Breaking Banks

In This Episode This week on Breaking Banks, we feature an episode from sister podcast EMERGE Everywhere. Is artificial intelligence the key to providing personalized financial advice for all? While companies like Credit Karma are tapping into AI’s vast potential to help customers manage their money, the technology also raises weighty questions about how to use it responsibly. In this episode, Jennifer Tescher, host of EMERGE Everywhere speaks with Credit Karma CEO Ken Lin about how the company has embedded AI into its solutions, the biggest opportunities and challenges right now, and what an AI-enabled future might look like. Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Introduction: AI in Financial Services The hosts introduce the episode, highlighting discussions with Ken Lin, CEO of Credit Karma, about the transformative impact of AI on financial advice. Chapter 2: [05:10] Credit Karma’s Journey and AI Evolution Ken Lin shares the origins of Credit Karma, its integration into Intuit, and the company’s innovative approach to leveraging AI for personalized financial tools. Chapter 3: [14:20] Generative AI vs. Machine Learning Exploration of the differences between machine learning and generative AI, emphasizing AI's ability to deliver tailored, conversational financial advice. Chapter 4: [22:50] Real-World Applications of Generative AI Ken Lin discusses the top use cases of generative AI on the Credit Karma platform, focusing on addressing consumers' top financial questions with tailored insights. Chapter 5: [33:15] The Promise of AI-Driven Financial Assistance Discussion on AI’s potential to transform financial advice into actionable steps, aiming to reduce tedium and empower financial mobility for users. Chapter 6: [42:00] Tackling Trust and AI Hallucinations Addressing concerns around AI accuracy, bias, and "hallucinations" in financial advice, and the steps Credit Karma takes to ensure reliable guidance. Chapter 7: [50:30] The Bottom 20%: Addressing Financial Exclusion Ken Lin reflects on how AI can benefit underserved populations by increasing financial inclusion and providing equitable access to services. Chapter 8: [58:00] Governance and the Future of AI The episode explores the importance of AI governance, ethical considerations, and the long-term impact of AI on financial systems and societal equity. Related Content: FinTech Opening Investment Space Will Financial Advisers Be Replaced By Crowd, How Does Tech Change GenYs Plan Investment & Saving? Episode 189: Disruption Stories: Generative AI for Investments AI is coming to help! A.I.- Ally Or Foe

In this Episode This week, Jason Henrich connects with Mary Wisniewski to talk about her new podcast, Money Isn't Everything, which will explore unconventional ideas and strategies within the financial services sector.  In her biweekly podcast Mary will tap into her passion for uncovering counterintuitive concepts, sharing stories and looking at complexities, gaps and opportunities in our market with focus on the role banks and credit unions play in driving and improving outcomes, The first episode of Money Isn't Everything airs 4/18, catch it on Apple, Spotify or the Cornerstone Advisors website. Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Introduction and Welcome The hosts introduce the episode, highlighting the theme of money's role beyond financial value. Special guest Mary Wisniewski previews her new podcast, Money Isn't Everything. Chapter 2: [03:50] The Philosophy Behind "Money Isn't Everything" Mary Wisniewski shares the inspiration and objectives for her new podcast, emphasizing how financial institutions can address broader human needs. Chapter 3: [10:20] Challenges in Financial Literacy and Behavior Change Discussion about the failures of traditional financial literacy efforts and how understanding erratic cash flow can improve outcomes for underserved populations. Chapter 4: [18:30] Gamification and Nudges in Financial Services Exploration of gamification and behavioral nudges, their effectiveness, and ethical considerations for banks and fintechs aiming to improve financial habits. Chapter 5: [26:40] Aligning Incentives in Banking and Startups Jason Henricks reflects on the challenges of creating consumer-aligned incentives in financial products, sharing insights from his experience with Perk Street. Chapter 6: [35:15] Addressing Mental Health and Financial Stress Highlighting the intersection of mental health and money, the hosts discuss the emotional toll of financial stress and its implications for financial services. Chapter 7: [43:00] The Role of Creativity and Innovation in Finance Mary shares personal anecdotes and ideas for fostering innovation in financial services, particularly