Fintech Confidential

Click Here See More In this episode of FinTech Confidential, host Tedd Huff interviews Jordan Olivas, the founder of Harvv, a B2B accounts receivables financing platform. The conversation focuses on how Harvv is helping businesses in traditional industries, such as recreational vehicles, construction, raw materials, and consumer packaged goods, by offering innovative financial solutions that streamline their payment processes and improve cash flow. Throughout the discussion, Jordan shares valuable insights on the challenges these industries face and how Harvv’s platform addresses these issues by making the payment and financing process easier for both sellers and buyers.Key HighlightsWhy Flexible Payment Terms Are the Key to Faster Cash FlowThe Secret to Reducing Financial Risk with Payment SolutionsHow Automation Saves Time in Managing PaymentsWhy In-House Financing Comes with Hidden CostsWhat Traditional Industries Need to Know About Payment TermsWhy Customer Service Plays a Big Role in Payment SuccessHow Tight-Margin Industries Can Improve Financial StabilityStreamlined Onboarding Can Make or Break Payment SystemsWhy Reverse Factoring Beats Traditional FinancingThe Importance of Perseverance in Business Success Takeaways1️⃣ Get Paid Faster with Flexible Payment Options2️⃣ Automate to Eliminate Manual Payment Chasing3️⃣ Shift Credit Risk to Buyers for Safer Deals4️⃣ Reduce Hidden Costs by Outsourcing Financing Tasks5️⃣ Offer Multiple Payment Methods for Customer ConvenienceSupportersUnder: Revolutionize merchant applications with digital transformation. Discover more at https://under.io/ftcSkyflow, privacy platform trusted by leading financial institutions, to protect customers’ data. www.skyflowsecure.comHAWK: Enhance compliance with real-time monitoring and advanced AI. https://gethawkai.com for better compliance. Links:[Company Name]Website: Linkedin: Facebook: Instagram:Twitter: Youtube: Fintech Confidential YouTube: https://fintechconfidential.com/watch Podcast: https://fintechconfidential.com/listen Notifications: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialTwitter: https://twitter.com/FTconfidential Instagram: https://www.instagram.com/fintechconfidential Facebook: https://www.facebook.com/fintechconfidentialSupportersSupport is provided by MPC 2023, the premier event for fintech leaders. This is your chance to shake hands and rub shoulders with the world's top experts in payments, loyalty, blockchain, digital currencies, cybersecurity, consumer privacy, and other emerging fintech solutions connecting you directly with the future of commerce. If you haven't already, mark your calendars for August 23rd through the 25th and join me and Fintech Confidential at the Westin Atlanta Perimeter North. When you sign up for FinTech confidential notifications, you will receive a discount from $50 to 100% off.Or use this link for $50 of registration. https://mpcevent.com/FTC50This is a Production of Diamond D3, Media ABOUT: Jordan Olivas: Jordan is the founder of Harvv, a rapidly growing B2B factoring platform that's revolutionizing financing for traditional industries like raw materials, solar, construction, and consumer packaged goods.Before Harvv, he founded QisstPay, which became one of the largest Buy Now, Pay Later services in Asia. Under Jordan's leadership, QisstPay partnered with over 1,000 brands, including major players like Samsung and Lenovo.Jordan's experience spans from startups to corporate leadership roles. He's worked with some of the biggest names in fintech, including Klarna and ChargeAfter. His expertise in lending, revenue growth, and strategic partnerships has made him a sought-after leader in the industry. Harvv: Harvv is a B2B financing platform that helps businesses improve cash flow. Offering flexible payment terms and shifting credit risk to buyers, it allows companies to get paid upfront. With seamless automation and integration with accounting software, it simplifies invoicing, reduces delays, and cuts the costs of in-house financing, enabling businesses to grow confidently.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.DD3, Media: A media creation, management, and production company delivering engaging content globallyChapters00:00 - Leaders 1:1 Jordan Olivas PreviewIntroduction to the episode and guest Jordan Olivas.03:06 - Jordan Olivas’ Journey and Harvv’s ImpactOverview of Jordan’s background and the creation of Harvv.05:03 - Transitioning from BNPL to B2B FinancingJordan explains his shift from consumer Buy Now Pay Later (BNPL) to B2B financing.06:45 - Challenges in B2B FinancingDiscussion of the obstacles Harvv faced in traditional industries.07:47 - Educating Traditional IndustriesThe importance of educating businesses about modern financing solutions.12:47 - Sales Strategies and Market FocusHow Harvv targets sales and focuses on specific industries.14:19 - Leveraging Technology for CashflowHow technology and automation enhance cash flow and reduce