasting ImpactPartnerships: The Secret Behind Fintech SuccessInternational Payments: The Next Big Opportunity in FintechCustomer Feedback Drives Product DevelopmentExecuting Ideas: Why Action Beats Theory in FintechFraud Prevention Tools: Enhancing Security for Financial ServicesWhy Complete Solutions Win Over Piecemeal FeaturesThe Essential Role of Partnership in Fintech GrowthWhy Customer Listening is Fintech’s Competitive EdgeTop 5 Takeaways1️⃣ Make Fraud Detection Your Top Priority2️⃣ Focus on Product Fit Over Flashy Features3️⃣ Build Partnerships to Extend Your Reach4️⃣ Stay Customer-Centered for Lasting Success5️⃣ Prioritize Action and Execution Over TheorySupportersLoanPro: As default rates continue to rise and margins compress in lending, financial organizations are searching for solutions that combine operational efficiency with innovation. Look no further, as LoanPro allows lenders to enhance their origination, servicing, collections, and payments using the foundation of a modern lending core. Check out loanpro.io/demo to learn how 600+ financial organizations have modernized their tech stack with LoanPro.CheckAlt: a game-changer in the financial world: ClearingWorks. Simplify your financial management with a one-stop solution for all your AR needs and with a single login. Intrigued? Visit https://clearingworks.com to schedule your demo today.Skyflow, the leading data privacy platform trusted by top financial institutions. Protect your customers' data with Skyflow's innovative solutions. Get started at www.skyflowsecure.comUnder: Transform Your Merchant Applications with Under. The Under platform revolutionizes the way ISOs handle merchant applications, offering a seamless transition to digital forms. Say goodbye to outdated processes and hello to efficiency. Discover the future of financial applications at https://under.io/ftcHAWK:AI - A game-changing approach to compliance. With real-time monitoring, adaptive learning, and advanced AI, it cuts false positives, simplifying your compliance efforts. Upgrade your surveillance with ease. Visit https://gethawkai.com for more intelligent, more effective compliance.This is a Production of Diamond D3, MediaABOUT: Timothy Li: Timothy Li is a tech entrepreneur specializing in banking technology. Throughout his career, he has worked with teams to develop mission-critical software for leading organizations like Intel and JPMorgan. Timothy is the co-founder of multiple fintech startups, including LendAPI, Magic, Alchemy, MaxDecisions, Fluid Credit, and Kuber.LendAPI: LendAPI is a no-code, end-to-end digital onboarding platform designed to help banks, lenders, and insurance companies quickly launch digital onboarding solutions. With LendAPI,...
The FTC's Shocking New Rule You Need to Know NOW - Businesses face massive fines if cancellation processes aren’t streamlined.
Oct 25 2024
The FTC's Shocking New Rule You Need to Know NOW - Businesses face massive fines if cancellation processes aren’t streamlined.
Click Here to read moreIn this episode of Uncut by Fintech Confidential, host Tedd Huff discusses the FTC’s new Click-to-Cancel rule with legal expert Linda Goldstein (Baker Hostetler), Carl D’Agostino (CEO, Solvpath), and Jayare Charron (VP of Partnerships). This new rule, aimed at simplifying subscription cancellations, requires businesses to offer easy, transparent processes for consumers to opt out of services. The conversation covers the four key components of the rule: prohibiting misleading ads, ensuring clear billing disclosures, obtaining consumer consent, and simplifying cancellations.The guests explain how businesses can adapt by implementing self-service tools, improving customer retention, and avoiding the hefty fines associated with non-compliance (up to $50,000 per violation). They also highlight the importance of using AI-driven platforms like Solvpath to enhance customer experience while staying compliant.This episode is a must-listen for any subscription-based business looking to stay ahead of FTC regulations, reduce churn, and improve customer satisfaction.Key Highlights - New FTC Rules Demand Simple Cancellations - Massive Fines Ahead for Non-Compliant Businesses - Why Self-Service Options Are Key for Subscription Success - Proactive Adjustments Could Save Your Business - Retention Beats Acquisition: The Smart Strategy - Building Trust with Transparent Billing - Automation: The Secret Weapon for Compliance - How Transparent Cancellation Policies Build Loyalty - Data-Driven Strategies for Reducing Churn - The Future of Subscription Services Depends on CompliancTakeaways 1️⃣ Make Cancellations Effortless to Stay Compliant2️⃣ Stop Misleading Ads Before the FTC Hits You with Fines3️⃣ Streamline Billing Disclosures for Consumer Trust4️⃣ Implement Self-Serve Tools for Smooth Subscription Management5️⃣ Use Data to Prevent Cancellations Before They Happen04:08 FTC's New Click to Cancel Rule05:33 Legal Implications of the New Rule05:47 Industry Experts Weigh In07:04 Core Tenets of the FTC Rule11:19 Changes from Proposal to Final Rule15:42 Effective Dates and Business Adjustments16:42 Impact on Subscription Businesses17:10 Solvpath's Role in Adapting to Changes21:10 Data-Driven Approaches to Reduce Churn22:28 Challenges and Compliance Strategies33:54 In-Person and Telephone Sales Compliance42:56 Final Thoughts and Recommendations43:43 Pre-Canned Solutions for Easy Compliance43:58 The Benefits of Easy Cancellation44:40 Understanding the Full Billing Cycle45:11 FTC's Perspective on Cancellation47:13 Post-Sale Strategies for Customer Retention48:53 The Importance of Compliance49:41 Challenges for New Advertisers50:14 The Role of Self-Serve Automation50:32 Impact of New Regulations on Advertisers58:41 Long-Term Perspective on Compliance59:57 Future Expectations in the Marketplace01:11:10 Aligning with Card Brand Rules01:18:51 Final Thoughts and Positive TakeawaysLinks:Solvpath: https:getsolvpath.com/Bakerhsosltetler: https://www.bakerlaw.com/Fintech Confidential YouTube: https://fintechconfidential.com/watch Podcast: https://fintechconfidential.com/listen Notifications: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialTwitter: https://twitter.com/FTconfidential Instagram: https://www.instagram.com/fintechconfidential Facebook:...