for addressing volatile incomes and debt reduction. Chapter 8: [50:25] Looking Ahead: Themes for "Money Isn't Everything" Preview of topics Mary plans to explore on her podcast, including AI, bold experiments in finance, and revisiting lessons from past economic cycles. Chapter 9: [57:00] Closing Thoughts and Call to Action Final reflections on the episode's themes, the significance of money in our lives, and details on how to follow Money Isn't Everything when it launches. Related Content: Episode 127 - Unconventional Saving Products Special Episode: Digital Love in the Time of COVID Episode 93: Talent Infrastructure Episode 170: MONEY UNDER 20 - “SM” in the new “FS” Episode 551: This Spot Looks Soft https://youtu.be/3PsqPUDBmO8

In This Episode Giving credit when credit is due is always appreciated and a good thing to do. In this case, it is also a solid base for a fintech, one that is socially responsible and financially inclusive. Meet Kashable's Co-Founder and CEO, Einat Steklov, as she speaks with host Brett King about Kashable making its mark in financial services with low cost loans for employees, those with low or no credit scores. With its data models and ability to create new risk profiles and open up access to credit, Kashable underwrites consumers for unsecured loans based to a large extent on employment information. With Kashable's ability to offer access to low cost credit, economic mobility, as an employee benefit with easy repayment -- embedded financing -- everyone benefits. Then, Breaking Banks is delighted to introduce Social Currency, Provoke.fm's latest podcast powered by Sunrise Banks that will introduce you to some of the most innovative changemakers in finance, tech and ESG, and how they are dismantling barriers and reshaping their industries for a more inclusive, equitable and sustainable future. Spotlighting those at the forefront of positive change through social entrepreneurship, Social Currency unveils the stories behind the revolution that is propelling us toward a world where everyone has equitable access to opportunities. In the first episode, Ahead of the Curve, Strategic Foresight, Tyler Seydel, Chief FinTech Officer at Sunrise Banks and co-host Eric Schurr, Chief Strategy Officer, Sunrise Banks and certified practitioner in strategic foresight, get into just that, Strategic Foresight, how organization can solve market opportunity challenges using provocative questions to look at future challenges in new ways, reimaging opportunities. A planning oriented discipline related to futures studies, you'll be surprised as new tools and this new way of future thinking begins to infiltrate projects and everyday work. Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Introduction and Purpose The hosts introduce the episode, exploring themes of socially responsible credit and the role of social currency in fostering equitable financial systems. Chapter 2: [03:40] Cashable: Redefining Credit with Employment Data Interview with Inet Steklov, founder of Cashable, discussing their innovative approach to using employment data for credit underwriting and financial inclusion. Chapter 3: [15:20] The Flaws of Traditional Credit Scoring The conversation dives into the limitations of traditional credit scores and how alternative credit models can expand financial access for underserved populations. Chapter 4: [23:50] Embedded Financing in the Workplace Insights into Cashable’s partnerships with employers to offer low-cost credit as an employee benefit, promoting financial wellness and reducing stress. Chapter 5: [32:30] Regulating Fintech and Alternative Lending Discussion on navigating the regulatory landscape for fintechs and how Cashable collaborates with state and federal regulators to ensure compliance. Chapter 6: [40:45] Social Currency Podcast: Exploring ESG and Equity Introduction of the new Social Currency Podcast, focusing on ESG principles, diversity, and the intersection of technology and social equity. Chapter 7: [48:15] The Role of Foresight in Financial Innovation Eric Schorr, a certified foresight practitioner, shares insights on trendspotting, strategic planning, and creating a more inclusive financial future. Chapter 8: [57:30] Closing Reflections and Future Vision Final thoughts on the importance of financial inclusion, the value of foresight in planning, and actionable steps for building a better financial system. Related Content: Social Means Global Episode 161: Breaking Carbon - Impact as an Economic Driver Episode 15: Can we trust banks to use AI responsibly? Making Financial Engagement Social: Frank Eliason