manual work.15:18 - Automation and IntegrationDiscussion of Harvv’s automation features and system integration capabilities.20:39 - Hidden Costs of In-House FinancingExplanation of the unseen expenses businesses face with in-house financing.21:54 - Customer Payment ChallengesChallenges businesses face with late payments and customer creditworthiness.23:07 - Understanding Factoring in BusinessInsight into how factoring works and how Harvv’s reverse factoring differs.26:10 - Future Trends in B2B FinancingPredictions for the future of B2B financing and emerging trends.27:27 - Innovative Solutions for Accounts ReceivablesHarvv’s unique solutions for modernizing accounts receivable management.36:18 - Risk Management in B2B FinancingHow Harvv helps businesses manage financial risks effectively.36:56 - Advice for EntrepreneursJordan shares key advice for entrepreneurs about resilience and perseverance.40:58 - Closing Thoughts and Final WordsFinal reflections from Jordan on Harvv’s mission and Tedd Huff wraps up the episode.

In this episode of FinTech Confidential, Tedd Huff and Colton Pond chat with Jonathan Awad, co-founder and CEO of Baselayer. They cover some pretty interesting topics around identity verification and fraud prevention for businesses, especially small and medium-sized ones. The conversation is packed with useful insights into how financial institutions are dealing with these challenges, and how new tech is changing the game for everyone involved.The main focus of the discussion is about making business identity verification smoother and faster. Financial institutions are constantly trying to figure out how to trust the businesses they work with. Traditionally, this process has been slow, complicated, and full of risks. Nowadays, technology helps solve these problems by verifying business identities in real-time. The result is a more secure onboarding process, which cuts down on fraud and makes it easier for businesses to prove who they are.What’s really cool is that it doesn’t stop at just checking identities. Companies now have tools that can keep an eye on businesses long after they’ve been verified. Instead of just doing a one-time check, financial institutions get real-time updates if something about a business changes. So if a new risk pops up or fraud becomes more likely, they’re alerted immediately. This continuous monitoring is a big win for risk management, helping financial institutions stay ahead of any potential issues.Another important takeaway from the episode is how AI is used. There’s a lot of talk about AI in the world of fintech, but the key here is that it’s not about the technology itself—it’s about what it can do. AI makes fraud detection faster and more reliable, but what really matters is that it helps solve problems in a practical way. The conversation makes it clear that financial institutions are less interested in how fancy the tech is and more interested in whether it works efficiently. And it does—by preventing fraud and helping businesses stay compliant with regulations.The episode also touches on what it takes to secure funding and build a successful fintech company. There’s a lot of emphasis on having a strong team and a clear vision. Investors want to see that the company can actually deliver results, and that the team behind it knows what they’re doing. This is especially important in fintech, where the stakes are high and customers expect things to work flawlessly. It’s not enough to just have a good idea—you need to prove that it can succeed in the real world.One of the more eye-opening parts of the episode is about the future of managing identities. The idea of controlling your identity through apps is something that could make things a lot easier for everyone, from individuals to large companies. While it’s still in the early stages, the potential is clear. If done right, it could make identity verification quicker and more secure, leading to better financial access for more people.Toward the end, they discuss some up-and-coming companies that are also making waves in fintech. There’s mention of Not K, Solo, and LoanPro—companies that are tackling big problems like fraud prevention and business lending. These are the types of companies that could really change how the financial industry operates in the future.All in all, this episode is filled with useful information for anyone interested in fintech or business risk management. The focus is on how technology is helping solve real-world problems like fraud and compliance, and the tips on building a strong team and securing funding are especially helpful for anyone looking to break into the space. It’s definitely worth a listen if you want to understand where the industry is headed and how these challenges are being tackled with new tools and strategies.Key Highlights The Secret to Fraud Prevention Nobody Talks AboutIn this episode, you’ll learn how real-time data monitoring can help financial institutions stay ahead of