In This Episode AI is simultaneously taking over the world and disappointing in it’s ability to take over the world depending on the publication you read. No doubt we are in the first innings. Today Derek Higginbotham, CEO of First Electronic Bank, Matt Bochenek CEO of Avant and John Sun, CEO of Spring Labs, and Jason Henrichs talk about why everyone needs to be getting up to bat with AI, no matter the size of institution you work for. Spring Labs AI Native Banking and Fintech conference is next week and has a powerhouse lineup. Register at conferences.springlabs.com and use code SpringLabsXBreakingBanks for a discount. Podcast Chapters: Chapter 1: 0:00 - Opening Pitch – AI and Its Hype Cycle Brett King and Jason Henricks introduce the episode, framing AI as both transformative and overhyped. Guests discuss how AI adoption mirrors the rise of past technologies. Chapter 2: 5:30 - Narrowing the Field – Strategic AI Use Cases Derek Higginbotham, Matt Bocinek, and John Sun explore how financial institutions are narrowing down AI use cases, emphasizing incremental steps over broad adoption. Chapter 3: 17:10 - Building Organizational AI Muscles The discussion highlights how organizations can develop "AI muscles" by starting with small projects, learning from them, and ensuring flexibility for future applications. Chapter 4: 27:45 - Data as the Foundation of AI Success Panelists delve into the importance of robust data infrastructure, the challenges of siloed data in financial services, and how AI reshapes data-driven decision-making. Chapter 5: 39:20 - Cultural Shifts and AI Adoption The conversation shifts to cultural challenges in financial services, exploring how to transition from report-driven approaches to hypothesis-driven and data-informed decision-making. Chapter 6: 50:05 - AI and Regulatory Compliance The group discusses how AI is being integrated into regulatory compliance, emphasizing augmenting human capabilities rather than replacing them outright. Chapter 7: 1:02:15 - Rethinking Processes with AI A discussion on how AI compels institutions to rethink legacy processes, addressing “process debt” and identifying opportunities for deeper insights and efficiency. Chapter 8: 1:15:30 - The Divide in AI Adoption Panelists explore the implications of early vs. late AI adoption in financial services, predicting winners, losers, and the creation of an AI digital divide. Chapter 9: 1:25:10 - Lessons for Financial AI Development The episode concludes with key takeaways about the unique challenges of deploying AI in financial services and the need for specialized knowledge in regulated industries. Read the entire transcript here. Related Content Big And Small Preparing For Shifting Generational Expectations Episode 434: Rethink What You Deliver: SX Roundup & Wild Ride in WA AI is coming to help! A.I.- Ally Or Foe Bioplausible Artificial Intelligence https://www.youtube.com/watch?v=untcDneZ6Rw

