Tearsheet Podcast: Exploring Financial Services Together

Welcome to the Tearsheet Podcast, where we navigate financial services together. We explore the future of financial services with an eye on technology, innovation, new models, and changing expectations. I’m Tearsheet editor in chief, Zack Miller. In today's episode, we dive into the dynamic world of financial institutions and their strategies for the year 2024. I’m thrilled to have had the opportunity to sit down with Serena Smith, Chief Client Officer at i2c, whose next-gen platform empowers financial institutions and fintechs of all sizes with no-code building block technology. Throughout our conversation, Serena shared insights garnered from her extensive experience and global perspective in the industry. From navigating the challenges faced by fintechs to addressing legacy technology obstacles within traditional banking, we explore the ever-evolving landscape of financial services. Serena's expertise sheds light on the trends shaping 2024, including the significance of real-time payments, the role of AI in financial services, and the critical need to meet the expectations of younger, digitally native generations like Gen Z and Gen Alpha. We also unpack i2c's innovative approach with a unified tech stack, empowering financial institutions to streamline their services across diverse geographies. Check out i2c's recent report on how younger customers make credit decisions. Download it here: https://www2.i2cinc.com/report-the-credit-economy?utm_source=Tearsheet&utm_medium=Referral&utm_campaign=The+Credit+Economy%3A+Tearsheet Join us as we delve into the opportunities, challenges, and transformative potential that lie ahead for financial institutions in the fast-paced world of 2024. Without further ado, let's delve into our enlightening conversation with Serena Smith.

Welcome to the Tearsheet Podcast, where we explore the future of financial services with an eye toward technology, new models, innovation, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. One of the themes we’ve been charting over the past couple of years is the impact of moving to a world defined by real time – or close to real time – financial services. Real time payments isn’t just a tweak, a turning of the speed dial – it actually changes value propositions, expectations, and risk management the financial services industry has with its clients, both consumer and commercial. What’s also interesting is that as business becomes more global, the larger banks have moved in the opposite directions, for the most part backing away from becoming global banks, entrenching themselves in specific markets. Citi remains one of the few that maintains this positioning of being global. And as a global organization, Citi works has businesses with international aspirations through its Treasury and Trade Solutions Group. TTS is a rising star in CEO Jane Fraser’s plan to steer the bank forward. She actually called it a thing of beauty in a recent earnings call. I’m joined by Scott Damassa, Managing Director and Global Head of Sales for eCommerce, Technology, and Communications at Citi. Scott has had an upfront and close look at the needs of global companies and what they’re really looking for from their financial services providers. And speed seems to be near the top of all lists. We talk about the significance of speed in payment processing across different industries and how it can impact both clients and companies. Scott also shares what specific benefits he’s observed when organizations prioritize speed in payment processing. We discuss the importance of multi-stakeholder partnerships in servicing global organizations and how FIs and fintechs can best collaborate. Our conversation is interesting in that it’s about the present – but also the future – of Citi itself, as the firm formulates messaging around being a global partner bank for fintech and other tech firms. Here’s my discussion with Citi’s Scott Damassa.

Lena Vann is SVP of Real Estate Secured Lending (RESL) Product & Risk Management at TD Bank. This fireside chat will focus on the evolution of lending to communities of color since the inception of mortgages to present day, from the unique and personal perspective of someone who grew up in a disenfranchised, urban community and later joined the industry. Lena Vann, Head of Real Estate Secured Lending (RESL) Product & Risk Management at TD Bank, will highlight the progress made, today's economic challenges, and how they impact the attainability of homeownership for minorities. She'll also provide an outlook on what can make the mortgage process more inclusive while balancing risk appetite, regulatory requirements, and other lender considerations. Lena is a seasoned leader with expertise in mortgage and home equity product management, operational risk management, enterprise and credit risk management. As SVP of Real Estate Secured Lending (RESL) Product & Risk Management for TD Bank, she is responsible for the end-to-end product lifecycle, portfolio strategy, and first line credit management oversight of all mortgage and home equity lending activities.