fraudsters. Instead of waiting for fraud to happen, companies now have tools that keep constant track of business activities. This helps them get alerted immediately when something looks off, saving both time and money.Why AI Isn’t the Hero of This StoryWe’ve all heard about AI, but it’s not the focus here. What matters is how it’s used to solve problems. You’ll find out how AI works behind the scenes to speed up fraud detection and make identity verification smoother, without it being just a flashy headline.How to Win Over Investors with a Solid TeamOne of the biggest takeaways is that investors care more about the team behind a product than just the product itself. Learn how having the right people in place is key to securing funding, and why investors need to believe in the team’s ability to deliver results.The Future of Identity Verification—What’s Next?Controlling your identity through apps could soon become the norm. This segment explores how the future of identity management is changing and what it means for businesses and individuals alike. The possibilities are exciting, especially when it comes to improving security and access.Ongoing Monitoring: The Fraud Prevention Tool You Didn’t Know You NeededWhy stop at verifying a business once? With ongoing monitoring, financial institutions get updates anytime something changes, helping them stay on top of new risks. This clip explains how this constant watch is a game-changer in risk management.Stop Pitching AI—Start Solving ProblemsToo many companies make a big deal out of using AI. But what really matters is solving the customer’s problem. In this episode, you’ll hear how focusing on real solutions, rather than technology buzzwords, is what sets successful companies apart.How Real-Time Data Changes the Game for Fraud PreventionThe speed of fraud detection is critical. Financial institutions need to act fast to prevent losses. This highlight explains how using real-time data gives companies the edge they need to quickly catch fraud before it spirals out of control.Raising $6.5M: What Investors Really Want to SeeJonathan breaks down how Baselayer raised $6.5 million in seed funding. This clip covers the importance of demonstrating real-world applications and having a team that can back it up, showing that investors want more than just a good idea.The Growing Threat of Credit Stacking and Synthetic Identity FraudWith businesses lending bigger amounts, the risk of fraud grows. This segment dives into how companies are using new tools to fight credit stacking and synthetic identities, protecting themselves from these rising threats.Business Lending Done Right—How Companies Are Staying SafeLending money to businesses can be risky, but new tools are making it easier to decide who to trust. This clip looks at how businesses are using real-time analysis and ongoing monitoring to make smarter decisions when it comes to lending money.Takeaways1️⃣ Stick to a Long-Term StrategyDon’t get sidetracked by short-term goals. Founders who prioritize a long-term strategy, like Baselayer does with its focus on risk management and compliance, set themselves up for sustainable success. Baselayer’s tools help fintech companies manage risks more efficiently, freeing them to focus on growth.2️⃣ Balance Confidence with Humility for SuccessFintech founders need to believe in their vision, but they also need to listen to smarter people around them. Success comes from balancing confidence with humility, knowing when to push forward and when to lean on expert advice. Dropping your ego and accepting help is key to navigating the challenges of the fintech world.3️⃣ Build Strong Relationships to Win in FintechNetworking is crucial in fintech. Focus on creating genuine relationships that can help you grow your company. Whether you’re pitching to investors or partnering with other businesses, solid connections are essential to long-term success.4️⃣ Prevent Fraud with Real-Time MonitoringTake action by incorporating Baselayer’s real-time monitoring into your operations. Baselayer continuously tracks business activities, providing instant alerts when risks or fraud arise. This proactive approach gives your company the tools to prevent issues before they escalate, improving trust and security.5️⃣ Prepare for the Future of Identity ControlThe future of fintech could be all about controlling your identity through apps. This could dramatically reduce fraud and make financial services more accessible. Understanding these trends can help your company stay ahead of the curve.Links:Baselayer:Website: https://baselayerhq.com/LinkedIn: https://www.linkedin.com/company/baselayerhq/Jonathan Awad LinkedIn: https://www.linkedin.com/in/jsawadd/Fintech Confidential YouTube: https://fintechconfidential.com/watch Podcast: https://fintechconfidential.com/listen Notifications: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialTwitter: https://twitter.com/FTconfidential Instagram: https://www.instagram.com/fintechconfidential