Fintech Confidential

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.

Customer Retention Through Flexible Loan Options

Offering flexible repayment plans and easy self-service tools helps build long-term customer loyalty. This approach makes the borrowing experience smoother and more personalized, keeping clients satisfied.

Staying Competitive in the Personal Lending Market

Rather than focusing solely on interest rates, providing a streamlined service and easy management tools sets lenders apart. Flexibility in repayment options adds another layer of value for borrowers.

Artificial Intelligence Enhances Efficiency in Lending

Using AI to handle repetitive tasks allows employees to focus on improving the customer experience. This approach boosts operational efficiency while ensuring that borrowers receive better service.

The Role of Data in Shaping Future Lending Services

Personalized services driven by customer data are becoming the norm. As lending companies leverage data insights, they can offer more tailored financial products that meet the specific needs of individual borrowers.

Adapting Loan Repayment During Financial Hardships

Introducing flexible repayment options during crises, such as the COVID-19 pandemic, shows the importance of responding to customer needs. This adaptability strengthens borrower relationships in uncertain times.

The Rise of Self-Service Tools in Personal Finance

Self-service portals give borrowers control over their loan management. These tools make it easier for customers to adjust payments, check balances, and manage accounts without waiting for assistance, offering a faster, more convenient experience.

Employee Satisfaction Drives Better Customer Service

A company’s success often relies on keeping employees motivated and reducing turnover. Supportive work environments lead to knowledgeable, committed teams that deliver high-quality customer service.

Customer Feedback Shapes Financial Product Development

Active engagement with customer feedback ensures that lending services meet the real needs of borrowers. Adapting products based on this input keeps services aligned with customer expectations and market demands.

Combining Operational Efficiency with Excellent Service

Streamlined processes and the use of technology help maintain a balance between efficiency and customer satisfaction. By reducing the need for manual intervention, companies can lower costs while still delivering top-notch service.

Preparing for the Shift Toward Personalized Lending

As the lending industry evolves, personalization and data-driven products are becoming increasingly important. By offering more tailored solutions, lenders are positioning themselves to meet future borrower expectations.

1️⃣ Maximize Borrower Satisfaction with Flexible Payment Plans

Offer your customers flexibility in repayment options to increase satisfaction and build loyalty, especially during challenging financial times.

2️⃣ Leverage AI for Streamlined Operations

Implement AI to handle routine tasks, allowing your team to focus on customer-facing activities that enhance service and efficiency.

3️⃣ Use Self-Service Portals to Empower Customers

Set up self-service tools that allow customers to manage their loans independently, reducing the need for constant customer support and improving convenience.

4️⃣ Turn Customer Feedback into Product Improvements

Actively gather and apply customer feedback to fine-tune your products, ensuring they meet real needs and stay competitive in the market.

5️⃣ Keep Your Workforce Engaged to Boost Service Quality

Alex Rhodes

LinkedIn Profile: https://www.linkedin.com/in/alex-rhodes-b789926/

Best Egg

Website: https://www.bestegg.com/

LinkedIn: https://www.linkedin.com/company/bestegg/

Fintech Confidential:

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LoanPro: 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.com

Under: 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

HAWK: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.

Alex Rhodes:   Alex Rhodes: Alex Rhodes serves as the Chief Operating Officer (COO) at Best Egg, bringing over 20 years of experience in business strategy and operations. With a career that includes leadership roles at financial giants like Barclaycard and Bank of America, Alex has a deep understanding of the lending industry. At Best Egg, he plays a key role in driving the company's customer-focused initiatives, enhancing operational efficiency, and leveraging technology to improve both employee and borrower experiences. Alex’s expertise lies in creating scalable solutions that meet the evolving demands of the financial services sector.

Best Egg: Best Egg is a leading financial technology company that specializes in providing personal loans to individuals. The company focuses on making the lending process straightforward and accessible, offering flexible repayment options and easy-to-use online self-service tools. Best Egg has originated billions of dollars in personal loans and is known for its customer-first approach, using data to personalize financial products and provide tailored solutions for borrowers. The company aims to create a seamless and efficient experience for users, helping them manage their financial needs with ease.

Tedd Huff is the Co-Founder of Voalyre and the President & Founder of Diamond D3, a consultancy renowned for its expertise in global payments and marketing. With over two decades of experience in FinTech, Huff has played a pivotal role in shaping the industry through his contributions to various startups and established companies, focusing on growth, innovation, process improvements, and enhancing user experience in the complexity of payments.

Colton Pond: Colton Pond is a seasoned marketing executive with a strong fintech and financial services background. In his latest role, Colton is the CMO for LoanPro's API-first lending platform, aiming to meet the increasing market demands. His track record includes a significant tenure at Truv, where he led the marketing team to achieve a 300% growth in year-over-year revenue. Colton has also held key marketing and sales positions at MX, Lucid, and HealthEquity, demonstrating his ability to drive success and innovation within the fintech sector.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

00:00 Introduction

02:57 Welcome Alex Rhodes

03:24 Alex Rhodes' Impressive Background

04:32 Transformation Journey

05:00 Success Strategies

09:30 Key Learnings

11:22 Differentiators in Personal Lending

13:21 The Secret Sauce

14:58 Self-Service Customer Engagement

16:41 Real-Life Customer Experience

18:08 Culture of Innovation

22:39 Operational Efficiency & Customer Experience

26:11 Response to COVID-19

32:50 Future of Personal Lending 

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 autonomy.

A key takeaway for listeners is the importance of purpose-driven business strategies. Rodney emphasizes that staying committed to a core mission—such as providing financial access to underserved communities—can help companies navigate challenges and thrive. Tedd echoes this sentiment, underscoring the growing trend of fintech companies prioritizing social impact and purpose alongside profitability. For fintech entrepreneurs, aligning business goals with personal values is presented as a strategy for long-term success in an increasingly competitive industry.

Throughout the episode, Tedd and Rodney provide a comprehensive view of the current state of fintech, touching on regulatory challenges, financial transparency, and mission-driven business. Whether you are an entrepreneur, investor, or simply interested in fintech, the conversation offers valuable insights into the opportunities and obstacles shaping the future of financial technology.

Many fintech founders are leaving the industry, moving to companies like Netflix due to declining interest and increasing regulatory challenges. Rodney Williams highlights how these difficulties have shifted focus away from fintech and led entrepreneurs to seek opportunities elsewhere.

Solo Funds introduces a unique approach where borrowers have full control over their loan terms. This borrower-driven model includes decisions on loan amounts, repayment schedules, and fees, resulting in lower default rates compared to traditional lending methods.

Lenders on Solo Funds enjoy annual returns exceeding 20%, outperforming the average S&P 500 return. The platform enables individuals to earn by lending small amounts to those in need, creating an accessible and profitable investment opportunity for everyday people.

Transparency plays a vital role in Solo Funds, allowing borrowers to view payment histories and loan terms from other users. This open approach builds trust, reduces default rates, and empowers borrowers to make informed financial decisions.

Why Regulators Struggle with Fintech 

Fintech companies like Solo Funds face challenges when dealing with regulatory bodies due to a lack of clear guidelines for new financial products. This absence of regulation often stifles growth, forcing fintechs to adapt within an uncertain legal framework.

Starting a fintech company involves significant hidden costs, including compliance and regulatory approval expenses. Rodney Williams points out that securing sufficient financial backing is essential to overcome the barriers to entry in today’s market.