Welcome to the Tearsheet Podcast, where we discuss the intersection of financial services and technology. In today's episode, we have a thought-provoking conversation with Jason Wilk, the founder and CEO of Dave, a neobank impacting the way Americans approach banking. Join us as Jason shares insights into Dave's mission, one that aims to level the financial playing field by providing free basic banking services to everyday Americans. Discover how Dave is at the forefront of catering to Gen Z's financial needs, with nearly half of its user base falling within this demographic. In this episode, we explore the innovative features that set Dave apart, from interest-bearing checking accounts to income-generating opportunities and a unique approach to credit access between paychecks. Jason delves into the company's strategies for integrating financial literacy directly into their products and services, aiming to empower users to make informed financial decisions seamlessly. We also uncover how Dave leverages new technologies, such as AI-driven customer support, and embraces social commerce trends, including influencer marketing, to resonate with and educate a generation inundated with financial information through social media platforms. Join us as we explore the future of banking, financial literacy, and the intersection of technology and finance with Jason Wilk, offering a glimpse into the innovative strategies driving Dave's success and its impact on shaping the financial habits of Gen Z. The big ideas Dave's Mission and Offerings: "We're on a mission to build products that level the financial playing field. At our core, we believe that basic banking should be free for everyday Americans." Key points: Offering free checking and savings accounts with no fees or interest, specialized access to credit between paychecks without interest or credit checks. Gen Z Engagement: "Nearly half our customers are Gen Z... We're very heavy on social media, influencer advertising, and we really speak to this generation." Key points: Heavy focus on social media and influencer marketing, addressing Gen Z's desire for reduced costs and increased access to credit. Features Catered to Gen Z: "Features like a checking account with 4% API, income-earning opportunities, surveys, and overdraft cash advance without interest." Key points: Interest on checking accounts, side hustles, surveys for earnings, and overdraft cash advance without interest or credit checks. Financial Literacy Integration: "Baking financial literacy into the product... insights into true spending power and charging $1 a month for financial insights." Key points: Providing simplified credit products, real-time insights into financial status, and integrating financial literacy into the product. Technological Innovation and Social Commerce: "Investing in AI customer support... Aligning with social commerce trends and leveraging influencer marketing." Key points: Focus on AI customer support for real-time assistance, alignment with social commerce trends, and leveraging influencer marketing for financial advice dissemination.

In this Tearsheet Live, Marqeta CEO Simon Khalaf will dive into the credit space, discussing why there’s been such little innovation in credit cards in decades, and what’s on the forefront for innovation in credit technology. He’ll share what this means for brands hoping to reimagine how they foster customer loyalty, and for consumers who are increasingly savvy about using credit to further their financial goals. Simon will also discuss how embedded finance will fuel the growth of credit for brands seeking a new “homepage” of their digital experience. See the whole transcript of this conversation: https://tearsheet.co/?p=58080

Welcome to the Tearsheet Podcast. I’m Tearsheet’s editor, Zack Miller. This episode of the podcast explores how Gen Z interacts with financial services. We explore Gen Z's digital nature, their preferences for convenience, and their global outlook. The conversation touched on various financial tools and solutions offered by respective institutions to cater to Gen Z's needs. We discuss the importance of financial literacy, transparency, and authenticity in engaging and educating this generation about financial wellness. Additionally, we delve into topics such as cross-border remittances, early wage access, and the evolving landscape of financial technology and services for Gen Z. This conversation is part of a special podcast series where we explore the fascinating Gen Z deeper: their relationship with money, how they like to save, spend, and borrow money, their fears and aspirations, and their connections to social issues. Joining me on this episode is Brett Sussman, VP Head of Sales & Marketing at American Express, Business Blueprint & Banking, Ankita Dmello, Senior Product Manager at Wise, and Rob Nardelli, Director of Commercial Banking and Strategic Partnerships, at DailyPay. Tearsheet thanks our sponsor Publicis Sapient for their support. Read more and download customer research about Gen Z and financial services at www.steezlife.co Now, let’s talk about Gen Z and their connection with financial services

Welcome to the Tearsheet Podcast, where we explore the dynamic intersection of data, finance, technology, and innovation. I’m Tearsheet’s editor in chief, Zack Miller. In today's episode, we dive deep into the world of data-driven decision-making with Ryan Swann, the Chief Data and Analytics Officer at Vanguard. At Vanguard, Ryan leads the charge in leveraging data analytics, AI, and machine learning to empower investors towards financial success. With a career spanning over two decades in this evolving field, he shares invaluable insights on the transformational journey Vanguard has undergone in centralizing their data and analytics functions. In our conversation, Ryan unveiled the challenges and triumphs encountered along the path of centralization, shedding light on the pivotal role of aligning data strategies with the overarching business objectives. His vision of combining offensive strategies—such as hyper-personalization and Gen AI—with defensive approaches like privacy by design sets the stage for Vanguard's forward momentum in 2024. Join us as we explore the dynamic fusion of finance and data science through the lens of Ryan Swann, offering a wealth of expertise and foresight in Vanguard's data revolution. The big ideas 1. Centralization for Efficiency and Business Alignment "Yeah, initially, Vanguard had data and analytics teams across the business creating value, but we wanted to scale the use of data analytics... so that's where the impetus came to centralize." 2. Challenges of Centralization and Organizational Shifts "In a decentralized organization, data professionals see very little career pathing... As data and analytics become more integrated, it becomes harder to retain talent." 3. Balancing Centralization and Business Integration "We brought those organizations together but kept them co-located with the business... they still got that close touchpoint with the business." 4. Impact on Career Development and Talent Attraction "By centralizing in the CDO, those data analytics professionals now have a career path... it allows them to rotate into different parts of the business." 5. Diverse Talent and Its Impact on Innovation "Individuals from different backgrounds bring that knowledge into data science... you end up with solutions that you would have never thought of." 6. Value Creation and Cost Savings through Data Initiatives "Over the year, we had a number of initiatives across the organization... it's a combination of things, but it's coming together as an organization." 7. Vision for 2024: Convergence of Offensive and Defensive Data Strategies "Combining offensive strategies like hyper-personalization with defensive approaches like privacy by design... sets the stage for Vanguard's forward momentum."