Factor Now, Pay Later - Flexible Extended Payment Terms Increasing Cash Flow & Lowering Risk.
Oct 17 2024
Factor Now, Pay Later - Flexible Extended Payment Terms Increasing Cash Flow & Lowering Risk.
Click Here See More In this episode of FinTech Confidential, host Tedd Huff interviews Jordan Olivas, the founder of Harvv, a B2B accounts receivables financing platform. The conversation focuses on how Harvv is helping businesses in traditional industries, such as recreational vehicles, construction, raw materials, and consumer packaged goods, by offering innovative financial solutions that streamline their payment processes and improve cash flow. Throughout the discussion, Jordan shares valuable insights on the challenges these industries face and how Harvv’s platform addresses these issues by making the payment and financing process easier for both sellers and buyers.Key HighlightsWhy Flexible Payment Terms Are the Key to Faster Cash FlowThe Secret to Reducing Financial Risk with Payment SolutionsHow Automation Saves Time in Managing PaymentsWhy In-House Financing Comes with Hidden CostsWhat Traditional Industries Need to Know About Payment TermsWhy Customer Service Plays a Big Role in Payment SuccessHow Tight-Margin Industries Can Improve Financial StabilityStreamlined Onboarding Can Make or Break Payment SystemsWhy Reverse Factoring Beats Traditional FinancingThe Importance of Perseverance in Business Success Takeaways1️⃣ Get Paid Faster with Flexible Payment Options2️⃣ Automate to Eliminate Manual Payment Chasing3️⃣ Shift Credit Risk to Buyers for Safer Deals4️⃣ Reduce Hidden Costs by Outsourcing Financing Tasks5️⃣ Offer Multiple Payment Methods for Customer ConvenienceSupportersUnder: Revolutionize merchant applications with digital transformation. Discover more at https://under.io/ftcSkyflow, privacy platform trusted by leading financial institutions, to protect customers’ data. www.skyflowsecure.comHAWK: Enhance compliance with real-time monitoring and advanced AI. https://gethawkai.com for better compliance. Links:[Company Name]Website: Linkedin: Facebook: Instagram:Twitter: Youtube: Fintech Confidential YouTube: https://fintechconfidential.com/watch Podcast: https://fintechconfidential.com/listen Notifications: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialTwitter: https://twitter.com/FTconfidential Instagram: https://www.instagram.com/fintechconfidential Facebook: https://www.facebook.com/fintechconfidentialSupportersSupport is provided by MPC 2023, the premier event for fintech leaders. This is your chance to shake hands and rub shoulders with the world's top experts in payments, loyalty, blockchain, digital currencies, cybersecurity, consumer privacy, and other emerging fintech solutions connecting you directly with the future of commerce. If you haven't already, mark your calendars for August 23rd through the 25th and join me and Fintech Confidential at the Westin Atlanta Perimeter North. When you sign up for FinTech confidential notifications, you will receive a discount from $50 to 100% off.Or use this link for $50 of registration. https://mpcevent.com/FTC50This is a Production of Diamond D3, Media ABOUT: Jordan Olivas: Jordan is the founder of Harvv, a rapidly growing B2B factoring platform that's...
