Interview

Finovate Global: 10x Banking’s Lewis Ide on High Growth Markets in APAC and Africa

Finovate Global: 10x Banking’s Lewis Ide on High Growth Markets in APAC and Africa
By David Penn Posted on
Categories: 10x Banking, Finovate Global, Interview

As 2025 approaches, where will new opportunities arise for financial institutions, financial services providers, and fintechs looking to expand into new markets?

In this week’s Finovate Global interview, I talk with Lewis Ide, Vice President for 10x Banking, about the opportunities in high-growth markets in APAC and Africa.

Part of the company’s senior leadership team, Ide is responsible for the strategy, growth, and execution of the business objectives at 10x Banking. He has a 13-year career in financial services technology with leadership roles in payments, financial infrastructure, and AML platforms.

10x Banking first introduced itself to Finovate audiences with its debut at FinovateEurope 2023 in London. The company won Best of Show for a demonstration of its 10x SuperCore Cards which enable banks to build a card proposition in minutes with 10x’s Bank Manager interface. Founded in 2016, 10x Banking is headquartered in London, U.K.

There is a lot of interest in high growth markets around the world, especially in the APAC region and in Africa. What is driving growth opportunities in these markets – starting with APAC? 

Lewis Ide: I think it comes down to demographics first of all: APAC in particular has a young, growing, digitally-native population. Economies in this region are growing rapidly and with that come opportunities for growth in the financial services industry. And typically the countries across APAC are very innovation-friendly.  

Regulation also really supports innovation. One example is in Thailand, where the regulator is releasing new digital banking licenses to support the growth of the industry from a digital-first point of view.  

This all feeds into banks being able to benefit from core transformation, moving away from batch transactions to real-time transactions. They are also able to scale in user numbers and transaction volumes as the population grows and becomes even more digital-first. And the thing that makes that growth even more sustainable is the hyper-personalization that modern cores allow for, so banks in APAC can create unique offerings that consumers need.  

What do small businesses in APAC need that they have not been getting from traditional financial services? 

Ide: I think the first thing to say here is that traditionally, SME offerings have been bucketed into either the retail or the corporate bank offerings. Neither of these is really built around what small businesses need, so there is a demand in the market for tailored solutions.  

The next thing is cost: these services are typically costly for SMEs because they aren’t tailored. I think what we’re now starting to see is a shift away from that bucketing towards banks being able to launch services that are specific and personalized to the needs of small businesses. That includes broadening access to credit, making it cheaper, and designing the products that the business needs at the time that they need them.  

And again it’s innovation that is enabling this. The availability of agile, cloud-native infrastructures allows for a much more effective cost-to-income ratio control. And that in turn means that they can pass the cost benefits on to their customers in the form of new products at compelling price points. So the shift here is from high-cost services to tailored, personalized ones. And that’s been made achievable by agile, cloud-native core platforms. 

What has prevented or limited the ability of financial institutions to respond to these pain points? 

Ide: I would say the biggest thing is the legacy technology in place. In the last decade or so, neo cores emerged as a way to address the problems of legacy infrastructures, but they now come with almost a “neo legacy” of their own with limited ability to scale or personalize. Those that are able to be personalized can be very challenging to maintain or upgrade once the code has been written.  

But in the last five to six years we’ve started to see a huge positive shift within the neobanks that has highlighted where the legacy and neo core platforms are now coming under pressure with those changing customer expectations. 

That pressure comes from the way those legacy architectures were constructed. They were monolithic in nature and didn’t necessarily allow for hyper-personalization. They were also batch-based systems, very expensive to run on the mainframe. All of this requires specific and costly resources and makes it difficult for banks to respond to all of these pain points. 

What changes have taken place or are taking place that are giving innovative companies the opportunity to step in with new solutions? 

Ide: The adoption of cloud-native platforms that are microservice and API-based has been transformational in terms of the industry opportunity. This is why we launched the world’s first meta core at 10x Banking — to give customers access to a cloud-native core banking platform that overcomes the compromises of both legacy and neo cores.  

This then allows customers to launch products at speed, gives them the hyper-personalization that they need, as well as doing so at a very low cost and with the ability to scale to hundreds of thousands of transactions per second, overcoming a number of the challenges that the industry has faced with great success. 

What specific roles do you see for AI in helping institutions improve their operations and expand their services? 

Ide: I think from our perspective, before we get to AI, it’s about data. The data structures that we use in this industry are the foundations of AI capability. You need to have access to high-quality, unsiloed data so there is a single source of truth across the business from which AI models can be launched.  

