BankTech

Insights & Quotes from Day 1 at The Money Event

MEDICI

Yesterday marked the beginning of the Money Event and the CTIA Super Mobility Week. It was a great first day with 71 speakers and 15 sessions.

Some of the sessions held under the tracks and some quotes are:

LD2: How Marketplace Lending is Disintermediating the Borrowing & Investing Experience

  • Karim Bhalwani, Sr. Manager, Yodlee said: “I am fascinated with the growth of marketplace SMB lending in the YI Developer ecosystem.”
  • Doug Lebda, CEO & Founder, LendingTree said: “LendingTree created a 5 Bn business with 2 products banks offered poorly. What else is out there?”
  • Victoria Treyger, CMO, Kabbage said: “What we do with data is the heart of the Kabbage Inc algorithm.”

LD3: Mobile First Disruptive Solutions in Fintech

  • Christine Loredo, Vice President, Yodlee: “Emulating the physical space is one of the challenges in the digital realm for banks.”
  • Ryan Graciano, CTO, Credit Karma said: “Credit Karma works with banks on building APIs to create change.”
  • Jim Del Favero, Chief Product Officer, Personal Capital said: “Do heavy lifting in background to deliver magical, just-in-time experiences.”
  • Paul Zhang, CTO & Co-founder, AvantCredit said: “Our process is online, seamless and very easy for consumers who are coming to us via mobile.”

LD5: Mobile Payments Rewriting the rules of commerce

  • Brock Pierce, board member, Bitcoin Foundation said: “For mass adoption bitcoin must improve our lives in an order of magnitude. Emerging markets is where it's at.”

MM1: Digital Couponing to the rescue of Mobile Payments

  • Todd Rooke, Co-CEO, Jingit said: “Retailers on grocery side and aggregators to come out on top.”

MM2: Will the Millennials (their consumer behavior) force mobile payments acceptance?

  • Brad Greene, VP of Digital, Visa said: “Its natural for millenials to adopt mobile payments.”
  • Jo Webber, CEO, Virtual Piggy said: “2 things you care about: Your money & your kids.”

MM3: Mobile-First Money: Financial Services for the Mobile Generation

  • Alex Sion, President, Moven said: “If there is one industry that millennials particularly dislike, it's big banks.”

PP5: Technology for New Banking & Financial Services

  • Gordon Baird, CEO of nD bancgroup said: "A vital and fundamental philosophy change to security is securing the user beyond usernames and passwords."

Some additional thoughts and discussions from Day 1:

Financial Institutions are seeing a partnering of small/larger players as well as groundbreaking startups bring innovation.

Regulatory and legal compliance work the the favor of startups as they look to work within banking.

API powered solutions allow for rapid development cycles and testing of use cases.

There is still a hurdle to pass from the testing to the live environment while not risking the consumer experience.

Creating value comes from creative unique and deep customer experiences by letting the voice of the consumer come through.

Create a tighter connection between the innovation labs and the decision makers to bring new products to market.

Consumer expectations are incredibly high, its about delivering while staying with in the walls of the bank.

The margins are so thin in getting the product to market the program partner needs to dig deeper to get customers to adopt.

The control has shifted from the bank to the consumer who is making the choices based on their needs.

Capturing the visit value before the customer walks in the door can expand the value prop for the customer.

For mass adoption Bitcoin must improve our lives in an order of magnitude.  Emerging markets is where it's at.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

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