Breaking Banks

This week on Breaking Banks, we feature an episode from sister podcast EMERGE Everywhere.

Is artificial intelligence the key to providing personalized financial advice for all? While companies like Credit Karma are tapping into AI’s vast potential to help customers manage their money, the technology also raises weighty questions about how to use it responsibly. In this episode, Jennifer Tescher, host of EMERGE Everywhere speaks with Credit Karma CEO Ken Lin about how the company has embedded AI into its solutions, the biggest opportunities and challenges right now, and what an AI-enabled future might look like.

Read the entire transcript here.

The hosts introduce the episode, highlighting discussions with Ken Lin, CEO of Credit Karma, about the transformative impact of AI on financial advice.

Ken Lin shares the origins of Credit Karma, its integration into Intuit, and the company’s innovative approach to leveraging AI for personalized financial tools.

Exploration of the differences between machine learning and generative AI, emphasizing AI’s ability to deliver tailored, conversational financial advice.

Ken Lin discusses the top use cases of generative AI on the Credit Karma platform, focusing on addressing consumers’ top financial questions with tailored insights.

Discussion on AI’s potential to transform financial advice into actionable steps, aiming to reduce tedium and empower financial mobility for users.

Addressing concerns around AI accuracy, bias, and “hallucinations” in financial advice, and the steps Credit Karma takes to ensure reliable guidance.

Ken Lin reflects on how AI can benefit underserved populations by increasing financial inclusion and providing equitable access to services.

The episode explores the importance of AI governance, ethical considerations, and the long-term impact of AI on financial systems and societal equity.

This week, Jason Henrich connects with Mary Wisniewski to talk about her new podcast, Money Isn’t Everything, which will explore unconventional ideas and strategies within the financial services sector.  In her biweekly podcast Mary will tap into her passion for uncovering counterintuitive concepts, sharing stories and looking at complexities, gaps and opportunities in our market with focus on the role banks and credit unions play in driving and improving outcomes,

The first episode of Money Isn’t Everything airs 4/18, catch it on Apple, Spotify or the Cornerstone Advisors website.

Read the entire transcript here.

The hosts introduce the episode, highlighting the theme of money’s role beyond financial value. Special guest Mary Wisniewski previews her new podcast, Money Isn’t Everything.

Mary Wisniewski shares the inspiration and objectives for her new podcast, emphasizing how financial institutions can address broader human needs.

Discussion about the failures of traditional financial literacy efforts and how understanding erratic cash flow can improve outcomes for underserved populations.

Exploration of gamification and behavioral nudges, their effectiveness, and ethical considerations for banks and fintechs aiming to improve financial habits.

Jason Henricks reflects on the challenges of creating consumer-aligned incentives in financial products, sharing insights from his experience with Perk Street.

Highlighting the intersection of mental health and money, the hosts discuss the emotional toll of financial stress and its implications for financial services.

Mary shares personal anecdotes and ideas for fostering innovation in financial services, particularly for addressing volatile incomes and debt reduction.

Preview of topics Mary plans to explore on her podcast, including AI, bold experiments in finance, and revisiting lessons from past economic cycles.

Final reflections on the episode’s themes, the significance of money in our lives, and details on how to follow Money Isn’t Everything when it launches.

Giving credit when credit is due is always appreciated and a good thing to do. In this case, it is also a solid base for a fintech, one that is socially responsible and financially inclusive. Meet Kashable’s Co-Founder and CEO, Einat Steklov, as she speaks with host Brett King about Kashable making its mark in financial services with low cost loans for employees, those with low or no credit scores. With its data models and ability to create new risk profiles and open up access to credit, Kashable underwrites consumers for unsecured loans based to a large extent on employment information. With Kashable’s ability to offer access to low cost credit, economic mobility, as an employee benefit with easy repayment — embedded financing — everyone benefits.

Then, Breaking Banks is delighted to introduce Social Currency, Provoke.fm‘s latest podcast powered by Sunrise Banks that will introduce you to some of the most innovative changemakers in finance, tech and ESG, and how they are dismantling barriers and reshaping their industries for a more inclusive, equitable and sustainable future. Spotlighting those at the forefront of positive change through social entrepreneurship, Social Currency unveils the stories behind the revolution that is propelling us toward a world where everyone has equitable access to opportunities. In the first episode, Ahead of the Curve, Strategic Foresight, Tyler Seydel, Chief FinTech Officer at Sunrise Banks and co-host Eric Schurr, Chief Strategy Officer, Sunrise Banks and certified practitioner in strategic foresight, get into just that, Strategic Foresight, how organization can solve market opportunity challenges using provocative questions to look at future challenges in new ways, reimaging opportunities. A planning oriented discipline related to futures studies, you’ll be surprised as new tools and this new way of future thinking begins to infiltrate projects and everyday work.