Solo Funds is designed to foster financial autonomy for underserved communities. By allowing borrowers to become lenders over time, the platform encourages a cycle of financial empowerment and self-sufficiency.

Solo Funds stands out as one of the few fintech companies certified as a B Corporation, reflecting its commitment to social impact. This certification aligns with its mission to provide fair, community-focused financial services, setting it apart from traditional financial institutions.

Solo Funds maintains low default rates by giving borrowers control over their loan terms. This system fosters accountability and financial responsibility, contributing to a more reliable and successful lending process.

The fintech sector is experiencing a funding drought, with venture capitalists pulling back investments. This lack of financial support is forcing many fintech companies to shut down, highlighting the growing challenges within the industry.

Solo Funds shows that giving borrowers control over their loan terms reduces defaults. Allowing borrowers to choose how much they borrow and when they repay leads to greater accountability and financial responsibility.

Solo Funds provides lenders with a way to earn higher returns than traditional markets. By lending small amounts, everyday individuals can see significant growth in their earnings compared to other investment options.

Rodney emphasizes the importance of fintech companies working with regulators, not against them. By understanding the limitations regulators face, fintech companies can foster better cooperation and create smoother pathways for growth.

Fintech startups must factor in the high costs of compliance and regulation from the start. Planning for these expenses early can help new companies avoid unexpected financial roadblocks down the line.

Solo Funds empowers borrowers to eventually become lenders. This approach not only helps individuals become more financially independent but also strengthens the platform's overall community by keeping capital within the system.

LinkedIn Profile: www.linkedin.com/in/rodneybwilliams

Instagram: instagram.com/rodneybwilliams

X : https://x.com/rodneybwilliams

Website: https://solofunds.com

LinkedIn: linkedin.com/company/solo-funds

Facebook: facebook.com/SoLoFundsInc

Instagram: instagram.com/solofunds

Listen: https://fintechconfidential.com/listen

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Under: 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

LoanPro: 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 https://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.com

HAWK: 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.

03:52 Rodney's Journey in Fintech 

04:08 Rodney's Journey from Procter & Gamble to FinTech 

05:01 Listener: The Early FinTech Venture 

09:08 Inspiration for Creating Solo Funds 

13:13 Lessons Learned from Previous Ventures 

17:35 Solo Funds' Mission and Impact 

22:27 Transparency and Borrower Choice in Solo Funds' Model 

24:41 Overcoming Skepticism: The Early Days 

25:39 Empowering Borrowers: Transparency and Control 

27:08 Regulatory Challenges and FinTech Evolution 

29:37 Navigating Regulatory Challenges in Fintech 

32:41 The Cost of Starting a FinTech 

38:34 B Corp Certification and Doing Good in Fintech 

41:25 The Future of Solo Funds and the Fintech Market 

44:20 The Importance of Purpose in FinTech 

45:36 Final Thoughts

Rodney Williams:  Rodney Williams is the Co-founder of SoLo Funds, the largest community finance platform in the US. Since 2018, SoLo has surpassed 1M loans funded and redefined access to capital and returns for 1.5 million users. As the U.S.’s only Black-led Certified B Corp fintech, SoLo continues its leadership, grounded in the hope and mission of building a community that enables financial autonomy for all. Before founding SoLo, Rodney founded LISNR and led the company to over $40M in funding, numerous awards, and partnerships across retail and financial services. Rodney’s career began at Procter & Gamble in brand management, where he was a catalyst in the company’s digital strategy and social media initiatives. He has received numerous awards, including Ad Age’s 40 Under 40 in 2012 and the Cannes Gold Lion award in 2015. Rodney is a graduate of West Virginia University and Howard University and a member of the 2019 Class of Henry Crown Fellows within the Aspen Global Leadership Network at the Aspen Institute.

SoLo Funds: SoLo is the largest Black-owned personal finance app and the only Black-owned Fintech B-Corp that offers a peer-to-peer lending marketplace rooted in community, based on the idea of “people helping people.” This is also known as community finance.

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

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.

The Hidden Impact of Student Loans on Minorities

Student 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 Think

Financial 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 focusing on financial wellness in the workplace.

The Challenge of Funding Female Founders

Ever wondered why so few female founders get funding? Michelle Tran sheds light on this issue and shares how NYC FinTech Women is working to change the game. Through networking and recognition, this organization is helping women gain the visibility they need to secure investment and grow their businesses.

How Summer Simplifies Student Loan Forgiveness

The process of getting student loans forgiven can be complicated, but Summer makes it easy. Michelle Tran explains how the company uses technology to streamline the application process, helping borrowers access the benefits they deserve. Find out how Summer is saving people thousands by making loan forgiveness more accessible.

Certified B Corp: What It Means for You

What does it mean for a company to be a certified B Corporation? Michelle Tran breaks down how this certification ensures that Summer is committed to making a positive impact, not just profits. Learn why being a B Corp matters and how it benefits both the company and its customers.

Real-Life Success Stories from Summer

Want to hear how Summer is making a real difference? Michelle Tran shares inspiring stories of people who have significantly reduced or even eliminated their student debt thanks to Summer. These success stories highlight the power of financial wellness and the importance of accessible loan forgiveness programs.

Why Regulation Can Be Good for Fintech

Regulation often gets a bad rap, but Michelle Tran argues that it can actually drive progress. By pushing companies to comply with strict rules, regulation encourages innovation in areas like financial services. Find out how regulation has led to new solutions that make it easier for people to manage their money.

AI in Fintech: More Than Just a Buzzword

Artificial intelligence is often misunderstood, but it has real benefits, especially in fintech. Michelle Tran talks about how AI is being used to personalize financial services and make them more efficient. Learn how AI can help you manage your finances more effectively by providing tailored advice and simplifying complex tasks.

The Future of Financial Literacy: Employers Take the Lead

Who will teach us about money in the future? Michelle Tran believes employers will play a bigger role in financial education. By integrating financial planning tools into the workplace, companies can help their employees make better financial decisions. Discover how this approach can benefit both employees and businesses.

NYC FinTech Women: More Than Just a Meetup

NYC FinTech Women started as a small group but has grown into a community of over 15,000 members. Michelle Tran explains how this organization is empowering women in fintech by offering opportunities for networking, learning, and career advancement. See how this community is making a difference in the lives of women in the industry.

1️⃣ Join Power Networks Like NYC FinTech Women

Want to fast-track your fintech career? Get involved with communities like NYC FinTech Women. These groups are goldmines for networking, career tips, and insider support that can push your career to the next level. Don’t miss out—join today!

2️⃣ Secure That Funding: Be Bold and Get Noticed

If you’re a female founder, don’t let funding challenges hold you back. Get aggressive with your networking, target female-friendly investors, and use platforms that spotlight women entrepreneurs to boost your chances of landing that investment.

3️⃣ Double Your Money: Ask About Student Loan Perks

Is your employer offering to match your student loan payments with 401k contributions? If not, it’s time to bring it up! This simple move could grow your retirement savings while you pay off debt—talk to your HR today.

4️⃣ Get Paid What You Deserve: Ask for That Raise

Tired of being underpaid? It’s time to step up. Do your homework, know your worth, and confidently ask for the raise you deserve. A bold ask could mean a big boost to your income.