Are You Suffering from Business Identity Crisis? - How AI is Reshaping Business Identity and Fraud Prevention: Insights from Baselayer’s Jonathan Awad
Oct 10 2024
Are You Suffering from Business Identity Crisis? - How AI is Reshaping Business Identity and Fraud Prevention: Insights from Baselayer’s Jonathan Awad
In this episode of FinTech Confidential, Tedd Huff and Colton Pond chat with Jonathan Awad, co-founder and CEO of Baselayer. They cover some pretty interesting topics around identity verification and fraud prevention for businesses, especially small and medium-sized ones. The conversation is packed with useful insights into how financial institutions are dealing with these challenges, and how new tech is changing the game for everyone involved.The main focus of the discussion is about making business identity verification smoother and faster. Financial institutions are constantly trying to figure out how to trust the businesses they work with. Traditionally, this process has been slow, complicated, and full of risks. Nowadays, technology helps solve these problems by verifying business identities in real-time. The result is a more secure onboarding process, which cuts down on fraud and makes it easier for businesses to prove who they are.What’s really cool is that it doesn’t stop at just checking identities. Companies now have tools that can keep an eye on businesses long after they’ve been verified. Instead of just doing a one-time check, financial institutions get real-time updates if something about a business changes. So if a new risk pops up or fraud becomes more likely, they’re alerted immediately. This continuous monitoring is a big win for risk management, helping financial institutions stay ahead of any potential issues.Another important takeaway from the episode is how AI is used. There’s a lot of talk about AI in the world of fintech, but the key here is that it’s not about the technology itself—it’s about what it can do. AI makes fraud detection faster and more reliable, but what really matters is that it helps solve problems in a practical way. The conversation makes it clear that financial institutions are less interested in how fancy the tech is and more interested in whether it works efficiently. And it does—by preventing fraud and helping businesses stay compliant with regulations.The episode also touches on what it takes to secure funding and build a successful fintech company. There’s a lot of emphasis on having a strong team and a clear vision. Investors want to see that the company can actually deliver results, and that the team behind it knows what they’re doing. This is especially important in fintech, where the stakes are high and customers expect things to work flawlessly. It’s not enough to just have a good idea—you need to prove that it can succeed in the real world.One of the more eye-opening parts of the episode is about the future of managing identities. The idea of controlling your identity through apps is something that could make things a lot easier for everyone, from individuals to large companies. While it’s still in the early stages, the potential is clear. If done right, it could make identity verification quicker and more secure, leading to better financial access for more people.Toward the end, they discuss some up-and-coming companies that are also making waves in fintech. There’s mention of Not K, Solo, and LoanPro—companies that are tackling big problems like fraud prevention and business lending. These are the types of companies that could really change how the financial industry operates in the future.All in all, this episode is filled with useful information for anyone interested in fintech or business risk management. The focus is on how technology is helping solve real-world problems like fraud and compliance, and the tips on building a strong team and securing funding are especially helpful for anyone looking to break into the space. It’s definitely worth a listen if you want to understand where the industry is headed and how these challenges are being tackled with new tools and strategies.Key Highlights The Secret to Fraud Prevention Nobody Talks AboutIn this...
What's REALLY Shaping the Future of Fintech? - Scarlett Sieber exposes what’s shaping the future of Fintech and Money 20/20
Oct 3 2024
What's REALLY Shaping the Future of Fintech? - Scarlett Sieber exposes what’s shaping the future of Fintech and Money 20/20
Learn MoreIn this episode of Leaders One on One by Fintech Confidential, Tedd Huff talks with Scarlett Sieber, the Chief Strategy and Growth Officer at Money 20/20, about the key trends and issues shaping the fintech industry. The episode focuses on topics like fraud prevention, artificial intelligence (AI), regulations, and how fintech events like Money 20/20 help companies connect and grow.Key HighlightsHow AI is Redefining Fraud DetectionTightening Regulations in FintechSuper Apps Are Changing Everyday TransactionsSimplifying Cross-Border PaymentsOpen Banking Drives New ServicesFintech Events: More Than Just NetworkingThe Growing Focus on Fraud PreventionThe Power of Networking in FintechFlexibility Is Key for Fintech StartupsCompliance: A Growing Concern for FintechTakeaways1️⃣ Leverage Competitive Networking at Conferences2️⃣ Make the Most of Focused Content Sessions3️⃣ Use Customer Feedback to Improve Fintech Offerings4️⃣ Adapt to Market-Specific Models5️⃣ Capitalize on Strategic Partnerships with Tech GiantsSupportersUnder: Revolutionize merchant applications with digital transformation. Discover more at https://under.io/ftcSkyflow, privacy platform trusted by leading financial institutions, to protect customers’ data. www.skyflowsecure.comHAWK: Enhance compliance with real-time monitoring and advanced AI. https://gethawkai.com for better compliance. About: Scarlett Sieber: Scarlett is the Chief Strategy and Growth Officer at Money20/20 and a bestselling author, having recently published "Embedded Finance: When Payments Become An Experience. Scarlett's expertise has been recognized by her appointment as a senior advisor to NASA, and her diverse career spans various roles in the finance and tech sectors. She was previously Vice President at USA where she led their newly created business development initiative and as Chief Innovation Officer of Opus Bank, she led the digital strategy and transformation for Opus and its $15B trust subsidiary, Pensco.Money 20/20: Founded in 2011, Money20/20 creates destination shows where the most innovative people in payments, fintech, and the broader financial services industry connect. Famed for their high-impact networking, theUSA, Europe and Asia editions are regarded as unmissable by financial services professionals. Money20/20 is the space where the industry's smartest visionaries and innovators come together to create the future of money. Money20/20 is an Ascential show.Tedd Huff: Tedd Huff is the Co-Founder of Voalyre, and the President & Founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential.Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments.DD3, Media: A media creation, management, and production company delivering engaging content globallyChapters00:19 Episode Highlights02:09 Meet Scarlett Sieber03:39 The Sneaker Contest05:15 What Makes Money2020 Special06:56 Scarlett's Path...