Read the entire transcript here.

The hosts introduce the episode, exploring themes of socially responsible credit and the role of social currency in fostering equitable financial systems.

Interview with Inet Steklov, founder of Cashable, discussing their innovative approach to using employment data for credit underwriting and financial inclusion.

The conversation dives into the limitations of traditional credit scores and how alternative credit models can expand financial access for underserved populations.

Insights into Cashable’s partnerships with employers to offer low-cost credit as an employee benefit, promoting financial wellness and reducing stress.

Discussion on navigating the regulatory landscape for fintechs and how Cashable collaborates with state and federal regulators to ensure compliance.

Introduction of the new Social Currency Podcast, focusing on ESG principles, diversity, and the intersection of technology and social equity.

Eric Schorr, a certified foresight practitioner, shares insights on trendspotting, strategic planning, and creating a more inclusive financial future.

Final thoughts on the importance of financial inclusion, the value of foresight in planning, and actionable steps for building a better financial system.

SXSW is a safari to the future according to Todder Moning, Lead Futurist at U.S. Bank. But, as Mike Bechtell, Chief Futurist at Deloitte, pointed out in his Fintech House fireside last year: futurists are always wrong.

Why attempt to predict the future if you are likely to be wrong?

This year Todder and Eric Schurr, Chief Strategy Officer at Sunrise Banks and host of the Social Currency podcast at Provoke.fm, have a fireside chat with Dara Tarkowski, Founder of Actuate Law and host of the Tech on Reg podcast, about which rules to break and which to keep when thinking about the future. From large bank to small, both use the tools of Foresight to gain a competitive advantage when thinking about a future, even when it is likely wrong. Listen in to learn how to break out of your current mindset and preconceptions, including Todder’s favorite: Future Safaris.

Read the entire transcript here.

The hosts set the stage for this live recording at the Alloy Labs Fintech House, introducing foresight as a critical tool for navigating the future.

Guests Tod Moning and Eric Scherr explain the practice of foresight, its methodologies, and its role in helping organizations navigate uncertainty and plan for multiple futures.

Discussion on how foresight is implemented within financial institutions, balancing innovation with the industry’s focus on safety, risk management, and compliance.

Exploration of whether regulators can or should engage in foresight, and how proactive planning could help address systemic risks and foster innovation.

Guests highlight key signals and trends in technology, ESG, and societal changes, with a focus on how these factors impact financial services.

Discussion on the role of generative AI in foresight, its potential to support scenario building, and its limitations in predicting the unknown.

Eric and Tod emphasize the human-centric nature of foresight and the importance of defining and striving for preferred futures through deliberate actions.

Final thoughts on why foresight is essential for financial institutions and individuals, encouraging proactive engagement with the forces shaping our world.

What happens when two financial futurists get together? They chat about money of the future and related topics worthy of debate.

This week, host Brett King connects with Chris Skinner, author, influencer, The Finanser blogger, and advisor to leading organizations, governments and firms across the world to talk about Chris’ new book, Intelligent Money, due out this summer. Lots of great banter and thought provoking discussion as they look at cross border payments, smart wallets / super wallets that act as an agent on your behalf, embedded intelligent financial services and payments, and of course AI, to name just a few of the topics they get into. What’s your vision for Main Street 2034? Is the need for growth at the heart of some of our problems? Enjoy the debate!

Read the entire transcript here.

Hosts Brett King and Jason Henricks introduce the show and discuss its mission to explore innovations in financial services. They welcome regular guest Chris Skinner, a leading fintech thinker.

Chris Skinner and Brett King discuss the future of payments, predicting the rise of AI-driven “super wallets” and the eventual obsolescence of traditional financial tools like credit cards and cash.

A deep dive into centralized and decentralized finance structures, touching on the friction between cryptocurrencies, stablecoins, and central bank digital currencies.

The conversation turns to digital identities and their role in payments, healthcare, and government services. The hosts debate the feasibility of self-sovereign identity models.

Chris Skinner examines the intersection of global finance, migration, and technology, highlighting how digital wallets empower displaced populations and digital nomads alike.