From a core banking perspective, there are many things AI can enable, but three that spring to mind. First, at the customer layer, AI can personalize recommendations, power chatbots and make credit lending more efficient. Next is integration and transformation, enabling banks to connect all their systems together in a more efficient, composable architecture. Banks have a real opportunity to leverage AI to build better migration capability here. Finally – and this is something we are looking to support at 10x – is the ability to use AI to help code and create hyper-personalized products and services.  

What the meta core allows our customers to do, for example, is get their data ready for AI, so they can unlock its full potential. So I always go back to that: making sure the data is clean and the structures are unsiloed so it’s all ready to go when you do start using AI.  

Looking at Africa, particularly sub-Saharan Africa, what is driving growth there? 

Ide: Africa is similar in some ways to APAC, so what I mentioned before in terms of the young demographic holds true here too. It’s a massive region, of course, so it’s hard to generalize. But there are some notable nuances in the way innovation is deployed in Africa. The mobile telecommunications networks like Safaricom and M-Pesa have been at the center of that, offering money transfer services alongside the telecommunications services.  

Much of the growth here is driven by the desire to bring more people into the banked economy. Financial inclusion is big on the agenda. If you can reduce the percentage of unbanked people from, for example, 20% to 10%, that’s a big growth in customer numbers for banking and financial services. That’s a lot more people to provide services to, which again links back to the importance of scalability and personalization.

Some have suggested that Africa is the ideal example of a region unencumbered by complex legacy financial systems. Can you elaborate on how this impacts the environment for innovation and new ideas? 

Ide: I would say that’s not the full story. The mobile telephone networks and operators have driven a lot of innovation as I touched on before, and there is a broad appetite for innovation across Africa in general. But there are challenges around the continued use of mainframe infrastructure, which is slowing banks down. As that has become more obvious, banks have been looking to core modernization, as well as partnerships with the mobile networks. This will enable them to extend their capability and services, which is a benefit for both the banks and the mobile networks.  

Are there any trends in banking and financial services in the APAC or Africa that you think are underappreciated or even unrecognized? Are there opportunities there that 10x Banking is pursuing? 

Ide: The major trend that goes underappreciated at the moment is in corporate banking. We have been working and investing heavily in this area, so I can speak from first-hand experience, with active projects in Vietnam, Thailand, Australia, South Africa, and Kenya to name a few. At the moment, there is a massive shift underway in corporate banking, moving from batch to real-time transactions, modernizing their cores. This will enable them to radically increase transaction processing volumes to better serve the demands of new and existing customers in the market. 

Here is our look at fintech innovation around the world.

Middle East and Northern Africa

  • Israeli fintech startup and chargeback management specialist Justt raised $30 million in Series C funding.
  • Merchants in Paymob’s network in Egypt can now accept Apple Pay.
  • Middle East-based payment solutions provider Magnati partnered with Arabian Automobiles Company (AAC).

Central and Southern Asia

  • India’s Karnataka Bank partnered with hybrid multicloud computing company Nutanix.
  • TBC Uzbekistan launched Osmon Card, its first credit card product.
  • India-based high-yield savings account Curie Money raised $1.2 million in seed funding.

Latin America and the Caribbean

  • El Salvador announced its intention to continue accumulating Bitcoin, but will discontinue its Bitcoin wallet Chivo as part of a financing deal with the IMF.
  • Uruguay-based cross-border payments company Bamboo teamed up with monetization platform Coda to enhance the gaming payment experience in Colombia.
  • Latin American payment platform AstroPay launched its multi-currency wallet.

Asia-Pacific

  • Singapore-based SME digital finance platform Funding Societies announced a $25 million investment from Cool Japan Fund.
  • Indonesia’s Bank Jago teamed up with Google Cloud to enhance the bank’s innovation strategy.
  • Malaysian fintech startup Swipey, which provides financial tools for small businesses, secured an investment from 1337 Ventures.

Sub-Saharan Africa

  • Ethiopia’s parliament passed legislation to enable foreign banks to operate in the country.
  • TechCrunch profiled African stablecoin startup Juicyway.
  • Nigeria’s Bamboo became the first Nigerian fintech to acquire a U.S. broker-dealer license.

Central and Eastern Europe

  • Bulgaria joined the European Central Bank’s TARGET Instant Payment Settlement (TIPS) service.
  • Episode Six partnered with Secupay to provide asylum seekers in Germany with payment cards to access financial assistance from the government.
  • Bank of Georgia turned to Cloudera to better leverage data analytics to enhance the customer experience.