In This Episode Globetrotter and Host Brett King shares banking news and investment conversations from around the world We start today's podcast on banking with Brett's one on one discussion on tech in Thailand with Dr. Supachai Kid Parchariyanon. Dr. Kid is CEO and Co-Founder of consulting company Rise, and managing partner for SeaX Ventures, a Thai venture capital firm with presence in Silicon Valley. Rise’s company goal is to drive 1% of the GDP in Thailand as well as reduce 1% of carbon emissions in all of Southeast Asia. Earlier in his career, Dr. Kid was a key figure responsible for bringing the social media app Twitter (now known as X) to Thailand, it was a technical challenge, and one that had legal barriers as well. Later, he and his team were also able to code software for the Nokia phone, creating in his words a “Robin Hood-like app” for Thailand. He speaks to us today about the Thai tech scene, what's happening in fintech and the VC world, and specifically what's helping drive the Thai economy -- from fintech to health tourism to the Thai lifestyle movement and digital nomad visas, the conversation is wide-ranging as this small country slowly recovers from covid and faces demographic headwinds. With an aging society they are looking to attract new talent and people to the country, collaborate not compete and expand investment in deep tech, AI, agritech, medical, and tourism tech. Then, from the 24 Fintech Conference in Saudi Arabia, Brett introduces us to Saudi Arabia's Barq, making headlines around the region and other parts of the world, as he sits down with its Chief Business Officer, Saad Almuhana. Barq is the newest and fastest growing private wallet and challenger bank in Saudi Arabia, the Middle East and potentially the world, having garnered 1.5M customers in 35 days -- having hit the amazing milestone of 1M customers in 21 days. In Saudi Arabia, younger people represent 70% of the population, tech savvy, mobile banking is very successful in the Kingdom with mobile penetration off the charts. Consumer appetite is high for help with finances in a quick manner. Remittance is a big part of Barq's offering, assuring customers that the optimal rail is selected at the right time for payment transactions. The journey started August 2024 with an EMI license (e-money), expansion plans are already in the works. In their second month, Barq is enhancing service offerings through multiple partnerships and hoping to hit 2M customers. If the evolution of the fintech is such, they have the option to upgrade to a full bank. It's an interesting and unique journey, one of incredible growth. But......one last thing before you listen to the latest episode of our financial podcast,,,,you know what season it is? Not just pumpkin spice, it's conference season and there is a new show to add to your list. The AI-Native Banking & Fintech Conference is happening October 7 in Salt Lake City and Breaking Banks is proud to be a media partner. Our listeners get a 20% discount when they register at conference.springlabs.com and use the code SpringLabsXBreakingBanks. They have an outstanding set of speakers and this is not to be missed. Once again, you have the link http://conference.springlabs.com and the code is: SpringLabsXBreakingBanks, don't forget to claim your discount! Podcast Chapters: Chapter 1: 0:00 - Introduction – Exploring Thai Tech and Saudi Fintech Brett King introduces the dual focus of this episode: the evolving Thai tech ecosystem and the rapid rise of Saudi Arabia's Barq. Chapter 2: 3:15 - Thailand’s Economy and Demographic Challenges Kid Pacharianon discusses Thailand's economic position in Southeast Asia, its aging population, and its recovery post-COVID. Chapter 3: 12:40 - Thai Tech and Startup Landscape The growth of Thai startups, the impact of corporate venture capital, and the success of initiatives like PromptPay and e-commerce.

In This Episode Warning: Extra spice added -- new sauces and participants! The stream of consent orders against banks that offer BaaS continues. Fintech partner banks drew 1/3 of all formal enforcement orders by federal banking agencies in the 4th quarter of 2023, that's quite a bit when you consider that fintech partner banks only account for roughly 3% of all U.S. banks. BaaS is here to stay -- it's a great way for community banks to grow, big banks are already on board and will do more, and entrepreneurs will want to continue to create better banking experiences which means they'll need to partner with banks. Jason Henrichs brings you our latest Hot Takes with regulars Kiah Haslett, Bank Director; Alex Johnson, Fintech Takes; and Jason Mikula, Fintech Business Weekly, as they are joined by Barb MacLean, SVP, Head of Tech Operations & Implementation, Coastal Community Bank and Allen Denson, Partner, Litigation, Morgan, Lewis & Bockius, LLP.  The flaming hot panel discusses why BaaS is facing regulatory headwinds, what banks should do, and how the North Star needs to be a BaaS solution that provides the optimal blend of technology and compliance, all while having some fun. From the stage of FinovateFall we bring you this episode of Breaking Banks. Read the full transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Episode Overview Hosts Brett King, Jason Henricks, and JP Nichols introduce this episode, recorded live at Finnovate, featuring hot takes on banking as a service (BaaS) and the regulatory challenges surrounding it. Chapter 2: 03:45 - Turbulent 2024: What’s Burning? The panel dives into the year's most challenging issues in banking and fintech, including broker deposit reclassification and cybersecurity breaches, setting the stage for a fiery discussion. Chapter 3: 12:30 - Consumer Awareness: FDIC and Fintech Misunderstandings Exploring whether consumers truly understand the risks when engaging with fintechs labeled as FDIC-insured and why traditional disclosures fail to inform effectively. Chapter 4: 22:10 - Responsibility and Accountability in BaaS Panelists debate how responsibility is allocated between banks and fintech program managers when issues arise, with differing views on splitting regulatory versus economic liability. Chapter 5: 32:40 - Regulators and the Banking as a Service Landscape A discussion of the evolving role of regulators in BaaS, from non-objection policies to potential frameworks for managing risk in fintech partnerships. Chapter 6: 43:15 - Deposit Treatment: Old Rules, New Challenges A deep dive into whether current deposit classification rules are fit for purpose in today’s fintech-driven banking environment, including the implications of reclassifying fintech deposits as brokered. Chapter 7: 55:00 - FBO Accounts: An Aging Framework The inefficiencies of the "for benefit of" (FBO) account structure and its limitations in a modern fintech ecosystem are dissected, with calls for innovation in banking frameworks. Chapter 8: 01:05:30 - Banking Partner Standards: Who Should Participate? Examining whether all banks should be allowed to partner with fintechs, considering the technical, regulatory, and operational complexities involved. Chapter 9: 01:14:45 - Closing Thoughts and Audience Engagement Final reflections on BaaS accountability and the role of regulators, along with opportunities for audience interaction and some lighthearted hot sauce giveaways. Chapter 10: 01:18:00 - Outro and Credits A wrap-up of the episode with producer credits, reminders to subscribe, and details on how to share and support Breaking Banks. Related Content: Episode 464: Second Wave BaaS & “Deep Tech” Huawei Does Gen-Fi Bank-Fintech Partnerships, Open Banking and AI...oh my! A Digital Banking Revolution in SEA: GXBank and Mastercard Shopify Finance: Fueling Merchant and Small Business Growth