Facebook: https://www.facebook.com/fintechconfidentialSupportersLoanPro: 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.comUnder: 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/ftcHAWK: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.This is a Production of Diamond D3, Media ABOUT: Jonathan Awad: Jonathan Awad is a seasoned entrepreneur and fintech expert. As the Co-Founder and CEO of Baselayer, he focuses on enhancing fraud prevention and risk management solutions. Drawing on his background in finance and technology, Jonathan delivers cutting-edge, privacy-compliant platforms for financial institutions. His expertise spans both traditional banking and fintech, reflecting a deep commitment to advancing financial solutions through strategic partnerships and advanced technology.Baselayer: Baselayer empowers financial institutions and government agencies to trust the small and medium-sized businesses they serve. The company uses proprietary machine learning to search government records, the web, and private databases to answer questions about compliance, risk, or fraud for any business in the United States.Their solution suite includes tools for identity verification (Know Your Business), enhanced due diligence, fraud prevention, risk profiling, lien filing, and portfolio monitoring. Baselayer’s platform also offers unique credit stacking capabilities and an advanced repeat fraud prevention system. The platform is integrated into companies with over 30 million accounts, rating and verifying real-time applications.Host: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 globallyTimestamps:00:11 Episode Highlights04:05 Jonathan Awad's Financial World Journey09:21 Understanding Fraud and Verification10:22 The Business Side of Fraud Prevention14:48 Building a Business Credit Bureau19:09 Insights on FinTech Founding and Funding22:15 The Future of VC Fundraising30:01 Understanding VC Perspectives30:58 Building Relationships with VCs31:52 The Art of Fundraising33:12 Strategic Product Roadmapping35:29 AI and Machine Learning in FinTech36:51 The Role of AI in Business Identity38:53 Streamlining Applications with UNDER39:23 Navigating Regulatory Challenges42:39 Future of Identity and Fraud Prevention46:04 The Evolution of Credit Scoring47:47 FinTech Companies to Watch50:05 Controversial Takes in FinTech53:25 Closing Thoughts and Future Outlook

Learn MoreIn this episode of Leaders One on One by Fintech Confidential, Tedd Huff talks with Scarlett Sieber, the Chief Strategy and Growth Officer at Money 20/20, about the key trends and issues shaping the fintech industry. The episode focuses on topics like fraud prevention, artificial intelligence (AI), regulations, and how fintech events like Money 20/20 help companies connect and grow.Key HighlightsHow AI is Redefining Fraud DetectionTightening Regulations in FintechSuper Apps Are Changing Everyday TransactionsSimplifying Cross-Border PaymentsOpen Banking Drives New ServicesFintech Events: More Than Just NetworkingThe Growing Focus on Fraud PreventionThe Power of Networking in FintechFlexibility Is Key for Fintech StartupsCompliance: A Growing Concern for FintechTakeaways1️⃣ Leverage Competitive Networking at Conferences2️⃣ Make the Most of Focused Content Sessions3️⃣ Use Customer Feedback to Improve Fintech Offerings4️⃣ Adapt to Market-Specific Models5️⃣ Capitalize on Strategic Partnerships with Tech GiantsSupportersUnder: Revolutionize merchant applications with digital transformation. Discover more at https://under.io/ftcSkyflow, privacy platform trusted by leading financial institutions, to protect customers’ data. www.skyflowsecure.comHAWK: Enhance compliance with real-time monitoring and advanced AI. https://gethawkai.com for better compliance. About: Scarlett Sieber: Scarlett is the Chief Strategy and Growth Officer at Money20/20 and a bestselling author, having recently published "Embedded Finance: When Payments Become An Experience. Scarlett's expertise has been recognized by her appointment as a senior advisor to NASA, and her diverse career spans various roles in the finance and tech sectors. She was previously Vice President at USA where she led their newly created business development initiative and as Chief Innovation Officer of Opus Bank, she led the digital strategy and transformation for Opus and its $15B trust subsidiary, Pensco.Money 20/20: Founded in 2011, Money20/20 creates destination shows where the most innovative people in payments, fintech, and the broader financial services industry connect. Famed for their high-impact networking, theUSA, Europe and Asia editions are regarded as unmissable by financial services professionals. Money20/20 is the space where the industry's smartest visionaries and innovators come together to create the future of money. Money20/20 is an Ascential show.