🎧The Fintech OG Series Season Two: Michael Tannenbaum and Nicky Goulimis
Nov 13, 2024
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Michael Tannenbaum, CEO of Figure and a seasoned fintech leader, joins Nicky Goulimis, co-founder of Nova Credit and TunicPay, for an engaging discussion. They hilariously dissect parenting challenges during the pandemic while sharing insights from their journeys in fintech. Tannenbaum and Goulimis explore the innovative strides in credit scoring and the promising future of cryptocurrency payments. They also touch on the growing role of AI in combating fraud, underscoring the delicate balance between innovation and consumer protection in financial services.
Michael Tannenbaum and Nicky Goulimis share insights on fintech's evolution, emphasizing the need for real-time payment systems to match global advancements.
The emergence of Method signifies a crucial shift in consumer lending by streamlining payment processes and enhancing user experience for financial institutions.
Deep dives
Insights from Fintech Leaders
Two prominent figures in fintech, Michael Tannenbaum and Nikki Glimas, share their extensive experiences in the industry, reflecting on their successes and challenges. Tannenbaum describes his early days at SoFi, highlighting its disruptive impact on student loan refinancing, while Glimas recounts co-founding Nova Credit and the hurdles of gaining traction in a regulated landscape. Their candid discussions also touch on moments of failure, such as missed investment opportunities and the evolving dynamics of fintech. Both leaders express excitement about the future of the industry, pointing out areas for growth in the next five to ten years.
The Role of Method in Streamlining Fintech Operations
The emergence of Method, a platform supporting over 15,000 financial institutions, signifies a pivotal shift in consumer lending and financial management. By enabling single sign-on access to liability and credit accounts, Method effectively reduces friction for both consumers and businesses. This integration allows companies like SoFi and Figure to streamline payment processes directly within their applications, leading to quicker fund access and competitive lending products. Method’s innovations not only enhance user experience but also lower operational overhead for lenders, marking a significant leap forward in fintech efficiency.
Challenges and Innovations with Real-Time Payments
Despite the rapid advancements in real-time payment systems globally, the U.S. remains behind in adopting such technologies effectively. The conversation unveils how the U.S. still relies on batch systems, contrasting with countries like India and Brazil where real-time payments are more pervasive. Both Tannenbaum and Glimas emphasize the potential benefits of real-time transactions for economic activity while cautioning against the implications of rapid payments on fraud. This highlights the ongoing tension between maintaining security and facilitating speedy transactions within the financial services landscape.
AI's Transformative Impact on Fintech
AI is poised to revolutionize several facets of fintech, particularly in customer support and risk management. The discussion indicates that AI can enhance user engagement by providing real-time answers to consumer queries, which can significantly boost conversion rates. However, the potential for AI to exacerbate fraud risks is recognized, as criminals may exploit its capabilities to perpetrate scams. Both leaders stress the importance of leveraging AI responsibly while building robust fraud prevention mechanisms to mitigate these emerging risks.
Welcome back to another episode of our Fintech OG series. I was thrilled to be joined by Michael Tannenbaum of Figure and Nicky Goulimis of Tunic Pay. From talking about our kids (5 between the 3 of us ages 4, 3, 2x2 and 1) to their time at fintech giants SoFi, Nova Credit and Brex, this was a conversation that I thoroughly enjoyed and know you will too.
Many thanks to Method and Mesh for sponsoring this week's episode!
Method is the first ever single sign-on for consumer liability and credit accounts, using only identity and consent to authenticate users. They’ve built an extensive network of coverage, supporting over 15k financial institutions to stream real-time data and make direct liability payments. Method helps companies in the personal loans and HELOC space like Figure, SoFi, Upgrade, Happy Money, and Aven incorporate repayment directly into their application flow.
Shift4, a leader in global payments, has joined forces with Mesh to enable merchants everywhere to offer seamless, secure cryptocurrency payments right at checkout. With this integration, customers can pay in crypto just like they would with a credit card, while merchants enjoy peace of mind knowing those payments convert instantly into their preferred currency, reducing conversion risks and eliminating chargebacks. It’s crypto payments made simple.
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