In This Episode SXSW is a safari to the future according to Todder Moning, Lead Futurist at U.S. Bank. But, as Mike Bechtell, Chief Futurist at Deloitte, pointed out in his Fintech House fireside last year: futurists are always wrong. Why attempt to predict the future if you are likely to be wrong? This year Todder and Eric Schurr, Chief Strategy Officer at Sunrise Banks and host of the Social Currency podcast at Provoke.fm, have a fireside chat with Dara Tarkowski, Founder of Actuate Law and host of the Tech on Reg podcast, about which rules to break and which to keep when thinking about the future. From large bank to small, both use the tools of Foresight to gain a competitive advantage when thinking about a future, even when it is likely wrong. Listen in to learn how to break out of your current mindset and preconceptions, including Todder's favorite: Future Safaris. Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Introduction and Live from South by Southwest The hosts set the stage for this live recording at the Alloy Labs Fintech House, introducing foresight as a critical tool for navigating the future. Chapter 2: [03:50] What is Foresight? Guests Tod Moning and Eric Scherr explain the practice of foresight, its methodologies, and its role in helping organizations navigate uncertainty and plan for multiple futures. Chapter 3: [12:30] Applying Foresight in Financial Services Discussion on how foresight is implemented within financial institutions, balancing innovation with the industry's focus on safety, risk management, and compliance. Chapter 4: [21:40] The Role of Regulators in Foresight Exploration of whether regulators can or should engage in foresight, and how proactive planning could help address systemic risks and foster innovation. Chapter 5: [30:20] Signals and Trends Shaping the Future Guests highlight key signals and trends in technology, ESG, and societal changes, with a focus on how these factors impact financial services. Chapter 6: [41:15] AI and the Future of Decision-Making Discussion on the role of generative AI in foresight, its potential to support scenario building, and its limitations in predicting the unknown. Chapter 7: [50:40] Crafting Preferred Futures Eric and Tod emphasize the human-centric nature of foresight and the importance of defining and striving for preferred futures through deliberate actions. Chapter 8: [59:30] Closing Reflections on Foresight's Value Final thoughts on why foresight is essential for financial institutions and individuals, encouraging proactive engagement with the forces shaping our world. Related Content: Tech On Reg Episode 559: Hot Take: Brokered Deposits Join the Eras Tour Episode 241: The Bankers' Bookshelf - Why Machines Will Never Rule the World: Artificial Intelligence without Fear Home Episode 538: Money Isn't Everything https://youtu.be/VJ5OvH-f-00

In This Episode What happens when two financial futurists get together? They chat about money of the future and related topics worthy of debate. This week, host Brett King connects with Chris Skinner, author, influencer, The Finanser blogger, and advisor to leading organizations, governments and firms across the world to talk about Chris' new book, Intelligent Money, due out this summer. Lots of great banter and thought provoking discussion as they look at cross border payments, smart wallets / super wallets that act as an agent on your behalf, embedded intelligent financial services and payments, and of course AI, to name just a few of the topics they get into. What's your vision for Main Street 2034? Is the need for growth at the heart of some of our problems? Enjoy the debate! Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Welcome to Breaking Banks Hosts Brett King and Jason Henricks introduce the show and discuss its mission to explore innovations in financial services. They welcome regular guest Chris Skinner, a leading fintech thinker. Chapter 2: [04:30] The Evolution of Payments Chris Skinner and Brett King discuss the future of payments, predicting the rise of AI-driven "super wallets" and the eventual obsolescence of traditional financial tools like credit cards and cash. Chapter 3: [12:45] Centralized vs. Decentralized Systems A deep dive into centralized and decentralized finance structures, touching on the friction between cryptocurrencies, stablecoins, and central bank digital currencies. Chapter 4: [20:15] The Future of Identity and Security The conversation turns to digital identities and their role in payments, healthcare, and government services. The hosts debate the feasibility of self-sovereign identity models. Chapter 5: [30:00] Borderless Finance and Migration Chris Skinner examines the intersection of global finance, migration, and technology, highlighting how digital wallets empower displaced populations and digital nomads alike. Chapter 6: [40:10] AI and the Changing Face of Banking