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.DD3, Media: A media creation, management, and production company delivering engaging content globallyChapters00:19 Episode Highlights02:09 Meet Scarlett Sieber03:39 The Sneaker Contest05:15 What Makes Money2020 Special06:56 Scarlett's Path from Accounting to Startups09:23 From Startups to Financial Services13:55 The Importance of Access in FinTech15:39 Regional Differences and Copycat Models in FinTech21:11 The Role of Regulation in FinTech24:23 The Impact of Technology on Regulation26:24 The Intersection of FinTechs and Traditional Banks29:26 Money2020 as a Platform for Announcements and Growth32:33 Meet Tina: The Swedish PR Powerhouse33:00 Nala's Big Break at the Press Lunch33:28 Navigating the Ecosystem: Goals and Surprises34:00 Global FinTech Ecosystems: A Comparative Analysis34:28 Cross-Border Payments and LoanPro's Solution35:09 AI and Fraud: The Asian Focus35:28 Open Banking: Regional Differences36:04 Super Apps and AI: The Big Topics36:52 Structuring Content: The AI Debate37:15 NVIDIA and Oracle: Partners in FinTech AI37:46 Open Banking for Different Audiences38:38 The Importance of Customer Feedback38:55 AI in FinTech: A Feature or a Product?40:43 The Role of Big Tech in FinTech41:35 The Hidden Investments in AI42:48 The Search for a FinTech Beacon43:45 Embedded Finance: Created for FinTech vs. General Use45:55 Facilitating Connections at Money 202050:02 The Importance of Planning and Downtime51:22 Wellness and Preparation for Conferences52:57 The Power of Follow-Through54:12 Looking into the Future of FinTech56:02 Advice for Startup Founders58:44 Wrapping Up: Final Thoughts and Thanks59:26 FinTech Confidential: Closing Remarks

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. Key HighlightsCustomer Retention Through Flexible Loan OptionsOffering 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 MarketRather 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 LendingUsing 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 ServicesPersonalized 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 HardshipsIntroducing 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 FinanceSelf-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 ServiceA 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 DevelopmentActive 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 ServiceStreamlined 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 LendingAs 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.Takeaways1️⃣ Maximize Borrower Satisfaction with Flexible Payment PlansOffer your customers flexibility in repayment options to increase satisfaction and build loyalty, especially during challenging financial times. 2️⃣ Leverage AI for Streamlined OperationsImplement 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 CustomersSet 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 ImprovementsActively 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 QualityPrioritize employee satisfaction and retention, which leads to a more motivated team that delivers better customer experiences. Links:Alex RhodesLinkedIn Profile: https://www.linkedin.com/in/alex-rhodes-b789926/Best EggWebsite: https://www.bestegg.com/LinkedIn: https://www.linkedin.com/company/bestegg/Fintech Confidential:Listen: https://fintechconfidential.com/listenSubscribe: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialX: https://x.com/FTconfidential  Instagram: https://www.instagram.com/fintechconfidentialFacebook: https://www.facebook.com/fintechconfidential SupportersLoanPro: 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.comUnder: 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/ftcHAWK: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.About:GuestAlex 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.Host: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 globallyTimestamps:00:00 Introduction 02:57 Welcome Alex Rhodes03:24 Alex Rhodes' Impressive Background04:32 Transformation Journey05:00 Success Strategies09:30 Key Learnings11:22 Differentiators in Personal Lending13:21 The Secret Sauce14:58 Self-Service Customer Engagement16:41 Real-Life Customer Experience18:08 Culture of Innovation22:39 Operational Efficiency & Customer Experience26:11 Response to COVID-1932:50 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.Key HighlightsWhy Are Fintech Founders Leaving for Netflix? 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. The Secret to Solo Funds' Borrower-Controlled Lending 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. How Solo Funds Outperforms the S&P 500 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. The Role of Transparency in Fintech Success 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. The Real Cost of Starting a Fintech Company 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. Why Solo Funds Is More Than a Lending Platform 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. What It Means to Be a Certified B Corp in Fintech 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. How Solo Funds Keeps Default Rates Low 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. Why Fintech Is Starving for Funding 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.Takeaways1️⃣  Stop Letting Lenders Control the TermsSolo 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. 