5️⃣ Crush Financial Stress with Fintech Tools

Don’t let money worries weigh you down. Use fintech apps to budget smarter, save more, and knock out debt faster. Take charge of your finances and see how it transforms your peace of mind.

Michelle Tran LinkedIn: www.linkedin.com/in/michellektran

Summer:

Website: www.meetsummer.com

LinkedIn: www.linkedin.com/company/savewithsummer

NYC FinTech Women: https://nycfintechwomen.com

Fintech Confidential

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LoanPro: 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.com

Under: 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

HAWK: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.

Michelle Tran brings over 15 years of expertise in enterprise sales and partnerships with notable roles at BlackRock, Apex Clearing Corporation, Harness Wealth, and Vestwell. Currently, she holds the position of Head of Commercial at Summer. Michelle is not only a fintech powerhouse but also the founder of NYC Fintech Women, a vibrant community of over 12,000 women in fintech across the greater New York area. Her contributions have earned her recognition as one of FinTech Magazine’s Top 100 Women in Fintech .

Summer partners with financial institutions and employers to empower their populations to reduce education costs and student debt through proven technologies, policy expertise and human support. Founded in 2017 by industry experts, Summer’s mission is to alleviate student loan debt for 46 million borrowers by providing leading solutions for college cost planning, automated enrollment for loan assistance plans, tuition assistance, student loan contributions and retirement matching, and emergency savings. Summer is a certified B Corporation.

NYC FinTech Women is an organization with more than 10,000 members across startups, traditional finance, and VCs. Our mission is to connect, promote, and empower women to advance their careers in FinTech. We fulfill our mission through hosting events, featuring women in FinTech Female Fridays and the Inspiring FinTech Females annual list, showcasing FinTechs in our Fireside Chat Minute, and providing a job board, #HireHer.

Tedd Huff is the Co-Founder of Voalyre and the President & Founder of Diamond D3, a consultancy renowned for its expertise in global payments and marketing. With over two decades of experience in FinTech, Huff has played a pivotal role in shaping the industry through his contributions to various startups and established companies, focusing on growth, innovation, process improvements, and enhancing user experience in the complexity of payments.

Colton Pond is a seasoned marketing executive with a strong fintech and financial services background. In his latest role, Colton is the CMO for LoanPro's API-first lending platform, aiming to meet the increasing market demands. His track record includes a significant tenure at Truv, where he led the marketing team to achieve a 300% growth in year-over-year revenue. Colton has also held key marketing and sales positions at MX, Lucid, and HealthEquity, demonstrating his ability to drive success and innovation within the fintech sector.

DD3 Media is a media creation, management, and production company delivering engaging content globally

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.

Cutting 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 Minutes

Modern 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 Lending

Some 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 Field

The 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 Credit

Extending 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 Stacks

Modernizing 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 Problems

For new entrepreneurs, it’s important to identify and solve critical problems that could threaten the business. By focusing on these issues, teams can ensure their efforts are effective and move the company forward.

Overcoming Challenges with Partners

Extending credit as a fintech startup comes with challenges. Finding great technology partners is essential to overcome these challenges and support business growth, ensuring long-term success.

The Future of Consumer Expectations

As consumer expectations evolve, technologies like merchant-branded payment solutions and pay-by-bank will become more common. This shift will make payments more inclusive and cost-effective for both merchants and consumers.

1️⃣ Simplify Your Checkout Process

Reduce checkout button fatigue by streamlining payment options. Offering fewer, but more effective payment methods can enhance customer satisfaction and boost sales.

2️⃣ Offer Exclusive Rewards

Encourage customers to use your payment solutions by providing unique rewards. Exclusive offers and perks can increase adoption rates and customer loyalty.

3️⃣ Understand Your Payment Fees

Get clear on the fees associated with different payment methods. Knowing what you’re paying for can help you choose the most cost-effective options for your business.

4️⃣ Utilize Customer Data Securely

Make use of customer data to offer better payment experiences while ensuring data privacy and compliance. This can improve customer trust and engagement.

5️⃣ Enhance Payment Security

Implement advanced security measures to protect transactions. Secure payment processes build customer confidence and prevent fraud.

David Anderson

LinkedIn: https://www.linkedin.com/in/davidandersonlinkedin

Tandym

Website: https://www.bytandym.com/

LinkedIn: https://www.linkedin.com/company/bytandym

Fintech Confidential

YouTube: https://fintechconfidential.com/watch 

Podcast: https://fintechconfidential.com/listen

Notifications: https://fintechconfidential.com/access

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Supporters

LoanPro: 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.

MPC the Digital Commerce Event: Why MPC24? As a leader in the fintech space, whether you're a C-suite executive, a technologist, a startup innovator, or a government official, MPC24 offers an unparalleled opportunity to engage with the latest trends, technologies and thought leaders shaping the future of money. Register now and Save https://mpcevent.com/register-now-payment/

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.com

Under: 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

HAWK: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.

David Anderson: David Anderson is a financial services executive with 14+ years of experience across a diverse set of lending products (auto, card, installments) and in a range of disciplines (credit risk, marketing, new product development, general management). He loves solving complex problems of all types – hard-to-crack analytical puzzles, challenging exercises in organizational influence, designing a never-seen-before customer experience, and beyond.

Tandym: Tandym is a financial technology company transforming the private label credit card industry. As the first and only company to enable e-commerce businesses to quickly and easily offer their own next-generation private label credit cards, Tandym provides a comprehensive solution that drives business outcomes for merchants and the consumers they serve. The platform’s modern API allows for seamless merchant integration while delivering an innovative digital-first customer experience.

Tedd Huff is the Co-Founder of Voalyre and the President & Founder of Diamond D3, a consultancy renowned for its expertise in global payments and marketing. With over two decades of experience in FinTech, Huff has played a pivotal role in shaping the industry through his contributions to various startups and established companies, focusing on growth, innovation, process improvements, and enhancing user experience in the complexity of payments.

Colton Pond: Colton Pond is a seasoned marketing executive with a strong fintech and financial services background. In his latest role, Colton is the CMO for LoanPro's API-first lending platform, aiming to meet the increasing market demands. His track record includes a significant tenure at Truv, where he led the marketing team to achieve a 300% growth in year-over-year revenue. Colton has also held key marketing and sales positions at MX, Lucid, and HealthEquity, demonstrating his ability to drive success and innovation within the fintech sector.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

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.

Why Credit Management Matters: Insights from JB Orecchia

Credit management is crucial for loan rates and overall financial health, with practical tips for improving credit scores.

SavvyMoney’s Tools for Better Credit Scores

Tools like goal setting and credit monitoring provide practical advice and insights to help improve credit.

Personalized Financial Advice with SavvyMoney

The platform evaluates credit data to offer customized loan options and savings opportunities.

The Impact of Personalized Credit Education

Personalized credit education plays a vital role in helping consumers understand and improve their financial health. 

Seamless Integration: How SavvyMoney Works with Banks

Integration with over 1,300 financial institutions makes it easy for users to access personalized credit education and advice.

Overcoming Challenges in Credit Education

SavvyMoney overcame initial resistance from financial institutions, proving the benefits of their credit management tools.

The Power of AI in Credit Management

AI breaks down credit scores, offers personalized advice, and simulates financial scenarios to guide users.

Adapting to Interest Rate Changes with SavvyMoney

Tailored advice based on current market conditions helps users make informed decisions despite rising interest rates.