The discussion shifts to how AI reshapes banking, turning institutions into algorithmic entities. Trust, the role of branches, and the generational shift in financial behavior are analyzed. Chapter 7: [50:00] The Ethics and Economics of AI A philosophical debate on AI's impact on jobs, universal basic income (UBI), and the potential for capitalism to adapt to a world dominated by automation. Chapter 8: [01:00:15] Reimagining Money and Society Brett and Chris speculate about new economic systems and the role of technology in creating equitable and sustainable societies, touching on ideas like techno-socialism. Chapter 9: [01:10:00] Preview of Chris Skinner's New Book Chris shares insights from his upcoming book Intelligent Money, which explores embedded AI in finance and its transformative potential. Chapter 10: [01:15:30] Closing Thoughts and Future Episodes The hosts wrap up with reflections on the discussion and preview future episodes of Breaking Banks and their collaborative podcast Beyond Banking. Related Content: Episode 238: The Bankers' Bookshelf: Intelligent Money Digital Wallets: Exploding Or Blowing Up? Bitcoin: Hope or Hype? Are Mobile Wallets On The Horizon Or Somewhere Over The Rainbow? Episode 560: Killing It: Ohad Samet on Reimagining Debt Collection https://youtu.be/DC03x1pySWg

In This Episode What's your legacy? Host Brett King connects with the 695th Lord Mayor of London, Michael Mainelli, who is the first American born Lord Mayor of London. A scientist, economist and accountant, as well as a self-proclaimed space junkie who studied aerospace at Harvard (fun fact his father was at one time involved with the Apollo capsule for Boeing), the Lord Mayor shares some of the key initiatives that will keep him busy during his mayoralty -- climate change, space debris removal, a smart economy networks project, and most importantly that London is a partner when it comes to solving global problems, it is a solutions center for technology, science, engineering and finance. Then, a new podcast Beyond Banking by CBD Talks! from the Commercial Bank of Dubai. Beyond Banking by CBD Talks! delves into trends that drive the UAE, middle east, and global economies. In the first episodes host Brett King has welcomed phenomenal guests, and covered topics from climate and sustainability to unicorns and the future of money and banking, while spotlighting leaders shaping financial services and the UAE, Frank Bisignano, CEO, Fiserv and Her Excellency Raja Al Mazrouei. Learn about the UAE and other regions by downloading Beyond Banking by CBD Talks! via Amazon, Apple, or Spotify. From digitization to decarbonization, through the evolution of AI, and the advent of smart economies, listen as we foster conversations Beyond Banking, with an eye towards the future. https://podcasts.apple.com/us/podcast/beyond-banking-by-cbd-talks/id1711240163 Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Welcome and Introduction Brett King and Jason Henricks open the show, highlighting the Breaking Banks tradition of exploring innovation and introducing their guest, Michael Mainelli, the 695th Lord Mayor of London. Chapter 2: [05:30] The Role of the Lord Mayor Michael Mainelli reflects on his journey to becoming Lord Mayor, the responsibilities of the position, and the legacy of this historic role. Chapter 3: [12:00] Space: A Personal and Global Perspective Michael shares insights on his background in aerospace, his father’s work on Apollo, and how space exploration connects with global sustainability goals. Chapter 4: [20:00] AI, Ethics, and Smart Economies A deep dive into the role of AI in building smart economies, the ethical considerations, and the intersection of finance, technology, and global problem-solving. Chapter 5: [30:45] Climate Change and Financial Solutions The discussion shifts to climate finance, carbon markets, and how London plays a role in creating sustainable solutions to the global climate crisis. Chapter 6: [40:00] Space Junk and Sustainability in Orbit Michael introduces innovative approaches to solving the growing issue of space debris, including insurance bonds and technologies for debris removal. Chapter 7: [50:00] London as a Hub for Global Collaboration Exploring London’s reputation as a center for finance, science, and technology, and its potential to foster international collaboration on pressing global challenges. Chapter 8: [01:00:00] Looking Ahead: Challenges and Opportunities Michael outlines his vision for London’s future and the broader role of highly autonomous economies, post-scarcity economics, and evolving societal values. Chapter 9: [01:10:30] Beyond Banking and Closing Remarks The hosts reflect on the episode, preview the "Beyond Banking" podcast series, and share how listeners can engage with Breaking Banks and Michael Mainelli. Related Content: Episode 492: London Bridges & VC Now Episode 430: London Calling & Razzle-Con FinTech Opening Investment Space Investment in an Age Where Climate is Disrupting the Planet Episode 526: Investment in an Age Where Climate is Disrupting the Planet https://youtu.be/G_jql0YSqE4