2️⃣  Boost Returns with Peer-to-Peer Lending   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. 3️⃣  Tackle Regulatory Hurdles with Empathy   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. 4️⃣  Cut Startup Costs by Planning for Compliance   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. 5️⃣  Turn Borrowers into Lenders for Long-Term Growth   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.Links:Rodney WilliamsLinkedIn Profile: www.linkedin.com/in/rodneybwilliamsInstagram: instagram.com/rodneybwilliamsX : https://x.com/rodneybwilliams SoLo FundsWebsite: https://solofunds.comLinkedIn: linkedin.com/company/solo-fundsFacebook: facebook.com/SoLoFundsIncInstagram: instagram.com/solofunds Fintech Confidential :Listen: https://fintechconfidential.com/listenSubscribe: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialX: https://x.com/FTconfidentialInstagram: https://www.instagram.com/fintechconfidentialFacebook: https://www.facebook.com/fintechconfidential SupportersUnder: Transform Your Merchant Applications with Under. TheUnder platform revolutionizes the way ISOs handle merchant applications,offering a seamless transition to digital forms. Say goodbye to outdatedprocesses and hello to efficiency. Discover the future of financialapplications athttps://under.io/ftcLoanPro: 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 topfinancial institutions. Protect your customers' data with Skyflow's innovativesolutions. Get started at www.skyflowsecure.comHAWK: A game-changing approach to compliance. With real-timemonitoring, adaptive learning, and advanced AI, it cuts false positives,simplifying your compliance efforts. Upgrade your surveillance with ease. Visithttps://gethawkai.com for more intelligent, more effectivecompliance.Timestamps: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 ThoughtsAbout:GuestRodney 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. Host: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.Key HighlightsThe Hidden Impact of Student Loans on MinoritiesStudent 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 ThinkFinancial 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 FoundersEver 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 ForgivenessThe 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 YouWhat 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 SummerWant 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 FintechRegulation 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 BuzzwordArtificial 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 LeadWho 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 MeetupNYC 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.Takeaways1️⃣ Join Power Networks Like NYC FinTech WomenWant 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 NoticedIf 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 PerksIs 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 RaiseTired 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 ToolsDon’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.Links: Michelle Tran LinkedIn: www.linkedin.com/in/michellektranSummer:Website: www.meetsummer.comLinkedIn: www.linkedin.com/company/savewithsummerNYC FinTech Women: https://nycfintechwomen.comFintech ConfidentialYouTube: https://fintechconfidential.com/watch Podcast: https://fintechconfidential.com/listenNotifications: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialInstagram: https://www.instagram.com/fintechconfidentialFacebook: https://www.facebook.com/fintechconfidentialSupportersLoanPro: 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.comUnder: 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/ftcHAWK: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.About:Guest Michelle Tran: 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: 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: 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.Hosts: Tedd Huff: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.DD3, Media: 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.Key HighlightsCutting 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 MinutesModern 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 LendingSome 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 FieldThe 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 CreditExtending 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 StacksModernizing 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 ProblemsFor 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 PartnersExtending 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 ExpectationsAs 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.Takeaways1️⃣ Simplify Your Checkout ProcessReduce checkout button fatigue