On this Tearsheet Live, I'm joined by Nick Babinksy, Chief Product Officer at Solutions by Text. We're going to be talking about the state of bill pay, digital payment trends, and growing demand for text. The big ideas Shift Towards Text-Based Interactions: The trend is moving towards simplicity and convenience in bill payments, leveraging text-based interactions for ease and engagement."Text-based interactions offer simplicity and convenience in an era of overwhelming digital experiences." Challenges in Bill Payments: Consumers predominantly make one-time payments, leading to implications in consumer support and reminder strategies for providers."The majority of consumers are still paying bills on a one-time basis, posing challenges for providers in supporting these manual transactions." The Power of Text for Payments: Text messaging, being a ubiquitous and normalized experience, presents an opportunity for seamless and simplified bill payments."Thinking about the bill pay experience over text enamored me; it's the most simplistic form of transacting with billers." Balancing Simplicity with Compliance: Tailoring messages for consumers while adhering to regulatory compliance forms the crux of an engaging yet controlled messaging approach."The balance lies in being engaging while ensuring compliance in messaging, enabling faster conversions and higher engagement." Consumer Engagement and Advice: Consultative approaches towards consumer engagement, educating and guiding them for better financial practices, foster brand loyalty."Consulting consumers on managing their money or paying bills leads to more brand loyalty and engagement." Text Adoption Across Generations: While younger demographics easily adopt text for payments, the trend is extending to older generations seeking simplicity in interactions."Text adoption spans generations; it's less intimidating than logging into websites, making it a winning strategy for engagement." Text Channel Development: Text messaging as a channel is evolving, with advancements in opt-in regulations and efforts to maintain a less noisy, more direct consumer interaction."Text channels are evolving with opt-in regulations, aiming for direct, less noisy consumer interactions."

Welcome to the Tearsheet Podcast, where we dive deep into the intersection of financial services and technology. I’m Tearsheet’s editor in chief, Zack Miller. On today's episode, we have Brendan Coughlin, Vice Chair and Head of Consumer Banking at Citizens Bank, guiding us through the intricate world of banking transformations and how they're catering to the evolving needs of customers, including the Gen Z demographic. The conversation unfolds as Brendan shares invaluable insights into the big shifts within the banking sector, accelerated by the pandemic's digital thrust. He delves into how Citizens Bank navigated this change, emphasizing the critical role of digital while recognizing the enduring significance of in-person interactions, especially for Gen Z, the true digital natives. We explore the profound evolution of customer expectations, moving beyond mere convenience towards value creation and personalized experiences. Brendan sheds light on Citizens Bank's strategies, like the bank’s "Citizens Plus" rewards platform and its proactive approach to financial advice, leveraging data and analytics to enhance customer financial confidence. The discussion extends beyond products and services to encompass broader economic environments, unveiling Citizens Bank's strategies in navigating economic challenges, their differentiation in the highly competitive landscape, and its concerted efforts to provide a holistic view of customers for personalized offerings while maintaining data privacy and customer trust. Here’s my conversation with Brendan. You can access a transcript on our website here: https://tearsheet.co/?p=57600