Interested in demoing at FinovateEurope 2025 in London? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.

Photo by Rebecca Zaal

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Streamly Snapshot: Disrupting the Market with Refunds-as-a-Service

Streamly Snapshot: Disrupting the Market with Refunds-as-a-Service
By David Penn Posted on
Categories: Interview, Sponsored, Streamly

One of the latest developments in the payments space, Refunds-as-a-Service, promises to bring innovation to an area of customer experience – refunds – in which more than a trillion dollars of value are exchanged every year.

In today’s Streamly interview, Jeremy Balkin, Founder and CEO of TodayPay, talks with me about his path from a Managing Director at J.P. Morgan to the launch of his refunds-as-a-service startup. Balkin explains the inspiration behind the decision, the company’s progress to date, as well as TodayPay’s upcoming direct-to-consumer product launch.

“We’re the world’s first dedicated refund payment network. It’s an alternative payment method for both merchants and consumers to receive refunds. We’re pioneering a category we like to call refunds-as-a-service, serving merchants, marketplaces, insurers, issuers, and consumers to get a better refund experience.”

A finalist in the “Top Emerging Fintech” category of the 2024 Finovate Awards, TodayPay enables merchants to offer their customers instant refunds over a variety of payment choices, including cashback. A pioneer in the field of Refunds-as-a-Service, TodayPay is part of the Visa Fasttrack program.

Before launching TodayPay, Jeremy Balkin was a Managing Director for J.P. Morgan in New York City where he led fintech innovation and corporate development in the payment space.

Photo by Andrea Piacquadio

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Fighting Financial Crime and Identity Fraud: A Conversation with GBG’s Gus Tomlinson

Fighting Financial Crime and Identity Fraud: A Conversation with GBG’s Gus Tomlinson
By David Penn Posted on
Categories: David's column, Interview

How can banks and other financial institutions defend themselves and their customers and members against increasingly sophisticated, increasingly organized financial crime? What are the most challenging fraud threats and, critically, what tools and tactics are available to help institutions deal with them successfully?

We talked with Gus Tomlinson, Managing Director, Identity Fraud, with identity verification, location intelligence, and fraud prevention solutions provider GBG, about the challenges faced by companies and organizations when it comes to fighting evolving fraud threats.

Helping companies around the world onboard customers safely, fight fraud, and stay compliant, Tomlinson has more than a decade of experience in the identity industry. She has worked in strategic, commercial, data, and product roles and, this year, was named to Management Today’s 35 Women Under 35 roster for 2024.

Tomlinson is also a supporter of Women in Identity, a non-profit that promotes a more diverse workforce in the digital identity industry.

We wanted to talk with you about the spike in Synthetic Identity Fraud (SIF). What is SIF? What industries are being impacted most?

Gus Tomlinson: Synthetic identity fraud is a fraud tactic many businesses struggle to identify. This is because it uses a mix of genuine, stolen personally identifiable information (PII), and manufactured synthetic data to create a fake identity. This fabricated identity is then used to open accounts, make purchases, and commit other fraudulent activities.

The blending of real PII such as name and address with a different date of birth data for example, is common, and amongst more sophisticated scams, fraudsters will go beyond data to include fake identity documents, fake photos and videos, and even other biometric characteristics, like fingerprints. These ‘identities’ allow fraudsters to apply for low-friction accounts where there are no or limited checks to build up their credit history.

Often synthetic identity fraudsters will play the long game as their credit history improves – increasingly getting access to higher value finance and goods before disappearing without a trace, leaving the affected businesses trying to collect from people who never existed in the first place.

The industries particularly vulnerable to synthetic identity fraud are those that handle high value data and offer potential financial gains for fraudsters – financial services, gaming, and government sectors are key examples. Though it’s important to remember that all industries are vulnerable – fraudsters don’t limit their activities to one organization, sector, or even stop at national boundaries. They target where they see an opportunity.

What makes fighting SIF a challenge? 

Tomlinson: Fighting synthetic identity fraud is a challenge due to the sheer scale it’s being – and has been – leveraged by fraudsters. The lack of preparation from businesses has led to them letting in huge numbers of sleeping identities that are now ready to attack.

Organizations need to act now as this threat will only continue to increase. On the dark web, thousands of sites are selling cheap bundles of identity data from billions of records stolen in cyberattacks and data breaches every year. All the info needed to impersonate someone is easily available within a few clicks and for a few dollars.