by streamlining payment options. Offering fewer, but more effective payment methods can enhance customer satisfaction and boost sales.2️⃣ Offer Exclusive RewardsEncourage 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 FeesGet 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 SecurelyMake 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 SecurityImplement advanced security measures to protect transactions. Secure payment processes build customer confidence and prevent fraud.Links:David AndersonLinkedIn: https://www.linkedin.com/in/davidandersonlinkedinTandymWebsite: https://www.bytandym.com/LinkedIn: https://www.linkedin.com/company/bytandymFintech ConfidentialYouTube: https://fintechconfidential.com/watch Podcast: https://fintechconfidential.com/listenNotifications: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialTwitter: https://twitter.com/FTconfidentialInstagram: https://www.instagram.com/fintechconfidentialFacebook: https://www.facebook.com/fintechconfidentialSupportersLoanPro: 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.comUnder: 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/ftcHAWK: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.About:GuestDavid 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.About the Hosts: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.Key HighlightsWhy Credit Management Matters: Insights from JB OrecchiaCredit management is crucial for loan rates and overall financial health, with practical tips for improving credit scores.SavvyMoney’s Tools for Better Credit ScoresTools like goal setting and credit monitoring provide practical advice and insights to help improve credit.Personalized Financial Advice with SavvyMoneyThe platform evaluates credit data to offer customized loan options and savings opportunities.The Impact of Personalized Credit EducationPersonalized credit education plays a vital role in helping consumers understand and improve their financial health. Seamless Integration: How SavvyMoney Works with BanksIntegration with over 1,300 financial institutions makes it easy for users to access personalized credit education and advice.Overcoming Challenges in Credit EducationSavvyMoney overcame initial resistance from financial institutions, proving the benefits of their credit management tools.The Power of AI in Credit ManagementAI breaks down credit scores, offers personalized advice, and simulates financial scenarios to guide users.Adapting to Interest Rate Changes with SavvyMoneyTailored advice based on current market conditions helps users make informed decisions despite rising interest rates.SavvyMoney’s Dual Focus: Helping Banks and ConsumersCustomized offerings meet the distinct needs of financial institutions and consumers, providing maximum value.Core Values That Drive SavvyMoney’s SuccessThe Savvy Seven values drive success, ensuring consistent benefits for both consumers and financial institutions.Takeaways1️⃣ Decode Credit Scores for ConsumersAfter 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 ConsumerLearn 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 ToolsDiscover 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 ContentUnderstand 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 AIExplore ways to implement SavvyMoney’s AI-driven strategies to offer personalized financial guidance, giving your consumers intuitive and effective advice.Links:JB OrecchiaLinkedIn Profile: www.linkedin.com/in/jb-orecchia-98437710 SavvyMoneyWebsite: www.savvymoney.com           LinkedIn: www.linkedin.com/company/savvymoneyFacebook Page: www.facebook.com/SavvyMoneyInstagram: www.instagram.com/savvymoney/?hl=enFintech Confidential Links:Listen: https://fintechconfidential.com/listenSubscribe: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialInstagram: https://www.instagram.com/fintechconfidentialFacebook: https://www.facebook.com/fintechconfidentialSupportersCheckAlt: 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 todayMPC 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 topfinancial institutions. Protect your customers' data with Skyflow's innovativesolutions. Get started at www.skyflowsecure.comUnder: Transform Your Merchant Applications with Under. TheUnder platform revolutionizes the way ISOs handle merchant applications,offering a seamless transition to digital forms. Say goodbye to outdatedprocesses and hello to efficiency. Discover the future of financialapplications athttps://under.io/ftcHAWK: A game-changing approach to compliance. With real-timemonitoring, adaptive learning, and advanced AI, it cuts false positives,simplifying your compliance efforts. Upgrade your surveillance with ease. Visithttps://gethawkai.com for more intelligent, more effective compliance.About:GuestJB 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. Host: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.Key HighlightsAI 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.Watch on