In This Episode In this next episode of our special series, Killing It!, hosts Jason Henrichs and Alex Johnson sit down with Matt Harris, current coach, consultant, advisor and Bloom Credit (credit data solutions) co-founder. Starting a company is hard, at any age, Matt was 22 when he began his journey. It's not just having an idea for your startup, financial backing, energy and good people around you, as most know, it's all the hurdles and discoveries of everything you need to fix and do, that affects your idea, along the way. The journey, and roller coaster, comes with lots of stressors and takes its toll. It can be difficult to step away or step aside. How do you process? How do you separate your identity from the company after investing so much of yourself in it. The founding journey is hard but doesn't have to be.  Accept what is. 'Failure' (whatever that may mean, and it's different for everyone) is not the end of the story. This candid discussion is a master class for startup founders; coaching founders, rather than just investing in their businesses, has become an impactful and authentic way for Matt to make even more change in the world. Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Welcome and Introduction Brett King introduces the theme of the episode, featuring Matt Harris of Bloom Credit, discussing the entrepreneurial journey and mental health. Chapter 2: [05:00] The Origins of Bloom Credit Matt Harris shares how Bloom Credit started, its mission to tackle credit report inaccuracies, and the challenges of building a fintech infrastructure company. Chapter 3: [15:30] The Emotional Toll of Startup Life A deep dive into the psychological and physical impact of entrepreneurship, as Matt reveals his diagnosis of complex PTSD and its root causes. Chapter 4: [25:45] Decoupling Identity from Work Matt discusses the struggle of separating personal identity from his role as a founder, and the difficult decision to step away from Bloom Credit. Chapter 5: [35:20] The Transition Year Matt describes the year-long process of transitioning out of his CEO role, finding a new leader for Bloom Credit, and preparing for life beyond the startup. Chapter 6: [45:00] Healing and Rebuilding Insights into Matt’s recovery process, including movement therapy, breathing exercises, and the importance of restoring a sense of safety to his nervous system. Chapter 7: [55:10] Coaching Founders: A New Path Matt explains his transition to coaching, addressing mental health and productivity challenges for founders while helping them build sustainable practices. Chapter 8: [01:05:30] Addressing Hustle Culture A critique of grind culture, with Matt presenting evidence-backed strategies for improving productivity by working smarter, not harder. Chapter 9: [01:15:00] The Importance of Acceptance Matt reflects on the power of acceptance in overcoming failure and navigating the ups and downs of entrepreneurial life. Chapter 10: [01:25:00] Closing Thoughts The hosts wrap up with key takeaways from Matt’s journey and advice for founders facing similar struggles, emphasizing resilience and self-awareness. Related Content: SPECIAL EPISODE: Asia's Pandemic Response FinTech Startup wisdom and #EX Episode 451: AWS Bets Big on Black and Women Founders & Harmonizing Taxes Episode 92: Breaking Impact: Migrant-Led Financial Services Episode 555: Killing It... Again. With Bill Harris https://youtu.be/4_FzT8ff0Ms

In This Episode This week host Jason Henrichs hears about all that he unfortunately missed at Bank Director's annual AOBA (Acquire Or Be Acquired) conference for bank senior leadership from Bank Director rock stars and conference session and track leaders, Emily McCormick, VP of Editorial & Research and Kiah Haslett, Banking & Fintech Editor. They cover it all from banking sector challenges, innovations, and market outlook to enthusiasm for balance sheets (yes!), deposits, and necessity of tech adoption for growth and the future. Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Welcome and Overview The hosts introduce the episode, highlighting its focus on the Acquire or Be Acquired (AOBA) conference and trends shaping the banking industry. Chapter 2: [05:15] Vibes from AOBA 2024 Discussion with Emily McCormick and Kia Haslett about the optimistic yet cautious atmosphere at the conference and key insights from industry leaders. Chapter 3: [15:30] The Quest for Deposits An exploration of the challenges banks face in attracting and retaining deposits, including the evolving importance of balance sheet strategies. Chapter 4: [25:50] Technology Adoption as Mandatory How digital transformation has shifted from optional to essential for banks, with practical strategies for prioritizing tech investments. Chapter 5: [35:40] Talent and Leadership in Banking The ongoing challenges of succession planning, talent retention, and the skillsets needed for leadership in a tech-driven banking environment. Chapter 6: [45:15] The State of Bank M&A Insights into why M&A activity has slowed, including the impact of balance sheet considerations, unrealized losses, and pricing challenges. Chapter 7: [55:00] The Role of AI in Banking’s Future How artificial intelligence is addressing efficiency and operational challenges, and its practical applications for modern banks. Chapter 8: [01:05:30] Closing Reflections on AOBA 2024 The hosts reflect on the conference's themes, including the necessity of proactive decision-making and the importance of aligning leadership with industry trends. Related Content: Episode 476: Bank Mergers in the Garden of Good and Evil Episode 496: Leaders and Leadership Innovations in Lending at LendIt2017 FinTech: XFinance and Self-Driving Cars Payments Conference 2014! https://www.youtube.com/watch?v=lBBVrehJ3Yg

Exploring the journey of a fintech pioneer from Simple to Sila, reflecting on tough decisions. Discussing a new partnership in the mortgage space to empower underserved demographics with bias-free lending. Embracing tech for good through innovative solutions and forming a two-sided marketplace for lenders and borrowers.

In This Episode Drumroll...it's a new series from Breaking Banks, Killing It, candid discussions with entrepreneurs sharing lessons, failures, successes and some of the tough decisions they had to make. From VCs to unicorns, it's a high stakes game with high rates of failure. Not everything goes up and to the right, and success looks different for everyone -- you can grind away and do all you are supposed to do, and get to the point that you have to deliver terrible news to your cofounder and employees who believed in you. There are lots of stories from awesome people who have been knocked to the mat multiple times and gotten back up. It's not uncommon, but how do you bounce back and what does it take to walk away from it. Listen as hosts Jason Henrichs and Alex Johnson bring these stories to life. Then, investing in the next frontier, we turn to Greg Palmer, host of sister podcast Finovate as he speaks with Tamara Steffens, Managing Director, Thomson Reuters Ventures, about her perspectives on what’s on tap for fintech and the funding ecosystem this year. Enjoy the show! Read the entire transcript here. Podcast Content: Chapter 1: [00:00] Welcome and New Series Introduction The hosts introduce the "Killing It" series, focused on candid entrepreneurial stories, and preview insights into fintech investments with Tamara Stephens. Chapter 2: [05:15] Killing It: Lessons in Resilience A conversation with Alex Johnson about the emotional challenges of failure in entrepreneurship and the journey of rediscovering identity and purpose. Chapter 3: [20:30] The Weight of Responsibility in Startups Exploring the unique pressures founders face, including decision-making, downsizing, and the emotional toll of living with those choices. Chapter 3: [35:00] The Value of Relationships in Entrepreneurship A deep dive into how trust and relationships can influence future ventures, even after a business fails or pivots. Chapter 4: [50:15] Investing in Fintech: A Venture Capitalist’s Perspective Tamara Stephens of Thomson Reuters Ventures discusses trends, the importance of product-market fit, and the state of fintech funding in 2024. Chapter 5: [01:05:30] The Rise of AI and Bootstrapping in Fintech Tamara highlights the impact of artificial intelligence in tax and compliance and the renewed focus on bootstrapped startups amid funding challenges. Chapter 6: [01:20:00] Predictions and Opportunities for Fintech in 2024 A look at the future of fintech, focusing on resilience, profitability, and emerging areas like cross-border payments and AI-driven compliance tools. Chapter 7: [01:30:00] Closing Thoughts Reflections on entrepreneurship, the challenges of fintech innovation, and the need to balance ambition with realistic, sustainable growth strategies. Related Content: Episode 533: Killing It!  Acceptance As The Fastest Path Forward Episode 548: Killing It: And then Paying It Forward Killing It Painless Frictionless Investing Episode 439: Journeys: A Large Bank's Innovation Journey & VC with Cowboy Ventures https://youtu.be/2mcKIL3PNnE