$30 Billion Personal Loan Secrets - Best Egg’s Strategy for Flexibility, Innovation and Scaling Customer Satisfaction.
Sep 18 2024
$30 Billion Personal Loan Secrets - Best Egg’s Strategy for Flexibility, Innovation and Scaling Customer Satisfaction.
In this episode of Accrued a FinTech Confidential series presented by LoanPro, hosts Tedd Huff and Colton Pond speak with Alex Rhodes, the Chief Operating Officer of Best Egg. Alex shares insights into the strategies that have made Best Egg a strong player in the personal finance industry.Throughout the discussion, Alex emphasizes how the company focuses on customers, improves efficiency, and adapts to changes in the market. Best Egg has grown significantly since its start in 2014. Alex explains that one of the key factors behind this growth is the company's commitment to understanding and serving its customers. By listening to what borrowers need and being flexible with repayment plans, Best Egg has been able to keep its customers satisfied and loyal.This focus on customer experience has helped them create services that meet the needs of people from different financial backgrounds.One of the standout points Alex mentions is how Best Egg adjusted during the COVID-19 pandemic. During this time, many people faced financial challenges, and the company responded by offering flexible repayment options to help borrowers manage their loans. This approach not only helped customers during a difficult time but also strengthened the relationship between the company and its clients.Alex also touches on how Best Egg uses technology to improve both the efficiency of its operations and the experience of its customers. For example, they have created self-service tools that allow customers to manage their loans online. This means borrowers can adjust their payments or check their account details whenever they need to, without having to contact customer service. By making the loan process easier and more convenient, Best Egg has increased customer satisfaction while also reducing costs.Looking forward, Alex predicts that data and personalization will play a big role in the future of lending. He believes that companies will need to use customer data to offer more tailored services that meet individual needs. This shift could make the lending process more efficient and more responsive to what customers want. While some may see this as a challenge, Alex views it as an opportunity for Best Egg to continue to grow and succeed.Best Egg's focus on its employees also contributes to its success. Alex explains that the company works hard to ensure that its staff feels valued and supported. By keeping employee turnover low, Best Egg maintains a workforce that is experienced and dedicated to providing excellent service. This, in turn, benefits the company’s customers, as they receive help from knowledgeable and motivated employees.Throughout the episode, Alex also discusses how the company uses advanced technology like artificial intelligence (AI) to improve its operations. For example, AI can help streamline certain tasks, allowing employees to focus on more important aspects of their work. This use of technology not only improves efficiency but also enhances the overall experience for both employees and customers.Alex wraps up the conversation by reflecting on what lies ahead for the lending industry. He believes that personalization, the effective use of data, and a continued focus on customer service will be key factors that separate successful companies from the rest. While there will always be challenges, Best Egg is well-positioned to continue meeting the needs of its customers and growing as a company.In summary, this episode provides a thorough look at how Best Egg has managed to succeed in a competitive industry. By focusing on customer experience, using technology to improve efficiency, and investing in its employees, the company has built a strong foundation for future success. As the lending industry evolves, Best Egg’s ability to adapt and remain customer-focused will likely keep it at the forefront of personal lending. Key...
Borrowers, Become Lenders - How Solo Funds fosters long-term financial growth for underserved communities.
Sep 13 2024
Borrowers, Become Lenders - How Solo Funds fosters long-term financial growth for underserved communities.