YouTubeLinks: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/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialTwitter: https://twitter.com/FTconfidential Instagram: https://www.instagram.com/fintechconfidential Facebook: https://www.facebook.com/fintechconfidentialSupportersLoanPro: 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.comUnder: 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/ftcHAWK: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:Time Stamps:00:21 AI and FinTech: Current Use Cases00:54 The Importance of Alternative Data in Lending01:46 Compliance and Customer Experience in Banking04:07 Introduction to Raktim Mitra and His Role at Varo Bank06:54 Trends and Innovations in the Lending Market09:50 Addressing Underserved Markets14:52 The Role of Alternative Credit Data21:34 Modern Tech Stacks and Personalization25:20 The Future of AI in Financial Services29:01 Harnessing AI for Scenario Analysis30:04 AI in Customer Flexibility and Automation31:24 Proactive Customer Service with AI32:33 Personalization in Financial Services37:11 The Future of Credit and Lending43:25 Navigating Regulatory Challenges51:08 Looking Ahead: The Future of Lending58:00 Closing Thoughts and Final RemarksThis is a Production of Diamond D3, Media ABOUT: 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.Hosts: 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!Key HighlightsCheckAlt’s Clever Use of the Dark WebDiscover 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 FraudCombining 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 ChallengesInstant 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 StayDiscover 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 KnowLearn 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 ManagementCheckAlt 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 DetectionArtificial 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 CompanyCheckAlt 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 MissionLearn 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.Takeaways (five takeaways)1️⃣ Protect Your Checks NowTake 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 TipsAdopt 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 FraudEnhance 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 HacksStart using real-time monitoring to prevent fraud. Actively watch transactions as they happen to stop fraudsters and protect your finances.5️⃣ Risk Awareness SecretsBuild a risk-aware culture in your company. Implement strategies to integrate risk management into daily operations and stay ahead of threats. Links:CheckAlt Website: https://checkalt.comLinkedIn: https://www.linkedin.com/company/checkaltLinkedIn - Shai Stern: https://www.linkedin.com/in/shaistern1X: https://x.com/checkaltYouTube: @checkalt3239 Fintech Confidential Links:Listen: https://fintechconfidential.com/listenSubscribe: https://fintechconfidential.com/accessLinkedIn: https://www.linkedin.com/company/fintechconfidentialX: https://x.com/FTconfidentialInstagram: https://www.instagram.com/fintechconfidentialFacebook: https://www.facebook.com/fintechconfidential     SupportersCheckAlt: 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 todayMPC 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 topfinancial institutions. Protect your customers' data with Skyflow's innovativesolutions. Get started at www.skyflowsecure.comUnder: Transform Your Merchant Applications with Under. TheUnder platform revolutionizes the way ISOs handle merchant applications,offering a seamless transition to digital forms. Say goodbye to outdatedprocesses and hello to efficiency. Discover the future of financialapplications athttps://under.io/ftcHAWK: A game-changing approach to compliance. With real-timemonitoring, adaptive learning, and advanced AI, it cuts false positives,simplifying your compliance efforts. Upgrade your surveillance with ease. Visithttps://gethawkai.com for more intelligent, more effectivecompliance.Timestamps 00:15 Meet Sherah Spark: Head of Compliance and Legal for Check Alt00:45 The Surprising Resilience of Checks01:12 Combating Evolving Fraud with Technology01:57 Spotlight on Clearing Works02:27 CheckAlt's Innovative Products03:06 Sherah Spark's Journey into Fintech03:21 Early Career in Banking and Risk04:59 Pioneering Risk and Compliance05:22 The Importance of Risk and Compliance in Fintech07:58 Balancing Speed and Risk in Fintech08:27 The Role of Experience in Risk Management11:11 Check Fraud Tactics and Prevention13:22 Advanced Fraud Detection Techniques20:05 The Role of AI and Human Oversight22:31 SkyFlow: Building Fast Without Breaking Privacy23:33 Understanding Risk Appetite and Frameworks25:27 Grail Pay: Partnering for Instant Payments28:39 Advice for Financial Institutions on Risk and Compliance30:42 CheckAlt's Commitment to Excellence32:20 Conclusion and Final Thoughts About:GuestSherah 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.  Host: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