Digital identity is complicated, and synthetic identity fraud takes advantage of that by blending real and fake data to slip through the cracks. Technological advancements, such as Generative AI (GenAI), are also increasing the sophistication of synthetic identities, making it even harder to spot. To catch this kind of fraud, detection methods need to handle that complexity and use all the digital identity data out there to spot the fraud signals. Building up several layers of defense is critical.

How high on the list of priorities is this for companies? Do they understand the threat posed by SIF and other AI-powered fraud tactics?

Tomlinson: Fraud is hitting the bottom line – estimates show businesses are losing around five percent of their revenues to fraud annually. Now GenAI has given fraudsters new capabilities to work faster, scale attacks, and create more believable scams. The threat has risen to a new level. 

As a result, digital identity verification and fraud prevention has moved from a tick box exercise to a business imperative and more than ever identity fraud is a boardroom topic.

While this is a step in the right direction, what is still missing is an appreciation for – or acceptance of – the true extent of the problem.

Synthetic identity fraud isn’t new, it’s been happening for years. Many organizations are far more exposed today than they might think.

The reality is businesses prioritize fraud prevention mid-journey or at checkout rather than at the onboarding stage. So, the threat isn’t just about onboarding new synthetic identities, it’s also the many synthetic identities that have already been onboarded and exist in their ecosystem ready to attack. 

What we see is that many companies try to ignore that the problem is already intrenched in their operations. They need to accept this part of the problem to truly protect against it.

You’ve spoken about “cross-sector industry collaboration” as key to helping deal with AI-powered fraud. Why is this the best strategy?

Tomlinson: Synthetic identity theft is just one of the fraudulent threats today. Businesses need to build a layered defense to fraud prevention to protect against current and new fraud tactics. For example, a combination of credit bureau data checks, mobile data, document verification, biometric checks and other alternative data, such as cross-sector intelligence, is a key part of a proven multi-layered approach that strengthens the identity verification process by providing a more robust and informed way of validating identity and spotting fraudsters.

Ultimately, it’s about leveraging the strengths of each component. AI can process vast amounts of data and identify patterns quickly. Human fraud experts bring critical thinking and experience to interpret AI findings and make nuanced decisions. Cross-sector collaboration allows for sharing of intelligence and best practices, making it harder for fraudsters to exploit gaps between industries and organizations. 

How difficult is it to coordinate all those pieces into a coherent, fraud-fighting operation?

Tomlinson: It shouldn’t be complex for organizations – identity experts like us are doing the hard work in the background to bring everything together – that’s why we exist! Plug-in onboarding systems are available to orchestrate identity verification at an intelligent, adaptable level. These identity verification and fraud prevention technologies deliver greater speed and accuracy, calculating the absence or presence of fraud signals and adjusting the customer journey accordingly so there is minimal friction for genuine customers.

How can effective fraud-fighting co-exist with the kind of seamless, real-time experience that consumers have come to expect?

Tomlinson: Actually, more than ever consumers value and prioritize security over convenience. In fact, our latest Global Fraud Report revealed 68% of U.S. customers place greater importance on the security of the onboarding process over its speed.  

In the recent past, with organizations fighting in competitive landscapes to provide the best onboarding customer experience, reducing friction has been seen as critical. However, as fraud, data breaches and security news stories increasingly become dinner-party conversations, consumers are more actively looking for and comforted by visible security measures. Now, it’s critical for organizations to understand that friction doesn’t equal a bad customer experience.  

With cross-sector intelligence, organizations can detect bad, good, and great customer prospects and give them a tailored experience corresponding to their risk level, including when and how to use step-up authentication through documents or biometrics in this time of increasing use of GenAI by fraudsters.  

What is GBG doing specifically to help businesses combat SIF and other forms of AI-powered fraud?

Tomlinson:  Data tells a story and we help you read it. We understand the data that is being presented and verify against it, giving businesses clarity on exactly what they are making decisions on. This is fundamental to preventing synthetic identity fraud.

While GenAI is making fraud tactics smarter, the same is true for fraud detection and prevention. Our solutions leverage AI to quickly sort through and scrutinize huge amounts of digital data, flagging identities that are high, medium, and low trust. We also implement injection attack detection technology for the new era of synthetic identities where fraudsters are matching data with biometric images.

Critically, we layer documents, biometrics, digital, and data checks to give businesses complete defense. Our multi-layered approach strengthens the identity verification process by providing a more robust and informed way of validating identity and spotting fraudsters.

Looking to 2025, what do you expect to see in terms of new trends in the fraud and financial crime landscape?