In this episode of FinTech Confidential’s Leaders One on One series, Tedd Huff and Rodney Williams, co-founder and president of Solo Funds, tackle key topics impacting the fintech world. The conversation explores the challenges and opportunities within the industry, providing listeners with fresh insights into financial technology and the evolution of lending models.One of the central discussions revolves around the exodus of fintech founders. With many industry leaders leaving for other sectors, the conversation sheds light on the tough realities of fintech today. Increased regulatory scrutiny and a lack of investor enthusiasm are driving founders to seek opportunities outside the fintech space. Tedd and Rodney discuss what this means for the future of the industry and how remaining resilient is crucial for fintech entrepreneurs.A major theme is how Solo Funds is disrupting traditional lending models, particularly payday loans. By allowing borrowers to set their own loan terms, Solo Funds gives users control over their financial decisions. This borrower-first approach is a stark contrast to payday loans, which often come with high fees and rigid repayment schedules. By focusing on flexibility and transparency, Solo Funds is transforming the way underserved communities access financial resources.Another important topic is the role of transparency in building trust. The conversation highlights how Solo Funds provides borrowers with clear, upfront information on what others have paid for loans, ensuring users make informed decisions without hidden fees. This transparency not only increases borrower trust but also leads to better financial outcomes, including lower default rates. For fintech companies, transparency is presented as a key factor in earning user loyalty and reducing risk.A recurring issue in the fintech space is the challenge of regulatory compliance. Rodney and Tedd explore how fintechs often face unclear regulations, creating roadblocks for growth. They emphasize the importance of fintech companies educating regulators and working closely with them to create a framework that supports innovation while ensuring compliance. The conversation points out that navigating the legal landscape is one of the most significant challenges for fintech startups, making collaboration with regulatory bodies a necessity for long-term success.The episode also dives into the financial realities of launching a fintech company. Compliance and regulatory approval come with hefty costs, often in the millions, which can be a barrier for new entrants. For entrepreneurs looking to start a fintech business, understanding these hidden costs is essential. The discussion stresses that having financial backing and careful planning are critical for startups hoping to break into the competitive fintech market.A key highlight of the conversation is Solo Funds’ status as a certified B Corporation, reflecting its commitment to social impact. Unlike profit-driven corporations, B Corps must meet high standards of social and environmental performance. This certification sets Solo Funds apart as a company focused on financial inclusion and empowering underserved communities. The conversation emphasizes how aligning business with a social mission can differentiate a company in a crowded fintech space.An intriguing part of the discussion focuses on how Solo Funds empowers borrowers to become lenders. The platform not only helps borrowers access funds but also enables them to transition into lenders themselves over time. This unique model promotes long-term financial independence and provides a sustainable solution for users. The conversation illustrates how this approach fosters a cycle of empowerment, positioning Solo Funds as a model for creating financial...
Empowering Women, Erasing Student Debt - Michelle Tran Leading at Summer &  NYC Fintech Women
Aug 20 2024
Empowering Women, Erasing Student Debt - Michelle Tran Leading at Summer & NYC Fintech Women
In this episode of Accrued, Tedd Huff and Colton Pond welcome Michelle Tran from Summer. Their discussion tackles some of the most important topics in fintech today. The focus is on real-world problems and practical solutions, making the conversation both relevant and accessible to anyone interested in finance.One of the major topics is the $1.7 trillion student loan crisis. The group dives into how this debt disproportionately impacts minorities and women and examines how companies like Summer are stepping up to guide borrowers through government programs. These programs can help reduce or even forgive student loans, offering significant relief. The discussion highlights the real impact on individuals, showing how targeted support can change lives.The importance of financial wellness in the workplace is another key area of discussion. The group underscores that more companies are recognizing the need to support their employees’ financial health. With a large portion of the workforce burdened by student loans, effective financial wellness programs are becoming essential. These programs don’t just ease financial stress—they contribute to a more satisfied and productive workforce, which benefits everyone involved.When it comes to challenges faced by women in fintech, the conversation turns to visibility and funding. The group addresses the ongoing struggle for women to gain recognition and secure the necessary resources to succeed in the industry. They discuss the importance of initiatives that amplify the achievements of women, ensuring they get the opportunities they deserve. These efforts are crucial in building a more inclusive fintech industry.The discussion also covers the significance of being a certified B Corporation. This certification isn’t just about status—it reflects a company’s commitment to doing business in a way that benefits society. For companies like Summer, this means designing products and services that genuinely help people manage their financial challenges, rather than just focusing on profit.Regulation in fintech is another topic that gets a thorough examination. While regulation is often viewed as a hurdle, the group argues that it can push companies to improve their processes and better serve their customers. They explore how simplifying access to government programs can make a significant difference for borrowers, turning what might seem like a challenge into an opportunity for better service.Finally, the group looks at the future of financial literacy and social responsibility, particularly in the workplace. They agree that employers will increasingly play a critical role in helping employees manage their finances, whether it’s through saving for retirement or paying down student loans. This approach not only benefits employees but also leads to a more engaged and productive workforce.This episode of Accrued offers clear insights into the challenges and opportunities within fintech. Through a well-rounded discussion, Tedd, Colton, and Michelle provide valuable perspectives on how to address financial issues and promote diversity in the industry.Key HighlightsThe Hidden Impact of Student Loans on MinoritiesStudent loans affect everyone, but did you know minorities and women face the biggest burden? In this segment, Michelle Tran explains how Summer helps these groups by lowering or even erasing their debt. Learn how technology can make a difference in people’s lives by reducing financial stress and offering a clearer path to financial freedom.Why Financial Wellness at Work Matters More Than You ThinkFinancial stress isn’t just a personal issue—it affects job performance too. Michelle Tran discusses why companies should care about their employees’ financial health. By offering wellness programs that help manage debt, companies can create a more productive and satisfied workforce. Discover the benefits of...