The discussion shifts to how AI reshapes banking, turning institutions into algorithmic entities. Trust, the role of branches, and the generational shift in financial behavior are analyzed.

A philosophical debate on AI’s impact on jobs, universal basic income (UBI), and the potential for capitalism to adapt to a world dominated by automation.

Brett and Chris speculate about new economic systems and the role of technology in creating equitable and sustainable societies, touching on ideas like techno-socialism.

Chris shares insights from his upcoming book Intelligent Money, which explores embedded AI in finance and its transformative potential.

The hosts wrap up with reflections on the discussion and preview future episodes of Breaking Banks and their collaborative podcast Beyond Banking.

What’s your legacy? Host Brett King connects with the 695th Lord Mayor of London, Michael Mainelli, who is the first American born Lord Mayor of London. A scientist, economist and accountant, as well as a self-proclaimed space junkie who studied aerospace at Harvard (fun fact his father was at one time involved with the Apollo capsule for Boeing), the Lord Mayor shares some of the key initiatives that will keep him busy during his mayoralty — climate change, space debris removal, a smart economy networks project, and most importantly that London is a partner when it comes to solving global problems, it is a solutions center for technology, science, engineering and finance.

Then, a new podcast Beyond Banking by CBD Talks! from the Commercial Bank of Dubai. Beyond Banking by CBD Talks! delves into trends that drive the UAE, middle east, and global economies. In the first episodes host Brett King has welcomed phenomenal guests, and covered topics from climate and sustainability to unicorns and the future of money and banking, while spotlighting leaders shaping financial services and the UAE, Frank Bisignano, CEO, Fiserv and Her Excellency Raja Al Mazrouei. Learn about the UAE and other regions by downloading Beyond Banking by CBD Talks! via Amazon, Apple, or Spotify. From digitization to decarbonization, through the evolution of AI, and the advent of smart economies, listen as we foster conversations Beyond Banking, with an eye towards the future. https://podcasts.apple.com/us/podcast/beyond-banking-by-cbd-talks/id1711240163

Read the entire transcript here.

Brett King and Jason Henricks open the show, highlighting the Breaking Banks tradition of exploring innovation and introducing their guest, Michael Mainelli, the 695th Lord Mayor of London.

Michael Mainelli reflects on his journey to becoming Lord Mayor, the responsibilities of the position, and the legacy of this historic role.

Michael shares insights on his background in aerospace, his father’s work on Apollo, and how space exploration connects with global sustainability goals.

A deep dive into the role of AI in building smart economies, the ethical considerations, and the intersection of finance, technology, and global problem-solving.

The discussion shifts to climate finance, carbon markets, and how London plays a role in creating sustainable solutions to the global climate crisis.

Michael introduces innovative approaches to solving the growing issue of space debris, including insurance bonds and technologies for debris removal.

Exploring London’s reputation as a center for finance, science, and technology, and its potential to foster international collaboration on pressing global challenges.

Michael outlines his vision for London’s future and the broader role of highly autonomous economies, post-scarcity economics, and evolving societal values.

The hosts reflect on the episode, preview the “Beyond Banking” podcast series, and share how listeners can engage with Breaking Banks and Michael Mainelli.

In this next episode of our special series, Killing It!, hosts Jason Henrichs and Alex Johnson sit down with Matt Harris, current coach, consultant, advisor and Bloom Credit (credit data solutions) co-founder. Starting a company is hard, at any age, Matt was 22 when he began his journey. It’s not just having an idea for your startup, financial backing, energy and good people around you, as most know, it’s all the hurdles and discoveries of everything you need to fix and do, that affects your idea, along the way. The journey, and roller coaster, comes with lots of stressors and takes its toll. It can be difficult to step away or step aside. How do you process? How do you separate your identity from the company after investing so much of yourself in it.

The founding journey is hard but doesn’t have to be.  Accept what is. ‘Failure’ (whatever that may mean, and it’s different for everyone) is not the end of the story. This candid discussion is a master class for startup founders; coaching founders, rather than just investing in their businesses, has become an impactful and authentic way for Matt to make even more change in the world.

Read the entire transcript here.

Brett King introduces the theme of the episode, featuring Matt Harris of Bloom Credit, discussing the entrepreneurial journey and mental health.

Matt Harris shares how Bloom Credit started, its mission to tackle credit report inaccuracies, and the challenges of building a fintech infrastructure company.

