Tearsheet Podcast: Exploring Financial Services Together

Welcome to the Tearsheet Podcast where we explore the future of financial services with an eye on technology, innovation, emerging models and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. One of the tenets we founded this podcast and everything we do at Tearsheet – our reporting, conferences, awards programs, even our new Working Groups – is honesty. Honesty in what’s really important and impactful to you, our listeners and readers. It’s why we don’t use language like “revolutionary” or “seamless”. This stuff isn’t easy to get right. I’ve been in the rodeo long enough to see fads come and go with no lasting impact. We actually see it as one of our jobs – being able to distinguish wheat from chaff, sizzle from stake – to help you focus on what’s really important and tune out the rest. Remember the hype around chatbots a few years ago? Or crypto? Certainly we weren’t there before, but are we there now? How do we even think about quantum? I’m joined by Mastercard’s president and CTO Ed McLaughlin today. I wanted to ask him what he thinks about three particular trends and sets of technology. Specifically, how do we size up the impact on payments of AI, quantum computing, and crypto? You’ll hear Ed’s deep experience in product and tech and how one of the senior most professionals in financial services can cut through the hype to find opportunity in cutting edge technology, focusing his and Mastercard’s resources on what will be impactful now and in the future. In the course of our conversation, McLaughlin provides some frameworks about how to approach new technology in an honest way and. I appreciate his honesty around his process and his sharing of his impact assessment of new technologies. Here’s my discussion with Mastercard’s Ed McLaughlin.

Welcome to the Tearsheet Podcast, where we explore the future of financial services with an eye on technology, innovation, new models, and changing expectations. I’m Tearsheet editor in chief, Zack Miller. I don’t know if you’ve noticed but American Express over the past couple years has moved decisively into banking small businesses. We’ve definitely tried to track this evolution for the firm because it isn’t trivial – not for the firm and not for its customers. So, it’s not just an up-market card with a revolver. Today’s Amex offers a business checking account and cash flow monitoring that serves more and more as a firm’s homebase, a dashboard. Gina Taylor, Amex’s Executive Vice President and General Manager of Business Blueprint and Banking, joins me on the show to discuss the inspiration behind the launch of American Express Business Checking and how it aligns with the company’s vision for supporting small businesses. Importantly, beyond the no monthly fees and earning rewards, Gina shares what she sees are the key value propositions American Express Business Checking offers to differentiate itself in an increasingly crowded market. Here’s my conversation with American Express’ Gina Taylor.

Welcome to the Tearsheet Podcast, where we explore the future of financial services with an eye toward technology, new models, innovation, and changing expectations. When Early Warning launched Zelle in 2017, it seemed a very big mountain to climb. For a bank-backed P2P payments app to replace or at least compete with Venmo seemed unbelievable. Venmo was clearly one of the most popular consumer fintech apps. But if you look at the growth today, Zelle slowly but surely surpassed PayPal’s favorite brand. In early 2023, Zelle had 120 million customers with 69 million monthly unique Zelle users. Venmo, which launched more than a decade ago, had 90 million active accounts, with 60 million being active monthly. It took time but it shows the massive power of bank distribution. Early Warning and its banking partners are back with a new digital wallet called Paze. Of course there are more popular digital wallets on the market. Will the power of bank distribution propel Paze’s growth in the market the way it did with Zelle? Joining me on the show is Early Warning’s Head of Paze, James Anderson. We discuss everything about Paze – from its conception to functionality, from its features to its distribution. James discusses whether the world needs another digital walle and whether consumers will be open to using a service like this offered from their bank. What will it take to get Paze integrated into merchant checkout? It’s all about creating supply and demand in a two-sided marketplace and James is on it. Here’s my conversation with Paze’s James Anderson.

Welcome to the Tearsheet Podcast, where we navigate financial services together, with an eye on technology, innovation, new models, and changing expectations. I’m Tearsheet editor in chief, Zack Miller. This is the final episode in our special podcast series on Gen Z, where we explore the fascinating Gen Z deeper: their relationship with money, how they like to save, spend, and borrow money, their fears and aspirations, and their connections to social issues. On this episode, we’re going to be talking about creating products that Gen Z loves. To do that, I’m joined by two of the best product people in the business: Girish Balasubramanian, VP of Product Management at Credit Karma, and Vishal Kapoor, Head of Product at Affirm. Together, we peel back the onion on how these two firms strategize and tailor their products to resonate with the values, preferences, and financial behaviors of Gen Z consumers – and how this may different from other demographics. We also discuss the importance of financial literacy as an enabler for this generation to get on the financial responsibility train. Data plays a role here and we explore how to get the unlock to help Gen Z onboard to different financial products, responsibly and ethically. Tearsheet thanks our sponsor Publicis Sapient for their support. Read more and download customer research about Gen Z and financial services at www.steezlife.Co And before we jump into our conversation about building products Gen Z loves, I wanted to let you in on something we’re working on right now. We’re currently recruiting financial services professionals to work on this very topic – building products Gen Z loves. We’ve heard from you and in our reporting that figuring out how to service younger customers is growing increasingly important for your business. We want to facilitate making that happen. We’re hosting a series of working groups for professionals across the industry to communicate, collaborate, and tackle how to do this. Our group has senior executives from Citi, Synchrony, SoFi, UBS, Worldpay, US Bank, and more. Go to library.tearsheet.co/outlier to get more information. We have a couple spaces left and if you’re motivated, we’d love to have you join us.

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

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

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

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

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

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