SavvyMoney’s Dual Focus: Helping Banks and Consumers

Customized offerings meet the distinct needs of financial institutions and consumers, providing maximum value.

Core Values That Drive SavvyMoney’s Success

The Savvy Seven values drive success, ensuring consistent benefits for both consumers and financial institutions.

1️⃣ Decode Credit Scores for Consumers

After listening, use SavvyMoney to break down credit scores for your consumers, helping them understand their strengths and areas for improvement.

2️⃣ Provide Hyper-Relevant Advice to Each Consumer

Learn how to leverage SavvyMoney’s tools to offer personalized advice tailored to each consumer’s credit profile, ensuring actionable insights.

3️⃣ Empower Consumers with Transparency Tools

Discover how to equip your consumers with simulators and credit monitoring alerts through SavvyMoney, enabling them to take control of their credit management.

4️⃣ Deliver Curated Financial Wellness Content

Understand how to use SavvyMoney to provide consumers with curated financial wellness content, aiding them in setting goals, creating action plans, and improving their financial health.

5️⃣ Enhance Consumer Financial Advice with AI

Explore ways to implement SavvyMoney’s AI-driven strategies to offer personalized financial guidance, giving your consumers intuitive and effective advice.

JB Orecchia

LinkedIn Profile: www.linkedin.com/in/jb-orecchia-98437710

SavvyMoney

Website: www.savvymoney.com           

LinkedIn: www.linkedin.com/company/savvymoney

Facebook Page: www.facebook.com/SavvyMoney

Instagram: www.instagram.com/savvymoney/?hl=en

Fintech Confidential Links:

Listen: https://fintechconfidential.com/listen

Subscribe: https://fintechconfidential.com/access

LinkedIn: https://www.linkedin.com/company/fintechconfidential

Instagram: https://www.instagram.com/fintechconfidential

Facebook: https://www.facebook.com/fintechconfidential

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

MPC the Digital Commerce Event: Why MPC24? As a leader in the fintech space, whether you're a C-suite executive, a technologist, a startup innovator, or a government official, MPC24 offers an unparalleled opportunity to engage with the latest trends, technologies and thought leaders shaping the future of money. Register now and Save https://mpcevent.com/register-now-payment/

LoanPro: 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 https://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.com

Under: 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

HAWK: 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.

JB Orecchia: JB Orecchia is the President and CEO of SavvyMoney. Since taking over in 2011, JB has transformed the company into an industry-leading credit and lending tool integrated with 40 digital banking platforms and supporting over 1,100 financial institutions. With over 34 years of experience in consumer finance, fintech, and interactive media, JB began his career in 1988 with Household International. He later joined the senior team at FreeCreditReport.com/Experian Consumer Direct, where he helped pioneer online credit report delivery. Before SavvyMoney, JB was Vice President of Marketing for Disney Online, overseeing marketing, CRM, research, and analytics. His leadership has been instrumental in SavvyMoney’s success, marked by significant growth and strategic partnerships.

SavvyMoney: SavvyMoney is a comprehensive credit score solution integrated into online and mobile banking platforms. The company partners with over 1,150 financial institutions to provide users with free credit scores, reports, and daily monitoring. SavvyMoney’s platform helps users understand their credit scores, offers actionable advice to improve them, and supports better financial health. Financial institutions use SavvyMoney’s analytics platform to enhance their marketing efforts and save consumers money. Founded by JB Orecchia, who pivoted the business from DebtGoal to focus on financial institution partnerships, SavvyMoney has grown with strategic investments, including a significant $45 million funding round led by Spectrum Equity and TransUnion in 2021.

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

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.

AI 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 without cutting corners.

How AI Improves Banking!

Discover how AI helps banks run simulations and analyses. Raktim explains how these tools help banks make better decisions and offer better services.

Five essential items that we dive into.

1️⃣ AI Boosts Fraud Detection!

Raktim Mitra explains how AI helps banks spot and prevent fraud. Discover how advanced tech is making banking safer for everyone.

2️⃣ Alternative Data Rocks!

Learn why Raktim Mitra thinks alternative data is a game-changer in credit decisions. See how using different data types can improve lending accuracy.

3️⃣ Serving Underserved Markets!

Raktim Mitra talks about how to help people with poor credit scores. Find out what banks can do to provide better services for everyone.

4️⃣ Modern Tech for Fast Service!

Discover how modern tech stacks help banks offer quick and efficient services. Raktim Mitra shares why staying updated with technology is crucial.

5️⃣ AI and Customer Care!

Raktim Mitra discusses how AI can make banking more personalized. Learn how banks use AI to understand and meet customer needs better.

Raktim’s LinkedIn Profile: https://www.linkedin.com/in/raktim-mitra-125a34116

Fintech Confidential

YouTube: https://fintechconfidential.com/watch

Podcast: https://fintechconfidential.com/listen

Notifications: https://fintechconfidential.com/access

LinkedIn: https://www.linkedin.com/company/fintechconfidential

Twitter: https://twitter.com/FTconfidential

Instagram: https://www.instagram.com/fintechconfidential

Facebook: https://www.facebook.com/fintechconfidential

LoanPro: 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.

MPC the Digital Commerce Event: Why MPC24? As a leader in the fintech space, whether you're a C-suite executive, a technologist, a startup innovator, or a government official, MPC24 offers an unparalleled opportunity to engage with the latest trends, technologies and thought leaders shaping the future of money. Register now and Save https://mpcevent.com/register-now-payment/

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.com

Under: 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

HAWK: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.

Time Stamps:

00:21 AI and FinTech: Current Use Cases

00:54 The Importance of Alternative Data in Lending

01:46 Compliance and Customer Experience in Banking

04:07 Introduction to Raktim Mitra and His Role at Varo Bank

06:54 Trends and Innovations in the Lending Market

09:50 Addressing Underserved Markets

14:52 The Role of Alternative Credit Data

21:34 Modern Tech Stacks and Personalization

25:20 The Future of AI in Financial Services

29:01 Harnessing AI for Scenario Analysis

30:04 AI in Customer Flexibility and Automation

31:24 Proactive Customer Service with AI

32:33 Personalization in Financial Services

37:11 The Future of Credit and Lending

43:25 Navigating Regulatory Challenges

51:08 Looking Ahead: The Future of Lending

Raktim Mitra: Raktim Mitra is a seasoned financial executive with over 15 years of experience in fintech and banking. As Chief Lending Officer at Varo Bank since 2022, he has played a key role in expanding the company’s lending business. His leadership in lending operations, credit risk strategy, and financial innovation spans prominent institutions like Carvana, and Goldman Sachs, where he led the decision science team for Apple Card.

Mitra’s career also includes roles at Lending Club, managing credit risk for small business and personal loans, and Discover Financial Services, leading a team handling credit lines for over 25 million cardmembers. Throughout his career, he has used data and technology to drive business growth while focusing on risk management and customer experience, earning him respect in the financial services industry.

Tedd Huff: Tedd Huff is the Founder of Voalyre and DD3 Media, professional services and advisory firms focused on global payments and marketing. He is also a 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.