A deep dive into the psychological and physical impact of entrepreneurship, as Matt reveals his diagnosis of complex PTSD and its root causes.

Matt discusses the struggle of separating personal identity from his role as a founder, and the difficult decision to step away from Bloom Credit.

Matt describes the year-long process of transitioning out of his CEO role, finding a new leader for Bloom Credit, and preparing for life beyond the startup.

Insights into Matt’s recovery process, including movement therapy, breathing exercises, and the importance of restoring a sense of safety to his nervous system.

Matt explains his transition to coaching, addressing mental health and productivity challenges for founders while helping them build sustainable practices.

A critique of grind culture, with Matt presenting evidence-backed strategies for improving productivity by working smarter, not harder.

Matt reflects on the power of acceptance in overcoming failure and navigating the ups and downs of entrepreneurial life.

The hosts wrap up with key takeaways from Matt’s journey and advice for founders facing similar struggles, emphasizing resilience and self-awareness.

This week host Jason Henrichs hears about all that he unfortunately missed at Bank Director’s annual AOBA (Acquire Or Be Acquired) conference for bank senior leadership from Bank Director rock stars and conference session and track leaders, Emily McCormick, VP of Editorial & Research and Kiah Haslett, Banking & Fintech Editor. They cover it all from banking sector challenges, innovations, and market outlook to enthusiasm for balance sheets (yes!), deposits, and necessity of tech adoption for growth and the future.

Read the entire transcript here.

The hosts introduce the episode, highlighting its focus on the Acquire or Be Acquired (AOBA) conference and trends shaping the banking industry.

Discussion with Emily McCormick and Kia Haslett about the optimistic yet cautious atmosphere at the conference and key insights from industry leaders.

An exploration of the challenges banks face in attracting and retaining deposits, including the evolving importance of balance sheet strategies.

How digital transformation has shifted from optional to essential for banks, with practical strategies for prioritizing tech investments.

The ongoing challenges of succession planning, talent retention, and the skillsets needed for leadership in a tech-driven banking environment.

Insights into why M&A activity has slowed, including the impact of balance sheet considerations, unrealized losses, and pricing challenges.

How artificial intelligence is addressing efficiency and operational challenges, and its practical applications for modern banks.

The hosts reflect on the conference’s themes, including the necessity of proactive decision-making and the importance of aligning leadership with industry trends.

You heard it here last week, a new series from Breaking Banks, ‘Killing It’ with co hosts Jason Henrichs and Alex Johnson, Fintech Takes. In this first episode we feature a candid discussion with Shamir Karkal, Alliance for Innovation Regulation, Co-founder and CEO of Sila, formerly Co-founder of Simple (BankSimple), America’s first neobank which operated 2009 – 2021. A FinTech pioneer, he shares learnings, successes, failures and some of the tough decisions made along his ‘simple’ journey while reflecting on what it means for him today.

Then, Brett King connects with DIVINE, Victor D. Lombard, CEO & Founder, Solvent with tag line, The Future is Freedom. You may remember DIVINE from 2022 when we interviewed him about a venture with AWS’ Impact Accelerator. Today he is joined by Brent Chandler, CEO and Eric Lapin, President of FormFree to talk about their new partnership aligned around their missions to empower underserved demographics. The focus is lending, specifically the mortgage space, with new products to help underserved individuals get access to credit and a new two-sided marketplace, FormFree Exchange, connecting lenders and borrowers — helping credit invisibles get loans and institutions to lend without bias. Tech for good, who doesn’t love that!

Read the entire transcript here.

The hosts introduce the episode, featuring Shamir Karkal of Simple and discussions on lending innovations with FormFree and Solve It.

Shamir Karkal shares the history of Simple, from founding to acquisition, revealing insights into the challenges and tough decisions faced.

A candid exploration of Simple’s decision to sell to BBVA, balancing financial viability, employee impact, and mission-driven goals.

Shamir reflects on the post-acquisition journey, launching platforms at BBVA, and transitioning to new entrepreneurial projects.

Brent Chandler and Eric Lappin discuss FormFree’s mission to transform lending through data-driven insights and bias-free decision-making.

Divine shares his journey from incarceration to tech entrepreneurship, partnering with FormFree to empower underserved communities.

The discussion delves into AI-powered data models and tokenization for financial identity, revolutionizing access to credit for the underbanked.

The hosts reflect on key themes of resilience and innovation, offering a glimpse into what’s next for the guests and the fintech space.