Tomlinson: In the coming year, expect to see:

  • A rapid pace of attack – established organized crime groups have made fraud their profession and stable source of income. GenAI combined with the industrialization of fraud means more fraud at a faster pace. 
  • Brand damage attacks and an ulterior motive of fraudsters – the damage to a business’ reputation can cause more financial loss than the actual fraud itself. This is a powerful tool for a malicious actor to have in their toolbox.
  • Increased cross-border fraud – fraudsters don’t limit their activities to one organization, sector, or even stop at national boundaries. They target where they see an opportunity, which is increasingly cross border attacks.
  • Fraudsters recycle old methods –as companies pivot to defend against new fraud vectors with the latest technology, we’ll see fraudsters go back and use old fraud tactics to see if they can find a re-opened gap in the system to slip through. Businesses can’t afford to get complacent.

Photo by Markus Spiske

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Lowering the Barriers to Alternative Investments with Alto’s Scott Harrigan

Lowering the Barriers to Alternative Investments with Alto’s Scott Harrigan
By David Penn Posted on
Categories: Alto Solutions, David's column, Interview

With markets near all-time highs and Bitcoin teasing the $100,000 mark, investors have become increasingly interested in new opportunities to diversify their investments, reduce risk, and grow their wealth. Unfortunately, there are many assets — from cryptocurrencies to real estate to art — that can be difficult for investors to access and incorporate in their overall investment plan.

In this month’s column, I caught up with Scott Harrigan, President of Alto and CEO of Alto Securities. Alto provides a self-directed investment platform that empowers investors to build their wealth by investing not just in stocks, but also in alternative investments, including cryptocurrencies. The platform supports more than 27,000 investors and has more than $1.4 billion in assets under custody.

Alto has three primary divisions: Alto Solutions, a self-directed IRA administrator; Alto Securities, a wholly-owned registered broker-dealer; and Alto Capital, an exempt reporting advisor that provides alternative investment opportunities to accredited investors. Alto Solutions made its Finovate debut at FinovateFall 2023 in New York with founder and CEO Eric Satz leading a demo of the company’s Alto IRA offering.

In this conversation, Harrigan talks about the pain points investors have when trying to integrate alternative investments into their portfolios and what Alto does to help resolve these issues. We also talked about the opportunities a growing number of investors are seeing in crypto and the challenge of making historically difficult-to-access private investments available to a broader community of investors.

Headquartered in Nashville, Tennessee, Alto was founded in 2015.

What problem does Alto solve and who does it solve it for?

Scott Harrigan: Alto aims to lower the barrier to entry for alternative investments, making alternatives available within an IRA so investors can diversify their retirement savings, reap the benefits of reduced volatility, and have the potential to increase returns. Alto IRA account users can benefit from tax-advantaged investment options in a wide range of alternative assets, including private equity, venture capital, real estate, art, crypto and more, providing them with the opportunity to diversify their investment portfolio while planning for retirement.

How does Alto solve this problem better than other companies or solutions?

Harrigan: With the goal of lowering the barrier to entry, Alto addresses these two pain points: investors want to understand their various alternative investment options and they want easy access to these types of investments in a streamlined platform.

Alto is the only digitally native self-directed IRA provider with multiple alternative investment options. This is unique because many legacy IRA providers have been around for decades and continue to operate in the same fashion they always have, showing no urgency to grow or evolve. They are overlooking the importance of the digitally-oriented experiences that individuals demand these days. Alto understands the importance of being digital-first and bringing a seamless and enjoyable experience to investors.

As for providing multiple alternative investment options, we are forging diverse opportunities in how and where individuals invest their retirement dollars. Alto offers Traditional, Roth, and SEP IRAs so investors can select the right vehicle for their money based on their unique goals, and individuals have the option to put their retirement funds toward anything from biotech to bitcoin, wine to whiskey, and farmland to fine art.

Who are Alto’s primary customers and how do you reach them?

Harrigan: Our goal is to bring alternative investments to everyday investors, and we do this by removing the hurdles that have long prevented them from investing in this sector. There are three areas key to our success in expanding access and awareness. The first is expanding the number and type of investment opportunities offered, so that individuals have freedom of choice and can identify what options are right for them. The second is creating a user-friendly digital experience that makes investing in alternatives more approachable. Last, but certainly not least, is providing education, and disseminating more information and resources to help investors make confident investment decisions.

In addition to expanding our reach more broadly, we also curate opportunities for accredited investors. This past year, we launched Alto Marketplace, a new part of the Alto platform dedicated to curating private alternative investment opportunities for accredited investors. The platform allows eligible investors to invest in historically difficult-to-access private investments which are curated specifically by Alto. Investors now have access to private equity, venture capital, real estate, fine wine, art, and more, all in one platform.