Colton Pond: Colton Pond is a seasoned marketing executive with a strong fintech and financial services background. In his latest role, Colton is the CMO for LoanPro's API-first lending platform, aiming to meet the increasing market demands. His track record includes a significant tenure at Truv, where he led the marketing team to achieve a 300% growth in year-over-year revenue. Colton has also held key marketing and sales positions at MX, Lucid, and HealthEquity, demonstrating his ability to drive success and innovation within the fintech sector.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

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 insights into the world of check fraud and how companies can stay ahead of these challenges. Sherah’s expertise sheds light on balancing speed and caution in the fintech industry, providing a roadmap for other companies to follow.

Stay tuned for more episodes of Fintech Confidential, where we bring you the latest in financial technology and expert discussions.

Don’t forget to like, share, and subscribe for more insights from industry leaders!

CheckAlt’s Clever Use of the Dark Web

Discover how CheckAlt uses dark web services to monitor and stop fraud. By checking online black markets, they can spot and tackle suspicious activities before they affect customers.

Tech Meets Human: The Best Way to Stop Fraud

Combining technology with human oversight is crucial in fraud prevention. While AI and machine learning can detect patterns, human judgment is essential for making final decisions.

Shocking Check Stats: Are Checks Really Dead?

Find out why 46% of people have written a check in the last 30 days. Learn about the continued relevance of checks and how CheckAlt is innovating to keep this traditional payment method secure.

Fast Payments, Big Risks: Instant Payment Challenges

Instant payments are convenient but come with risks. Explore the challenges of instant payments and how CheckAlt partners with companies like Grail Pay to enhance security and manage real-time transaction risks.

Why Checks Are Here to Stay

Discover the surprising durability of checks in the financial world. Learn why many people still use checks and how CheckAlt’s technology ensures this method remains secure.

Check Fraud Tricks: What You Need to Know

Learn about the sneaky ways fraudsters alter checks with chemicals and technology, such as check washing. Find out how CheckAlt combats these tactics with advanced tools.

Secrets of Successful Risk Management

CheckAlt integrates risk management into daily operations, from sales to tech decisions. A risk-aware culture helps them make smart choices and protect customers effectively.

The Role of AI in Fraud Detection

Artificial intelligence is a powerful tool in fighting fraud but needs human help. Discover how AI is used at CheckAlt to detect fraud quickly and accurately, ensuring customer safety.

Building a Risk-Aware Company

CheckAlt has created a culture focused on risk and compliance. This approach helps them stay ahead of potential problems and ensures they provide top-notch service to their clients.

Understanding CheckAlt’s Compliance Mission

Learn about CheckAlt’s mission to keep customer safety at the forefront while balancing the need for speed in the fintech world. Their approach to compliance and legal matters is crucial to their success and customer trust.

1️⃣ Protect Your Checks Now

Take immediate steps to safeguard your checks from fraud. Implement practical measures to secure your transactions and avoid common scams like check washing.

2️⃣ Fast and Safe Fintech Tips

Adopt strategies to balance speed with top-notch security. Learn how to make quick, secure decisions that protect your business and customers.

3️⃣ AI + Human = Less Fraud

Enhance your fraud prevention by combining AI with human oversight. Use this powerful combo to improve your security measures and catch fraud early.

4️⃣ Real-Time Monitoring Hacks

Start using real-time monitoring to prevent fraud. Actively watch transactions as they happen to stop fraudsters and protect your finances.

5️⃣ Risk Awareness Secrets

Build a risk-aware culture in your company. Implement strategies to integrate risk management into daily operations and stay ahead of threats.

CheckAlt Website: https://checkalt.com

LinkedIn: https://www.linkedin.com/company/checkalt

LinkedIn - Shai Stern: https://www.linkedin.com/in/shaistern1

X: https://x.com/checkalt

YouTube: @checkalt3239

Fintech Confidential Links:

Listen: https://fintechconfidential.com/listen

Subscribe: 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

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

MPC the Digital Commerce Event: Why MPC24? As a leader in the fintech space, whether you're a C-suite executive, a technologist, a startup innovator, or a government official, MPC24 offers an unparalleled opportunity to engage with the latest trends, technologies and thought leaders shaping the future of money. Register now and Save https://mpcevent.com/register-now-payment/

LoanPro: 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 https://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.com

Under: 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

HAWK: 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.

00:15 Meet Sherah Spark: Head of Compliance and Legal for Check Alt

00:45 The Surprising Resilience of Checks

01:12 Combating Evolving Fraud with Technology

01:57 Spotlight on Clearing Works

02:27 CheckAlt's Innovative Products

03:06 Sherah Spark's Journey into Fintech

03:21 Early Career in Banking and Risk

04:59 Pioneering Risk and Compliance

05:22 The Importance of Risk and Compliance in Fintech

07:58 Balancing Speed and Risk in Fintech

08:27 The Role of Experience in Risk Management

11:11 Check Fraud Tactics and Prevention

13:22 Advanced Fraud Detection Techniques

20:05 The Role of AI and Human Oversight

22:31 SkyFlow: Building Fast Without Breaking Privacy

23:33 Understanding Risk Appetite and Frameworks

25:27 Grail Pay: Partnering for Instant Payments

28:39 Advice for Financial Institutions on Risk and Compliance

30:42 CheckAlt's Commitment to Excellence

32:20 Conclusion and Final Thoughts

Sherah Spark: Sherah Spark is the Head of Compliance and Legal at CheckAlt, where she plays a crucial role in shaping the company’s risk management and compliance strategies. With extensive experience in the banking sector, Sherah has a deep understanding of financial risk and compliance. She began her career in the mortgage industry, working with underwriters to evaluate financial profiles, which laid the foundation for her expertise in risk management.

Sherah’s career has been marked by her dedication to creating robust compliance frameworks and mitigating risks in the financial sector. Before joining CheckAlt, she held significant roles at reputable institutions like U.S. Bank and Wells Fargo, where she led several strategic multi-million dollar initiatives and managed complex projects.

At CheckAlt, Sherah is instrumental in integrating advanced technologies like AI and blockchain with traditional risk management practices, ensuring that the company stays ahead of evolving fraud tactics while maintaining a human touch in oversight. She is passionate about driving business growth and customer satisfaction, always putting customers at the center of business decisions.

Sherah holds a Master’s degree from Boston University and an undergraduate degree from the University of Minnesota. Outside of her professional endeavors, she enjoys exploring new destinations, immersing herself in diverse cultures, and seeking inspiring experiences that broaden her perspective.

With her visionary leadership and risk management expertise, Sherah Spark continues to make significant contributions to the financial industry, helping CheckAlt provide innovative and secure payment solutions to its clients.

CheckAlt : CheckAlt is the largest independent provider of receivables management and payment and deposit processing solutions in the U.S., serving more than 1,000 clients across a broad range of industries, including financial institutions of all sizes, property management, healthcare, utilities, municipalities, and nonprofits. Operating as payment channel and demographic agnostic, CheckAlt processes check payments while also supporting electronic payment needs that are accelerating digital transformation. CheckAlt's solutions include lockbox processing across a nationwide hub-and-spoke network of processing sites, consolidated item processing, integrated treasury solutions, and mobile capture services. Learn more at https://www.checkalt.com.

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

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.

Why Trust is Key in FinTech: Insights from M1

Building trust is crucial in the financial industry. Brian Barnes shares how M1 focuses on delivering consistent, high-quality experiences to earn and maintain customer trust over time.

The Big Decision: Why Brian Acquired a Bank

Discover the strategic reasons behind Brian’s decision to acquire a bank. He discusses how this move adds value for customers and integrates services more efficiently.