Democratizing Payments - Making Low-Cost Payment Solutions Accessible
Aug 2 2024
Democratizing Payments - Making Low-Cost Payment Solutions Accessible
In this episode of FinTech Confidential, hosts Tedd Huff and Colton Pond welcome the Co-Founder and Chief Product Officer of Tandym, David Anderson. Tandym is changing the way payments work by offering branded payment platforms for merchants. This approach helps reduce processing costs and boosts customer loyalty.Traditional payment processing fees are high and hurt online brands. Tandym aims to fix this by offering branded payment products that are more efficient and cost-effective. For example, They can lower a brand’s payment processing costs by up to 80%. This allows brands to save money and use it to reward loyal customers, keeping them happy and coming back for more.Tandym’s model combines payments and lending, shaped by extensive experience from working with lending and credit projects at Capital One. This unique model offers both credit and payment solutions in one platform. The closed-loop network minimizes traditional fees, making the payment process simpler and cheaper for businesses.Modernizing tech stacks is crucial for launching unique products. At traditional institutions, it could take 12 months and a lot of money to launch a new product. In contrast, Tandym’s platform allows merchants to launch their payment programs quickly and efficiently, even on something as simple as airplane Wi-Fi. This speed and efficiency provide a significant advantage over traditional players in the financial services industry.The future direction of the payments industry suggests that as consumer expectations evolve, technologies like merchant-branded payment solutions and pay-by-bank will become more common. This shift will make the payment landscape more inclusive and cost-effective for merchants and consumers alike.Stay tuned for more episodes as Tedd Huff and Colton Pond continue to explore the world of fintech.Key HighlightsCutting Costs by 80%Branded payment platforms help online brands cut their payment processing costs by up to 80%. This huge saving allows brands to invest more in rewarding their loyal customers, keeping them happy and encouraging repeat business.Payment Programs Up in MinutesModern payment platforms can launch merchant payment programs in just 20 minutes. This quick setup is even possible on airplane Wi-Fi, making it incredibly efficient compared to traditional methods which can take months and require lots of money.A Unique Approach to Payments and LendingSome payment solutions now combine payment and lending services in one platform. This approach minimizes traditional fees and simplifies the payment process, making it cheaper for businesses.Leveling the Playing FieldThe future of payments is becoming more unbundled. This means smaller brands can enjoy the same low fees that big players like Amazon get, driving more competition and efficiency in the industry.Compliance Matters in CreditExtending credit responsibly is crucial. Companies must be cautious with regulatory compliance and ensure sound credit policies to balance growth and risk management, delivering a better experience for customers.Efficiency and Speed in Tech StacksModernizing tech stacks is essential. Advanced platforms allow for the quick and efficient launch of payment programs, providing a significant advantage over traditional financial services that take longer and cost more.AI: Overrated or Useful?AI tools are useful for tasks like writing code but are often considered overrated. Comparing AI to Excel, the discussion highlights its utility while questioning its potential to replace knowledge workers.Solving Critical ProblemsFor new entrepreneurs, it’s important to identify and solve critical problems that could threaten the business. By...
Crucial Credit Decisions - Helping consumers take control of their credit & for better loan products
Jul 25 2024
Crucial Credit Decisions - Helping consumers take control of their credit & for better loan products
In this episode, host Tedd Huff interviews JB Orecchia, the President and CEO of SavvyMoney. JB shares his extensive experience, from his time at Disney and FreeCreditReport.com to leading SavvyMoney. This conversation highlights the importance of credit management, the challenges faced in financial services, and how SavvyMoney uses data to provide personalized advice. JB Orecchia, with over 35 years in finance and technology, now leads SavvyMoney. His career includes a notable role as VP of Disney.com, where he learned the importance of user engagement and data-driven decisions. This background helps him drive innovation at SavvyMoney, a platform offering personalized credit education, scores, reports, and monitoring tools through banks and credit unions.We explore how SavvyMoney helps users understand and improve their credit by offering tools that break down credit scores, providing advice on how to improve, and offering alerts on credit changes. With over 1,300 financial institution partners, SavvyMoney integrates seamlessly into digital banking platforms. This integration makes it easy for consumers to access credit education and personalized financial advice, fostering a more informed user base.Integrating credit management solutions into financial institutions can be challenging. SavvyMoney's strategy involves deep integration with digital banking platforms, making it easy for financial institutions to adopt and for consumers to benefit. Their solutions provide a seamless experience, becoming a natural extension of the services offered by financial institutions.Looking ahead, JB envisions a future where AI plays a significant role in offering sophisticated financial advice. By constantly analyzing user data and market trends, AI can