In This Episode It's a mashup between Breaking Banks and Dave and Dharm Demystify, a podcast that takes you on a journey through the ever evolving world of fintech and digital finance. In this episode triple hosts, Brett King, Dave Wallace and Dharmesh Mistry offer thought provoking discussion and insights, covering off the fintech movement and relevancy in this new state of banking. Integration is key in the new world order. Special shout out to JPMorgan Chase for all they are doing. What will the banking experience look like in the future? When Q-Day comes there will be radical transparency, get those strategies in place. Join the discussion, weigh in, share your thoughts and feedback! Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Introductions Brett King and Jason Henricks welcome Dave Wallace and Darmish Mystery of the Dave and Darm Demystify podcast for a special mashup episode. Chapter 2: 03:30 - Defining Fintech: A Movement or a Moment? The panel discusses the origins and evolving definition of fintech, debating whether it's a movement driven by technology or a transformative moment. Chapter 3: 12:00 - The Future of Banking: AI-Driven Smart Economies Exploring AI's potential to transform financial services, from agency-based payments to smart contracts, and what a "smart bank" might look like. Chapter 4: 21:45 - Fintech Evolution: From Startups to Smart Banks A deep dive into how fintech companies are reshaping the financial landscape and how traditional banks can adapt to compete in a tech-first world. Chapter 5: 34:15 - The Impact of AI and Quantum on Financial Systems Discussing the game-changing potential of quantum computing and AI in finance, including radical transparency and the looming "Q-Day." Chapter 6: 45:40 - The Demise of Traditional Banking Products How AI, cashlessness, and data-driven solutions are reshaping core banking products like credit cards and SME lending, with insights from global trends. Chapter 7: 57:20 - Challenges for Legacy Banks: Innovate or Perish Examining whether traditional banks can transition to a digital-first model, and the role of cloud, AI, and quantum in staying relevant. Chapter 8: 01:06:00 - The Ethical and Existential Implications of AI The group reflects on how AI will redefine humanity, consciousness, and what it means to be human in a rapidly changing world. Chapter 9: 01:15:30 - Outro and Closing Thoughts Final reflections from both podcasts, with insights into the future of banking, fintech, and technology, and a thank you to listeners. Related Content: Bank-Fintech Partnerships, Open Banking and AI...oh my! Huawei Does Gen-Fi Episode 562: Hot Takes: Regulatory Headwinds for BaaS Removing Mystery of Money Movement A Digital Banking Revolution in SEA: GXBank and Mastercard https://youtu.be/CxtFxiEE27Y