Can you tell us about a favorite implementation or deployment of your technology?

Harrigan: Our technology provides investors access to unique investment opportunities in the alternatives space within an IRA. We provide opportunities for investors to build wealth beyond the stock market and diversify their retirement portfolio with alternative investments.

As part of our commitment to enabling individuals to invest in a wider variety of alternative assets, we were proud to go live with the Alto Marketplace this past year. Marketplace enables Alto’s users to enjoy a streamlined, consolidated investing experience as they explore offerings that range across a variety of different asset classes. Accredited investors can benefit from alternative assets that may offer portfolio diversification and a chance of achieving long-term financial stability in today’s volatile market.

What in your background gave you the confidence to tackle this challenge?

Harrigan: My experiences have helped me become deeply familiar with SEC and FINRA guidelines, critical to bringing fair, transparent and compliant opportunities to the everyday investor. Having worked in private markets for the past seven years, I gained a much deeper understanding of how alternative asset investment structures work and how we could work within regulatory guidelines to provide the access that we have today. Creating special purpose vehicles is complex, but we do it because we want to bring a modernized and simplified experience for investing in alternatives.

You recently announced a partnership with SignalRank? Why team up with SignalRank? What will this partnership accomplish?

Harrigan: As mentioned, we launched Alto Marketplace to curate exciting private alternative investment opportunities for investors. Partnering with SignalRank, the first private markets index made up of preferred Series B shares in high growth venture-backed companies, is in line with our commitment to provide investors with wider access to investment opportunities that, by nature, were formerly more exclusive.

We have had prior venture capital opportunities through our Marketplace, but SignalRank is unique in that its algorithm has successfully predicted successful transitions of Series B startups to billion dollar companies. This partnership will help us accomplish our goal to bring unique strategies that aren’t more widely publicly available, and have been largely limited to ultra-high-net-worth individuals and institutional investors, to more investors. Alto’s special purpose vehicles bring investors these opportunities at lower thresholds, for example by lowering the minimum investment to $25,000 whereas typically it might be closer to $500,000 or even higher.

What excites you about the growth of the alternative asset market? Is there an education gap to be covered in order to get more eligible individual investors interested in alternative assets?

Harrigan: I am excited about how we’re in the early days for the alternatives space. The industry is just starting to recognize how big alternative investments will become in the next five years. If you don’t know what this business is about, you’re going to need to, because this is where wealth management is headed in the next five years.

Because we are in the early days, there is absolutely an education gap. Our original study found that a lack of familiarity with alternative investments was the most significant barrier to investing in these assets as part of a diversified retirement portfolio. One common misconception is that the long-term nature required of some alternative assets is a drawback. However, there is a definite advantage in combining the tax efficiency of self-directed IRAs with the extended investment horizons of alternatives. This long-term alignment allows investments to compound and realize strong returns.

As alternatives are poised on this incredible growth trajectory, we’re excited to be ahead of the curve in providing education on how Alto IRA account users can benefit from tax-advantaged portfolios and outsized returns.

What are your goals for Alto? What can we expect to hear from you in the months to come?

Harrigan: In 2025, we expect to bring a much larger variety of alternative investments to our platform. In 2024, we launched 15 deals, so we expect to continue on this momentum and bring investors even more optionality and choice.

We’re also keeping an eye on the preferences of Gen Z and Millennials, two groups that research shows are engaging with investments differently than the generations before them. Notably, those aged 21 to 43 are currently more likely to choose alternatives over stocks.

Last, we will continue to advance our proficiency in how we educate investors. We feel a significant obligation to provide investors with as much information as possible so that they can make informed, confident decisions about their retirement savings. In line with this strategy, we plan to focus on scaling information about and access to Alto CryptoIRA. Crypto presents an immense opportunity for investors to diversify their portfolios and realize greater returns. We want to make more individuals aware of the opportunity they have to invest in crypto as part of an IRA.

Photo by Kelly

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Streamly Snapshot: Upgrading Your Digital Knowledge Management

Streamly Snapshot: Upgrading Your Digital Knowledge Management
By Julie Muhn (@julieschicktanz) Posted on
Categories: Interview, Streamly

With digital rising to the preferred channel for audiences across the globe, it is more important than ever for firms to manage their brands’ digital presence. Organizations no longer need to just worry about sending out consistent messaging, they also need to ensure that the information that search platforms are sharing about them is correct and consistent in order to uphold their reputation

Earlier this fall, Finovate Research Analyst David Penn spoke with Stuart Greer, VP of Enterprise Sales at digital presence platform Yext to get an idea of how the company not only helps brands manage their reputation, but also with managing information on data aggregators about their physical locations, setting up , and more.