Using Investments as Collateral: M1's Unique Approach

M1 allows you to use your investments as collateral for loans, providing flexibility and lower costs. Brian explains how this feature can benefit everyday users.

Overcoming Challenges in FinTech: Lessons from M1

Starting and growing a FinTech company isn’t easy. Brian shares the challenges M1 faced and the strategies they used to overcome them, focusing on disciplined execution and value creation.

Planning the Future: M1’s Product Roadmap

Brian outlines how M1 plans and prioritizes its product development. From high-yield savings accounts to automated investing tools, learn what’s next for the platform.

The Role of Modern Tech in Financial Services

Efficient operations require up-to-date systems. Brian talks about the importance of integrating new technology with existing systems to maintain reliability and customer trust.

AI in Personal Finance: Brian Barnes’ Vision

Imagine having a personal financial assistant that helps you manage your money. Brian discusses how M1 plans to use AI to provide personalized financial guidance in the future.

Basic Financial Principles: What Stays the Same in FinTech

Despite all the changes in technology, some financial principles remain constant. Brian emphasizes the importance of saving, wise investing, and responsible debt management for long-term success.

Building a Financial Platform for Everyone: M1’s Approach

M1 aims to provide the same financial tools available to the wealthy to everyone. Brian explains how M1 combines investment, borrowing, and spending features into one easy-to-use platform.

1️⃣ The Secret to Lower Loan Costs!

Learn how using your investments as collateral can reduce your loan costs. This strategy can save you money and help you manage your finances more effectively without selling your assets.

2️⃣ How to Build Customer Trust

Discover the key to building trust with customers in the financial world. Consistently delivering high-quality experiences and keeping promises can help maintain long-term customer loyalty.

3️⃣ Why Acquiring a Bank Can Be a Game-Changer

Find out why acquiring a bank can add significant value and streamline services. This move can integrate operations and provide better services for customers.

4️⃣ Overcoming FinTech Challenges Like a Pro

Starting a FinTech company is tough, but overcoming challenges is possible. Focus on disciplined execution and creating value for customers to succeed in the competitive market.

5️⃣ Planning for Success with a Product Roadmap

A well-planned product roadmap is crucial for continuous improvement. Learn how prioritizing product development can keep your platform ahead and meet user needs effectively.

M1

Company: https://m1.com/

LinkedIn: https://www.linkedin.com/company/m1-finance/

Guest LinkedIn: https://www.linkedin.com/in/brian-barnes-m1/

YouTube: https://www.youtube.com/@M1Finance

Instagram: https://www.instagram.com/m1_finance/

Facebook: https://www.facebook.com/m1finance/

Fintech Confidential

Podcast: https://fintechconfidential.com/listen

Notifications: https://fintechconfidential.com/access

LinkedIn: https://www.linkedin.com/company/fintechconfidential

Instagram: https://www.instagram.com/fintechconfidential

Facebook: https://www.facebook.com/fintechconfidential

LoanPro: 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.

MPC the Digital Commerce Event: Why MPC24? As a leader in the

fintech space, whether you're a C-suite executive, a technologist, a startup

innovator, or a government official, MPC24 offers an unparalleled opportunity

to engage with the latest trends, technologies and thought leaders shaping the

future of money. Register now and Save https://mpcevent.com/register-now-payment/

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.com

Under: 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

HAWK: 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.

02:30 Introduction to Accrued Series

03:28 Exploring M1 Finance's Unique Offerings

07:37 M1 Finance's Mission and Vision

09:29 Adapting to Market Changes

12:08 Building Trust in FinTech

14:02 Product Roadmap and Prioritization

16:13 Vertical Integration and Partnerships

22:03 Leveraging Investments for Loans

23:37 Comparing Mortgages and Stock Portfolios

23:58 M1's Approach to Collateralization

24:28 Managing Variable Assets and Risks

25:04 Benefits and Challenges of Stock Collateralization

27:54 The Concept Behind M1

29:06 Modernizing Financial Infrastructure

33:47 Building a Forever Home

40:24 Timeless Financial Principles

43:37 Disclaimer

Brian Barnes: Brian Barnes is the CEO and founder of M1 Finance, an American financial services company established in 2015. M1 Finance offers a unique investment platform with brokerage accounts, digital checking accounts, and lines of credit. Brian's passion for finance and investment began early, leading him to create M1 Finance. By 2021, M1 had attracted significant investments totaling $315 million, raising its valuation to approximately $1.5 billion. Under Brian's leadership, M1 Finance has become a trusted platform for hundreds of thousands of investors, managing over $8 billion in assets.

M1: M1 Finance is a fast-growing fintech company and personal finance platform designed for the modern era. With a mission to empower financial well-being, M1 offers a comprehensive suite of tools that allow users to invest, borrow, spend, and save in one seamless experience. Trusted by hundreds of thousands of investors, M1 Finance manages over $8 billion in assets. As the Finance Super App™, M1 provides high-yield savings, automated investing tools, paperwork-free margin loans, low-cost personal loans, and high cash-back credit card rewards that can be automatically re-invested. By combining the best of investment management and personal banking, M1 Finance is dedicated to helping individuals take control of their long-term wealth.

Tedd Huff: Tedd Huff is the Founder of Voalyre and DD3 Media, professional services and advisory firms focused on global payments and marketing. He is also a 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.

Colton Pond: Colton Pond is a seasoned marketing executive with a strong fintech and financial services background. In his latest role, Colton is the CMO for LoanPro's API-first lending platform, aiming to meet the increasing market demands. His track record includes a significant tenure at Truv, where he led the marketing team to achieve a 300% growth in year-over-year revenue. Colton has also held key marketing and sales positions at MX, Lucid, and HealthEquity, demonstrating his ability to drive success and innovation within the fintech sector.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

Join hosts Tedd Huff and Colton Pond in this episode of “Accrued” a Fintech Confidential series presented by LoanPro, where they chat with Tal Schwartz, a top fintech writer and advisor from Canada. Tal shares his expertise on the Canadian fintech market, covering a range of interesting topics.

Tal talks about the differences between the Canadian and US fintech scenes. For example, Canada has unique regional differences, multiple languages, and different financial rules in each province. He explains how these factors make launching fintech products in Canada a bit tricky.

One of the key points Tal discusses is the lack of a formal open banking system in Canada. While other markets have clear rules that encourage banks to share data, Canada is still catching up. However, there is hope that changes will come soon, which could boost innovation in the sector.

Tal also highlights some exciting fintech companies in Canada, like Arbor and Yield Exchange. These companies are making waves with their fresh ideas and approaches. He mentions how business banking and B2B services are areas to watch for growth and new ideas.

The episode also touches on the limited number of sponsor banks in Canada, which affects the growth of banking as a service. Tal explains how this limitation restricts competition and slows down progress.

Mergers and acquisitions are another hot topic. Tal shares insights on recent big deals, like the merger between Fairstone and Home Trust, and Finance It’s acquisition of Simply Group. These moves are changing the landscape of financial services in Canada.

For those looking to expand into Canada, Tal offers valuable advice. He suggests understanding regional differences, identifying underserved markets, and knowing the major players. He also discusses how Canadian fintechs can benefit from organizations like Export Development Canada and C100 when expanding into the US.