In This Episode In this week's episode of Breaking Banks we bring you the next feature in our Killing It series as host Jason Henrichs connects with Ohad Samet, Co-Founder and CEO of TrueAccord. Several calls from unknown numbers and one unpleasant conversation about a forgotten credit card with a relatively small balance was the impetus for Ohad to reimagine the debt collection process and the genesis of TrueAccord. Prior experience as the Chief Risk Officer of Klarna, a European payments company, and experience with other start-ups in the area of risk and analytics served him well. Development is an upward spiral and founding a company (companies actually) involves a lot of self-expression and is often less about the money and more about what you want to do. At some point, though, you may need to fire yourself. Another candid and enlightening conversation in the series with relevance for all. Read the entire transcript here. Podcast Content: Chapter 1: 00:00 - Welcome and Episode Overview The Breaking Banks team introduces the episode, diving into the journey of starting, scaling, and transforming companies with the founder of TrueML. Chapter 2: 02:50 - From Klarna to TrueML: A Founder's Motivation The guest recounts his early career successes, his departure from Klarna, and the personal and professional motivations behind starting TrueML. Chapter 3: 08:20 - A Personal Problem Sparks Innovation A forgotten credit card bill becomes the inspiration to reinvent debt collection, blending personal experience with professional insight. Chapter 4: 13:45 - Building a Resilient Structure: Two Businesses in One Insights into creating a dual-entity business structure for scalability, regulatory compliance, and innovation within TrueML. Chapter 5: 20:10 - Letting Go: Redefining Leadership Roles Exploring the challenges and personal growth required to delegate responsibilities and allow a company to grow beyond its founder's direct control. Chapter 6: 27:30 - Reinvention and Identity in Leadership The guest reflects on balancing personal identity with professional roles, highlighting lessons learned from multiple startup journeys. Chapter 7: 33:50 - The Art of Firing Yourself When and how to step back as a leader, with practical advice on hiring executives and knowing when it’s time to delegate or move on. Chapter 8: 41:10 - The Evolution of TrueML: Reinventing Debt Collection TrueML's role in transforming the debt collection industry, emphasizing technology, strategy, and long-term vision for impactful innovation. Chapter 9: 47:15 - Final Thoughts: Leadership Lessons from the Journey Key takeaways on leadership, scaling businesses, and staying grounded as a founder, with a look toward the future of TrueML. Chapter 10: 50:00 - Outro and Credits The Breaking Banks team wraps up the episode, thanking the guest and reminding listeners to engage with the show and share their thoughts. Related Content: Episode 102: The Debt Collection Process Episode 561: Demystifying Fintech: Insights on Banking's Future Huawei Does Gen-Fi Bank-Fintech Partnerships, Open Banking and AI...oh my! Episode 562: Hot Takes: Regulatory Headwinds for BaaS https://youtu.be/Ev2DwaPJh-o

Alexandra Steinberg Barrage, a former FDIC executive and banking regulatory expert, joins industry veterans Kiah Haslett, Alex Johnson, and Jason Mikula to dissect the FDIC's proposed changes to broker deposit regulations, dating back to 1989. They discuss the need for modernization in regulations to match technological advancements and shifting consumer behaviors. The group also dives into empowering individuals as deposit brokers and the evolving landscape of customer acquisition in finance, while making it all fun with playful hot sauce commentary.

Dive into the dynamic world of fintech as experts discuss how embedded finance and open banking are reshaping consumer experiences. Discover how Mastercard's Start Path program empowers startups to innovate and expand access to financial services. Hear about Atomic Financial's groundbreaking solutions that allow seamless direct deposit management. Explore the collaborative spirit driving personalized banking and the challenges fintech faces, especially in emerging markets like Latin America. It's a bold new era for finance!

Gilles Gade, founder and CEO of Cross River Bank, joins Phil Go, CEO of the American Fintech Council, to dive into resilience in banking post-regulatory challenges. They discuss how consent orders can be transformed from setbacks into opportunities for growth. The conversation highlights the evolution of banking technology, emphasizing the need for proactive risk management rather than avoidance. The guests advocate for collaboration between banks and fintechs to navigate regulatory pressures while boosting financial inclusion and consumer-centric approaches.

The podcast dives into the exciting ascent of fintech companies like Revolut, which has recently secured a UK banking license, setting the stage for its U.S. expansion. With 45 million customers and a revenue over $2 billion, Revolut is challenging traditional banking norms. Additionally, the discussion highlights TymeBank's innovative approach in South Africa, promoting financial inclusion with a seamless onboarding process through digital kiosks. The hosts emphasize how technology is reshaping banking, pushing for broader access and redefining customer experiences.

In This Episode Another thrilling episode of Breaking Banks' special series Killing It!. Host Jason Henrichs connects with fintech superstar, dare we say fintech Olympian (Paris 2024!), Bill Harris, industry veteran, founder of 10+ tech and fintech companies, author, and current Founder & CEO of Evergreen Money. Together Jason and Bill look back at Bill's career to date, the different companies, the lessons learned and the tough calls made. Among those hard decisions, the need, at times, to avoid prolonging a failing venture and the need to conserve resources. It's a race to the finish where Bill shares details about his latest endeavor. https://youtu.be/zh-rAm6t_DY