provide route optimizations and course corrections, helping consumers stay on track to achieve their financial goals.Our conversation with JB Orecchia highlights the potential of SavvyMoney in credit management and financial wellness. From understanding JB's diverse career path to exploring how SavvyMoney addresses complex financial challenges, he provides deep insights into the future of financial services.Key HighlightsWhy Credit Management Matters: Insights from JB OrecchiaCredit management is crucial for loan rates and overall financial health, with practical tips for improving credit scores.SavvyMoney’s Tools for Better Credit ScoresTools like goal setting and credit monitoring provide practical advice and insights to help improve credit.Personalized Financial Advice with SavvyMoneyThe platform evaluates credit data to offer customized loan options and savings opportunities.The Impact of Personalized Credit EducationPersonalized credit education plays a vital role in helping consumers understand and improve their financial health. Seamless Integration: How SavvyMoney Works with BanksIntegration with over 1,300 financial institutions makes it easy for users to access personalized credit education and advice.Overcoming Challenges in Credit EducationSavvyMoney overcame initial resistance from financial institutions, proving the benefits of their credit management tools.The Power of AI in Credit ManagementAI breaks down credit scores, offers personalized advice, and simulates financial scenarios to guide users.Adapting to Interest Rate Changes with SavvyMoneyTailored advice based on current market conditions helps users make informed decisions despite rising interest rates.SavvyMoney’s Dual Focus: Helping Banks and ConsumersCustomized offerings meet the distinct needs of financial institutions and consumers, providing maximum value.Core Values
Navigating the Future of Credit, strategies for modern lending
Jul 17 2024
Navigating the Future of Credit, strategies for modern lending
In this episode from the Accrued series, presented by LoanPro, hosts Tedd Huff and Colton Pond sit down with Raktim Mitra, the Chief Lending Officer from Varo Bank. They dive into how AI is changing the game in financial technology, especially in fraud detection and credit services.Raktim explains how important it is to use different types of data, like transaction data and customer behavior data, to make better credit decisions. He also talks about the role of relationship data in understanding customers and offering personalized services.The discussion covers the challenges of serving underserved markets. Many Americans have poor credit scores or no credit history, making it hard for them to access banking services. Raktim shares how technology can help provide timely access to credit for these people.Personalization and efficiency are key themes in the conversation. Raktim believes financial products must be tailored to meet individual needs, not just when customers sign up but throughout their entire experience. He explains how modern tech can help banks and lenders offer more personalized services, like adjusting payment dates based on customer behavior or offering installment loans for big purchases.The hosts and Raktim also talk about the importance of following regulations in banking. Compliance with rules like KYC (Know Your Customer) and AML (Anti-Money Laundering) is crucial for safety and customer trust. Raktim points out that doing the right thing for customers often aligns with these rules.Looking to the future, Raktim sees financial products evolving based on what customers need. He expects more companies to use advanced technology to improve how they serve customers and keep up with market demands. This episode is packed with valuable insights for anyone interested in lending, credit, and how technology is shaping the future of banking.Tune in to learn more about these exciting topics and hear Raktim's expert advice on staying competitive in the fast-paced world of financial technology.Key HighlightsAI Takes Over Banking!Raktim Mitra shares how AI is used in banking today. Learn how it helps with things like credit services and fraud detection. Discover how banks use AI to understand and serve their customers better.Unlocking Customer Secrets!Raktim talks about the power of relationship data. Find out how banks use information from their customers to provide personalized services and make better decisions.Cracking the Code of Credit!Raktim explains the importance of alternative credit data. See how transaction data, customer behavior, and payroll data help make accurate credit decisions.Banks Vs. Bad Credit!Many Americans struggle with poor credit scores. Raktim discusses how technology can help these underserved markets get the credit they need.The Tech Behind Your Bank!Modern tech stacks are changing banking. Raktim shows how these systems help banks launch new products quickly and stay competitive.Personalized Banking for All!Raktim believes in personalization at every step. Learn how banks tailor services to meet individual customer needs, from signup to everyday interactions.Banking Rules You Need to Know!Compliance with banking regulations like KYC and AML is crucial. Raktim discusses how following these rules helps banks maintain safety and trust.The Future of Financial Services!Raktim predicts how financial products will change based on customer needs. Find out what he expects for the future of banking and lending.Efficient Banking Explained!Raktim talks about combining operational efficiency with customer satisfaction. See how banks can provide quick, personalized services
Stopping Check Fraud, Uncover fraud methods and how CheckAlt combats them.
Jun 27 2024
Stopping Check Fraud, Uncover fraud methods and how CheckAlt combats them.