Towards the end, the conversation shifts to future trends. Tal talks about the role of AI in fintech, particularly in customer service and underwriting. He notes the importance of regulation to prevent misleading marketing in this area.

Overall, this episode provides a comprehensive look at the Canadian fintech landscape, highlighting challenges, opportunities, and key players. Whether you’re a fintech enthusiast or a professional in the industry, there’s plenty to learn from Tal’s insights.

Don’t forget to subscribe, like, and visit fintechconfidential.com for more updates!

Discover the Surprising Challenges of Canadian Fintech

In this episode, learn about the unique hurdles faced by fintech companies in Canada. From regional differences to language barriers, discover why launching fintech products in Canada can be more complicated than you might think.

Open Banking: Why Canada is Falling Behind

Find out why Canada struggles with open banking compared to other countries. Learn about the impact of not having clear rules and how it affects fintech growth in the country.

Meet the Future Stars of Canadian Fintech

Explore some of the most exciting up-and-coming fintech companies in Canada. See why these businesses are set to become major players in the industry and what makes them stand out.

The Hidden Impact of Limited Sponsor Banks

Learn how the small number of sponsor banks in Canada is affecting the growth of fintech. Discover the challenges and what it means for competition in the industry.

Big Changes in Canadian Fintech: Mergers and Acquisitions

Get the inside scoop on recent major mergers and acquisitions in the Canadian fintech world. Understand how these deals are reshaping the financial services landscape.

The Growth of Business Banking in Canada

See how business banking is evolving in Canada and why it's a hot area for fintech growth. Find out which companies are leading the way in this space.

How Regulatory Delays Hurt Canadian Fintech

Understand the impact of slow regulatory changes on the Canadian fintech market. Learn why delays in policies like open banking are a big deal for the industry.

AI's Role in Canadian Fintech

Discover how AI is being used in Canada's fintech sector. From customer service to underwriting, see how artificial intelligence is changing the game.

Why Canadian Fintechs Are Eyeing the US Market

Find out why many Canadian fintech companies are looking to expand into the US. Learn about the challenges and opportunities they face when crossing the border.

Top Tips for Expanding into Canada

Get practical advice for fintech companies planning to enter the Canadian market. Learn about the key factors to consider and how to approach this unique market.

1️⃣ Understand Regional Differences Before Launching

Before entering the Canadian fintech market, it's crucial to understand the regional differences. Each province has its own regulations and financial infrastructure. Tailor your strategy to these local specifics for a better chance of success.

2️⃣ Prepare for Language Barriers

In Canada, multiple languages are spoken, with French being dominant in Quebec. Ensure your fintech product and marketing materials are available in both English and French to reach a broader audience and comply with local laws.

3️⃣ Focus on Business Banking Opportunities

Business banking is a growing sector in Canadian fintech. Consider developing products and services that cater to B2B financial needs. This area shows a lot of potential for growth and can set your company apart.

4️⃣ Monitor Regulatory Changes

Stay updated on regulatory changes in the Canadian fintech market. Rules around open banking and interest rate caps can have significant impacts on your business. Keeping an eye on these changes helps you adapt quickly and stay compliant.

5️⃣ Leverage AI for Better Customer Service

Artificial intelligence is becoming an important tool in Canadian fintech. Use AI to improve customer service, underwriting, and collections. This technology can help you provide a better user experience and streamline your operations.

Canadian Fintech Newsletter

Website: https://canadianfintech.substack.com/about

LinkedIn: https://www.linkedin.com/in/talbschwartz/

Fintech Confidential

YouTube: https://fintechconfidential.com/watch

Podcast: https://fintechconfidential.com/listen

Notifications: https://fintechconfidential.com/access

LinkedIn: https://www.linkedin.com/company/fintechconfidential

Twitter: https://twitter.com/FTconfidential

Instagram: https://www.instagram.com/fintechconfidential

Facebook: https://www.facebook.com/fintechconfidential

Supporters

LoanPro: 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.

MPC the Digital Commerce Event: Why MPC24? As a leader in the fintech space, whether you're a C-suite executive, a technologist, a startup innovator, or a government official, MPC24 offers an unparalleled opportunity to engage with the latest trends, technologies and thought leaders shaping the future of money. Register now and Save https://mpcevent.com/register-now-payment/

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.com

Under: 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

HAWK: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.

00:11 Meet Tal Schwartz: Canada's Fintech Expert

00:11 Meet Tal Schwartz

01:27 AI in Financial Services

02:57 Deep Dive into Canadian Fintech with Tal Schwartz

03:31 Tal Schwartz's Background and Contributions

04:59 Challenges in Canadian FinTech

06:13 The Complexity of Canadian Financial Regulations

08:22 Innovative Trends in Canadian FinTech

09:08 Spotlight on Emerging Canadian Fintechs

10:06 Growth Dynamics in Canadian FinTech

11:27 Challenges in Sponsor Banking

15:48 Clearingworks.com

16:35 Open Banking and Regulatory Landscape in Canada

19:51 Investment Climate in Canadian FinTech

21:19 Mergers and Acquisitions in Canadian Fintech

27:33 Expanding Fintech from Canada to the U.S.

35:39 Future Trends and AI in FinTech

37:50 AI in Canadian Financial Services

40:57 Disclaimer and Final Thoughts

Tal Schwartz: Tal Schwartz is the founder of Canadian Fintech and a leading authority in the Canadian financial technology sector. With extensive experience advising Canadian regulators, banks, and fintech companies on financial products and policy, Schwartz brings a wealth of knowledge and insight to the industry. Currently, he serves as a Senior Product Manager at Nomis and previously held the position of Head of Policy and Research for the Canadian Lenders Association.

In addition to his professional endeavors, Schwartz is the author of the widely-read Canadian Fintech newsletter, which offers deep analysis and timely updates on the industry. He is also committed to community service, serving as Chairman of Mount Sinai Hospital's 'Future Sinai' Board and sitting on the board of ACCESS Community Capital Fund, where he aids in providing low-interest loans to new immigrants. A graduate of McGill University, Schwartz is an OnDeck Fellow and a recipient of the prestigious World Summit Award.

Canadian FIntech: Canadian Fintech is a leading source of timely and insightful information on the Canadian financial technology landscape. With over 8,000 subscribers, we are the go-to resource for anyone interested in the latest developments in fintech across Canada. We provide comprehensive coverage of which Canadian fintech companies are raising funds, launching innovative products, and acquiring competitors, ensuring our readers stay informed about the most important industry movements.

Our content is designed to be quick and digestible. In less than three minutes, readers can get a clear understanding of the major themes and trends in Canadian lending, payments, banking, and insurance. Additionally, we offer straightforward answers to complex questions about Canadian fintech, making intricate topics accessible and easy to understand.

Tedd Huff: Tedd Huff is the Founder of Voalyre and DD3 Media, professional services and advisory firms focused on global payments and marketing. He is also a 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.

Colton Pond: Colton Pond is a seasoned marketing executive with a strong fintech and financial services background. In his latest role, Colton is the CMO for LoanPro's API-first lending platform, aiming to meet the increasing market demands. His track record includes a significant tenure at Truv, where he led the marketing team to achieve a 300% growth in year-over-year revenue. Colton has also held key marketing and sales positions at MX, Lucid, and HealthEquity, demonstrating his ability to drive success and innovation within the fintech sector.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

In this episode of Fintech Confidential, host Tedd Huff sits down with Lynn Dufrane, the Executive Director of Sales at CheckAlt. They explore the unique partnership between fintech companies and traditional financial institutions, highlighting how these collaborations are changing the landscape of financial services. Lynn explains how her experience as a banker helps her understand both sides of the industry, making her a valuable asset at CheckAlt.