Welcome to our latest Tearsheet Live event. We're doing these weekly -- Wednesdays at 12 EST -- on Linkedin. Follow us here. I'm your host, Tearsheet editor, Zack Miller. Joining us is Hunter Somerville, creative director of Innovation Refunds. Occasionally we dig in to marketing and campaigns and how financial services and fintech companies are finding new ways to create leads, acquire new customers, and build brand. What's Innovation Refunds? Hunter Somerville, Innovation Refunds: The company has been around for a few years. And the mission is really to be a champion of small businesses. We feel like they're the backbone of the American economy and sometimes kind of overlooked and underappreciated. So, you know, the most powerful thing a small business can have, or medium sized business or any business for that matter is capital. So however we can we tried to make that happen. And currently, we're really focused on the ERC employee retention credit, which was part of the Cares Act. I think people are very familiar with PPP loans. USC was a part of that same, the Cares Act as the PPP loans. And so we're doing I think, a pretty darn good job at helping more and more small businesses, be aware of the ERC and take advantage of it if they are eligible. Listen to the whole episode: https://tearsheet.co/?p=55888

Welcome to another Tearsheet LinkedIn Live session. Joining me is Steven Faust, Dash Solutions CEO. Earlier this year, Prepaid Technologies rebranded as Dash. The company moved into a new corporate headquarters in Birmingham, Alabama. The company serves clients with 4 modalities: disbursements, rewards, spend, and pay. Stephen and I discuss the company’s rebrand and how that’s impacting the business. We discuss organic trends in the modalities where the firm competes. Stephen shares how Dash differentiates itself from a growing number of competitors and the impact the macroeconomy is having on his firm’s business.

Welcome to the Tearsheet Podcast. I'm Tearsheet's editor in chief, Zack Miller. One of the things I appreciate about Google’s approach to finding the right products and services in financial services and fintech to offer its users is that it’s playing the long game. A year ago, Jenny Cheng and her team launched Google Wallet which combines the payment capabilities of Google Pay with the convenience of storing things digitally that you would normally carry in a real world wallet, like a drivers license or a health insurance card. Jenny joins us on the podcast to discuss the market for mobile wallets and how she and Google wanted to stand out from the growing choices consumers have. She shares some demographic information about who uses digital wallets and who doesn’t, homing in on the ability to truly free a user from the constraints of a digital wallet as a potential avenue to get the over 40 year old set to finally adopt wallets. Jenny also describes the power of an ecosystem approach that Google has brought to Google Wallet, servicing merchants and consumers, yes, but also 3rd parties that are needed to create a more expansive offering. Jenny Cheng is my guest today on the show.

After years of competing in the US, core software provider Temenos now has over a thousand clients in the U.S., including Regions Bank. Nelly Rezny leads a team of business consultants across the Americas, responsible for working with financial institutions with all of their different transformation initiatives. Nelly joins me on the podcast to discuss the challenges banks are seeing in the market and how that impacts their technology and innovation plans. We talk about which technologies she sees as table stakes and what's coming down the pike. Nelly also shares her views about channels and the role core banking software can play in the future of financial services.

Welcome to the Tearsheet Podcast. I’m Tearsheet’s editor in chief, Zack Miller. What I continue to find interesting is that the fintech tech stack peels away like an onion. Even the innovators have 3rd party innovation under the hood. Joining me on the podcast today is Tim Astanov, SVP, Product Commercialization & Partnerships at TabaPay. TabaPay is one of those companies that power payments for the fintech innovators, like SoFi, Remitly, Melio, and others. It offers direct access to 15 banking partners, 14 networks, multiple geographies, products and features in a unified API. Tim has an awesome background – previous to his current position, he was head of P2P in North America for Visa Direct and had important roles at Discover and Amex. We talk about the challenges and opportunities moving money in and out of bank accounts. Tim shares his views on the impact real time payments will have on the industry and its monetization efforts. Lastly we look to some of the biggest trends in the industry as a north star pointing where things are headed. Tim Astanov is my guest today on the Tearsheet Podcast.

Welcome to the Tearsheet Podcast. I’m Zack Miller, Tearsheet’s editor in chief. On today’s show, we’re going to explore opportunities. These types of opportunities we’ll be talking about don’t come around everyday but when they do, they can be transformative, if you’re able to really step up. I talk to Jannick Malling, co-CEO and co-founder of investing app, Public. For younger investors, the meme stock rally offered an opportunity to participate, many for the first time, in the stock market. And for Jannick and Public, it offered an even bigger opportunity: to scale rapidly. But this required smart moves – Jannick and team distanced themselves from competitor Robinhood’s revenue model, pay for order flow, which became an important topic as it opened and closed trading windows on popular meme stocks. Jannick recognized the power in this Game Stop moment and shares his thinking that went into strategizing around it. Last week, Public also released a new generative AI investment research tool called Alpha. It helps people, both newbies and experienced investors, learn more about the investment process and specific investments. Jannick shares his experience working with these new technologies, with a keen eye on how they can be used to service customers, and where they are headed in the future. Jannick Malling is my guest today on the Tearsheet Podcast.