Dive into the intriguing world of check fraud as Sherah Spark, Head of Compliance and Legal for CheckAlt, sits down with host Tedd Huff at CheckAlt’s Miami office in this compelling episode of Leaders One on One by Fintech Confidential.If you think checks are obsolete, think again. Sherah reveals some surprising statistics that show the continued relevance of checks, like the fact that 46% of people have written a check in the last 30 days. Shocking, right?Sherah’s career in the financial sector began in banking, working with mortgages and underwriters. This experience laid a solid foundation for her current role at CheckAlt, where she ensures robust compliance and risk management practices. During her conversation with Tedd, she explains how CheckAlt leverages advanced technologies such as blockchain and AI to stay one step ahead of fraudsters. However, Sherah emphasizes that technology alone isn’t enough; human oversight is crucial for truly effective fraud prevention.One of the most fascinating aspects of their discussion revolves around check fraud tactics. Sherah explains schemes like check washing, where fraudsters use chemicals or technology to alter checks. They even exploit mobile devices to deposit fake checks. CheckAlt combats these tactics with real-time monitoring and scoring systems to flag suspicious checks. They also use dark web services to track and stop fraud before it happens, ensuring that they can respond to threats proactively.Sherah sheds light on the delicate balance between speed and risk in the fast-paced fintech world. Companies need to act quickly but also cautiously to prevent fraud. She discusses with Tedd how CheckAlt has integrated a risk-aware culture into its operations, from sales practices to technology decisions. This approach helps them make strategic choices that keep customers safe while staying competitive.Partnerships are a crucial part of CheckAlt’s strategy. Sherah talks about how these collaborations enhance instant payment security. Instant payments are convenient but risky, as fraudsters can exploit their speed. By working with various partners, CheckAlt enhances its tools to manage and secure these transactions better, ensuring both speed and safety.For financial institutions exploring new areas like ACH or lockbox functions, Sherah offers valuable advice. She suggests identifying specific pain points and developing strategies to address them. Whether it’s dealing with operational errors or managing product risks, understanding and tackling these issues is key to effective risk management.Sherah also highlights CheckAlt’s commitment to excellence. The company invests heavily in talent and expertise, ensuring they remain industry leaders. They focus on providing exceptional customer service and maintaining high standards in risk and compliance. This dedication ensures that they not only stay ahead of fraud but also build strong, trust-based relationships with their clients.Another interesting point Sherah touches on is the importance of combining technology with human judgment. While tools like AI can detect patterns and flag potential fraud, human intuition is crucial for final decisions. This blend of tech and human oversight creates a stronger defense against fraud.Sherah also discusses the impact of real-time monitoring in preventing check fraud. By keeping an eye on transactions as they happen, CheckAlt can stop fraudsters in their tracks. This proactive approach means they can catch fraudulent activities before they cause significant harm.Moreover, CheckAlt’s use of the dark web to monitor and track fraud attempts adds an extra layer of security. By scanning online black markets, they can identify and address threats before they escalate. This shows their commitment to staying ahead of fraudsters using every tool available.Join the conversation with Sherah and Tedd in this episode packed with
Leveraging Your Assets? How M1 Maximizes client wealth with margin lending and other advanced solutions.
Jun 25 2024
Leveraging Your Assets? How M1 Maximizes client wealth with margin lending and other advanced solutions.
In this episode of Accrued, Tedd Huff and Colton Pond sit down with Brian Barnes, the CEO and founder of M1. If you’ve ever wondered how to make your money work smarter for you, this episode is packed with insights. Brian shares how they combine investment tools with personal banking features to help clients manage their money better. The trio covers everything from building trust in the financial world to the decision to acquire a bank.M1 is not your typical financial company. It’s designed for modern investors who want to control their long-term wealth. Brian explains that M1 is about giving their clients the tools to invest, borrow, and spend wisely, all in one place. With over $8 billion in assets managed, it’s clear that many people trust M1 to help them grow their money.One of the cool things they discuss is how M1 enables clients use their investments as collateral for loans. This means you can borrow money at lower costs without selling your investments. This approach is usually reserved for the wealthy, but M1 makes it available to everyone, which is pretty amazing.Brian talks about the importance of building trust with customers. In the financial industry, trust is everything. M1 Finance focuses on delivering high-quality customer experiences and keeping their promises. This dedication to trust is part of why they decided to acquire a bank. Owning a bank allows them to offer even more value to their customers and integrate services seamlessly.They also dive into the challenges faced by FinTech companies. Starting and growing a company like M1 isn't easy. Brian shares some of the pain points they’ve encountered and how they’ve overcome them. It’s all about disciplined execution and creating value for customers over time. Brian explains how M1 plans and prioritizes its product development and how they are always looking for ways to improve and add new features that benefit their users. This includes everything from high-yield savings accounts to credit card rewards that can be automatically re-invested. The conversation also touches on the importance of modern infrastructure in financial services. Having up-to-date systems is crucial for providing real-time, efficient operations. Brian emphasizes that integrating new digital systems with old ones can be challenging, but it's necessary to maintain trust and reliability.Brian shares his vision for AI in personal finance. He believes that AI can help people make better financial decisions by providing personalized guidance and advice. Imagine having a digital assistant that helps you manage your money and plan for the future – that’s what M1 Finance aims to achieve.Throughout the episode, the guys highlight the fundamental elements of FinTech and financial services that remain constant. No matter how much technology changes, basic financial principles are key to long-term financial success.Brian's story with M1 is a testament to the power of a well-thought-out strategy and a customer-focused approach. By blending investment tools with personal banking features, M1 is making it easier for people to manage their money and grow their wealth. This episode of Accrued offers a great look at how M1 is changing the financial landscape. Whether you're interested in FinTech, personal finance, or just looking for ways to make your money work harder for you, there’s something here for everyone. Don’t miss this engaging and informative conversation with Brian Barnes. Remember to subscribe to Accrued for more episodes that dive into the world of finance and beyond. Keep exploring new ways to improve your financial health and stay ahead of the curve with Accrued.Key HighlightsWhy Trust is Key in FinTech: Insights from M1Building trust is crucial in the financial industry. Brian Barnes shares how M1 focuses on delivering consistent,...