“One of the biggest things I’d say that large enterprise financial services companies deal with… is their online presence across all of the platforms, said Greer. “Yext is a digital presence platform that essentially helps multi-location businesses. When you think about multi-location businesses, you can think of banks, ATMs, wealth advisors, insurance agents– anyone who has that presence online.”

Yext was founded in 2006 to help brands with multiple locations manage their digital presence. Companies can leverage Yext’s platform to ensure they deliver accurate, consistent information, while connecting with customers across the globe via digital channels. The New York-based company leverages AI to automate workflows at scale and provide actionable insights to do everything from enhance SEO to manage social media reputations. Michael Walrath is CEO.

Photo by KATRIN BOLOVTSOVA

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Streamly Snapshot: The Central Role of Contact Centers in AI-Driven Customer Experience

Streamly Snapshot: The Central Role of Contact Centers in AI-Driven Customer Experience
By David Penn Posted on
Categories: Interview, Streamly

Leveraging AI to enhance the customer experience is one the biggest challenges – and greatest opportunities – in fintech and financial services.

Today we share the insights of Rahul Kumar, VP and GM for Financial Services and Insurance with Talkdesk, on the central role of contact centers in AI-driven customer experience. In our Streamly Snapshot conversation, which took place in September at FinovateFall 2024 in New York, Kumar discusses what financial institutions are doing to overcome the barriers to delivering a superior customer experience. Kumar also explains why leaders in financial services are prioritizing the contact center as a central part of their AI and CX strategy.

“One of the things we’re seeing in the industry is that customer experience is fast becoming a strategic initiative for executives across the board — for banks and for credit unions. Recently, in a survey, we polled over 200 customer experience professionals and the responses were unsurprising: 86% of executives said that they do believe CX is a strategic investment priority that can lead to brand differentiation for themselves. 63% felt that they could tie CX metrics to value. And 80% do believe that contact center is fast becoming a strategic investment area for them. It’s definitely top of mind for executives.”

Founded in 2011 and headquartered in San Francisco, California, Talkdesk is an international cloud contact center leader for businesses of all sizes. The company’s contact center platform leverages AI and automation to enable businesses to deliver exceptional outcomes for their customers. Talkdesk’s AI-powered customer experience platform helps enterprises reduce costs, grow revenues, and streamline operations to boost efficiency. Tiago Paiva is Founder and Chief Executive Officer.

In his role at Talkdesk, Rahul Kumar leads business, product, and go-to-market strategy for financial services and insurance. He also leads the customer success function for all strategic industry customers, managing C-suite relationships for enterprise customers.

Photo by Mikhail Nilov

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Effective AI Implementation in Financial Services: Moving Beyond the Hype

Effective AI Implementation in Financial Services: Moving Beyond the Hype
By David Penn Posted on
Categories: FinovateFall 2024, Interview, Streamly

How can companies take advantage of the opportunity of AI to grow revenues, help develop new products, and better engage customers? Our latest Streamly interview features Chris Brown, President of Intelygenz, who shares strategies for businesses to effectively implement AI.

In this interview, conducted by Finovate Senior Research Analyst Julie Muhn, Brown talks about Intelygenz’s engagement models that quickly deliver measurable ROI. Brown also discusses Intelygenz’s “Day Zero” promise, successful use cases in financial services, and explains what the metrics for success are when it comes to AI projects.

“There are a few things actually that I think organizations can do: I think the first thing is try and get yourself out of the AI buzzword, out of that AI hype, and really try to understand where you can apply AI within your business. Try and cross match your strategy, your challenges to the art of the possible of AI.”

“Don’t get hung up and leave that technical jargon. Leave all those hype words to the machine learning engineers and data scientists. Really focus on ‘What are the challenges I’m facing in my industry?’ ‘What will make a difference to my business?’ And if you do that, I can promise people from our vantage point that over many years you will put yourself in a really good position.”

Headquartered in San Francisco, California and founded in 2002, Intelygenz provides expert AI consultancy and implementation services. Specializing in AI, Deep Learning, Computer Vision, and other enabling technologies, Intelygenz guides businesses and organizations through their AI journeys – from conceptualization to implementation.