One surprising topic they discuss is the enduring relevance of paper checks. Despite the rise of electronic payments, businesses wrote more checks in 2023 than in 2022. Lynn shares how CheckAlt is at the forefront of processing these payments efficiently while also offering new electronic solutions.

They also talk about the growing opportunities in the healthcare sector for financial services. Lynn believes that both fintechs and banks should pay more attention to this field as it presents numerous opportunities for growth.

The conversation shifts to how financial institutions can benefit from outsourcing tasks like lockbox processing to focus on more revenue-generating activities. Lynn provides examples of how CheckAlt helps banks and other businesses manage their payment processes smoothly.

Another key point is the importance of seeing fintech companies as partners, not threats. Lynn emphasizes that successful companies are those that can collaborate and adapt quickly to new challenges.

To sum up, this episode provides valuable insights into the current trends in financial services, the surprising persistence of paper checks, and the benefits of collaboration between fintechs and traditional financial institutions.

Watch the entire episode on YouTube to get more insights from Lynn Dufrane on how CheckAlt is helping shape the future of payments.

You Won’t Believe How Relevant Paper Checks Still Are!

Discover why paper checks are far from dead. In fact, businesses wrote more checks last year than the year before. Find out why checks remain an important part of today’s payment methods.

The Unexpected Partner: Fintechs and Banks Working Together

Learn how fintech companies and traditional banks are becoming partners instead of competitors. This partnership is changing the way financial services are offered and improving customer experiences.

Healthcare’s Hidden Goldmine for Financial Services

Explore why the healthcare sector is a top opportunity for financial services. Banks and fintech companies can find great potential here, with a growing need for efficient payment solutions.

Why Outsourcing Lockbox Processing Makes Sense

Understand the benefits of outsourcing tasks like lockbox processing. This allows financial institutions to focus on more profitable activities and improves overall efficiency.

The Real Reason Paper Checks Aren’t Going Anywhere

Despite the rise of electronic payments, paper checks are still widely used. Learn why checks are here to stay and how they fit into the modern payment landscape.

How Fintechs Are Helping to Fight Check Fraud

Check fraud is a major concern for financial institutions. Find out how fintech companies are developing solutions to detect and prevent fraud, making transactions safer for everyone.

A Fresh Look at Payment Processing Challenges

Get insights into the common challenges faced by financial institutions when it comes to payment processing. Learn how new approaches and technologies are helping to overcome these obstacles.

The Importance of Being Able to Pivot in Business

Flexibility and the ability to change direction quickly are key to long-term success. See why being able to pivot is crucial for companies in the fast-paced world of financial services.

Why Online Payments Are a Must for Businesses Today

With more people preferring to pay online, having a strong online payment system is essential. Discover how businesses are adapting to meet this demand and what it means for their success.

The Secret to Building Strong Partnerships in Fintech

Strong partnerships between fintech companies and traditional financial institutions are vital. Learn the secrets to building these relationships and why they matter for future growth.

1️⃣ Think of Fintechs as Partners, Not Enemies

Instead of seeing fintech companies as rivals, start viewing them as potential partners. By working together, both sides can offer better services and improve customer satisfaction. This mindset shift can open up new opportunities and help your business grow.

2️⃣ Invest in Comprehensive Payment Solutions

To stay ahead, it’s crucial to offer a range of payment solutions, including both traditional and electronic methods. Providing a variety of options can attract more customers and meet their diverse needs, ensuring you’re not left behind in the fast-paced financial world.

3️⃣ Explore the Healthcare Sector

The healthcare sector is a goldmine for financial services. With an increasing need for efficient payment systems, diving into this field can lead to significant growth. Look for ways to offer tailored solutions to healthcare providers and their patients.

4️⃣ Focus on Lockbox Processing Outsourcing

Outsourcing lockbox processing can free up valuable resources and allow your team to focus on more profitable activities. This move can improve efficiency and help your business stay competitive by reducing the burden of routine tasks.

5️⃣ Prioritize Fraud Detection and Prevention

Check fraud remains a big issue, so it’s essential to invest in advanced fraud detection and prevention tools. By staying ahead of fraudsters, you can protect your customers’ money and build trust in your financial services.

CheckAlt

Website: https://checkalt.com

LinkedIn: https://www.linkedin.com/company/checkalt

Twitter: https://twitter.com/checkalt

YouTube: https://www.youtube.com/user/checkalt

LinkedIn Lynne Dufrane: https://www.linkedin.com/in/lynn-dufrane-093a2534/

Fintech Confidential

YouTube: https://fintechconfidential.com/watch

Podcast: https://fintechconfidential.com/listen

Notifications: https://fintechconfidential.com/access

LinkedIn: https://www.linkedin.com/company/fintechconfidential

Twitter: https://twitter.com/FTconfidential

Instagram: https://www.instagram.com/fintechconfidential

Facebook: https://www.facebook.com/fintechconfidential

Supporters

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

MPC the Digital Commerce Event: Why MPC24? As a leader in the fintech space, whether you're a C-suite executive, a technologist, a startup innovator, or a government official, MPC24 offers an unparalleled opportunity to engage with the latest trends, technologies and thought leaders shaping the future of money. Register now and Save https://mpcevent.com/register-now-payment/

Under: 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

HAWK: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.

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00:00 Introduction to FinTech Confidential

00:02 Meet Lynn Dufrane from CheckAlt

00:10 The Evolution of Payments

00:36 Checks: The Surprising Comeback

00:48 Exploring New Business Verticals

00:53 The Healthcare Space Opportunity

01:08 FinTechs as Partners, Not Threats

01:18 CheckAlt's Impressive Stats

01:30 Introduction to Today's Episode

02:11 Journey in FinTech

02:30 Spotlight on Clearing Works

02:50 Lynn's Career Path

04:00 Bridging Traditional Banking and FinTech

05:02 The Resilience of Paper Checks

05:20 Innovations in Check Processing

08:33 Opportunities in Lockbox Processing

12:58 Partnerships Beyond Financial Institutions

17:27 Advice for FinTech Founders

18:53 The Importance of Collaboration and Pivoting

28:35 Conclusion and Final Thoughts

Lynn Dufrane: Lynn Dufrane is a seasoned professional with over 30 years of experience in the banking and payments industry. Currently, she serves as the Executive Director of Sales at CheckAlt, where she drives innovation and growth. Her career includes significant roles at Visa, Fiserv, and Elan Financial Services, highlighting her expertise in developing effective Debit Card and ATM strategies that boost institutional revenue.

CheckAlt : CheckAlt is the largest independent provider of receivables management and payment and deposit processing solutions in the U.S., serving more than 1,000 clients across a broad range of industries, including financial institutions of all sizes, property management, healthcare, utilities, municipalities, and nonprofits. Operating as payment channel and demographic agnostic, CheckAlt processes check payments while also supporting electronic payment needs that are accelerating digital transformation. CheckAlt's solutions include lockbox processing across a nationwide hub-and-spoke network of processing sites, consolidated item processing, integrated treasury solutions, and mobile capture services. Learn more at https://www.checkalt.com.

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