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Unicorn or Cash Cow? The Finovate Podcast Offers Tips for Fintech Founders and More!

Unicorn or Cash Cow? The Finovate Podcast Offers Tips for Fintech Founders and More!
By David Penn Posted on
Categories: Interview, Podcasting

Summer’s officially over. But you’ve still got plenty of time to catch up on episodes of the Finovate Podcast that you might have missed while on vacation or just taking a break from the fintech buzz.

John Driscoll of Naked Development sat down with Greg Palmer to discuss the importance of building a company for the exit you want as a founder. Unicorn or cash cow? Driscoll and Palmer discuss the opportunities and challenges of both paths. Ep 228.

Naked Development is a mobile app development company and creative agency headquartered in Irvine, California. Driscoll is Co-Founder and CEO.

Colby Mangers and Christine Martin of EverBank talk with Greg Palmer about their insights on digital transformation from their perspective as senior bankers. Mangers and Martin offer ideas on how fintechs can make a great first impression and better stand out from their rivals. Ep 227.

EverBank is a nationwide specialty bank that serves both consumer and commercial clients. A pioneer in online banking, EverBank is headquartered in Jacksonville, Florida.

Kelly Fryer of Fintech Sandbox and Greg Palmer talk about the mission of Fintech Sandbox and the importance of making data available to early-stage fintech startups. Ep 226.

Fintech Sandbox offers entrepreneurs free access to data and resources in order to build their early-stage fintech solutions via its Data Access Residency program. Fryer is Executive Director.

Finovate Podcast host Greg Palmer interviews Jeff Trammell of Merchants & Marine Bank on the issue of cannabis banking and community banks. As a COO, Trammell offers his perspective on implementing new programs. Ep 225.

Headquartered in Pascagoula, Mississippi, Merchants & Marine Bank is a community bank that has served customers in the Gulf Coast region of the U.S. for more than 120 years.

Author Rita Martins talks with Greg Palmer about Web3, its impact on financial services and what banks and other financial institutions need to know – and do – right now about Web3 in order to take advantage of new opportunities. Ep 224.

Author of Web3 in Financial Services, Martins’ book examines the transformative potential of Web3 in the financial services space.

Alex Harris of Fiat Ventures shared his 2024 mid-year review this summer. In this podcast conversation with host Greg Palmer, Harris handed out a few tips for founders and gave his prediction for what’s next for the fintech industry. Ep 223.

Headquartered in San Francisco, Fiat Ventures is an emerging VC focused on supporting the next generation of market-leading, early-stage fintech companies. Harris is Co-Founder and General Partner.

Photo by tyler hendy

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Finovate Global Uzbekistan: Fintech Innovation and Banking Breakthroughs in Central Asia

Finovate Global Uzbekistan: Fintech Innovation and Banking Breakthroughs in Central Asia
By David Penn Posted on
Categories: Finovate Global, Interview

You never know where Finovate Global will take you on any given week. In our last edition, we spent time in Spain with wealthtech GPTadvisor. Before that, we were talking about Ireland’s Central Bank and its search for top fintech talent, new investment in mobile payments in the Philippines, and the pace of digital transformation in India’s financial services sector.

This week, we turn to Uzbekistan, a Central Asian nation and former Soviet republic with a population of just over 37 million. The doubly-landlocked country (one of only two in the world) has been transitioning toward a market economy for years and has been credited by the Brookings Institution for its high economic growth and low public debt. A major producer and exporter of cotton, Uzbekistan has leveraged major natural gas supplies to be one of the largest electricity producers in the region. HSBC has predicted that the country will have one of the fastest-growing economies in the next few decades.

We interviewed Oliver Hughes, former CEO of Tinkoff and current Head of International Business for TBC Bank Group – which recently expanded to Uzbekistan. In our extended conversation, we discussed TBC’s goals in Uzbekistan, nature of banking in Central Asia, what key financial services are in the most demand, as well as how enabling technologies are helping financial institutions in the region better serve their customers.

You joined TBC a few years after the bank expanded to Uzbekistan. First, what drew you to TBC?

Oliver Hughes: Joining TBC in Uzbekistan was a great opportunity for two reasons. First, the market itself is full of potential and ripe for disruption. A young, growing population of 37 million people, of which 59% are under the age of 30, economic reforms and liberalization, a favorable macroeconomic environment and an under-penetrated digital banking market create huge demand for world-class online banking services, so I could see a clear path to success.

Second, I knew that TBC Uzbekistan would be a great place to work and an environment that would allow me to make an impact. Since coming to Uzbekistan in 2019, TBC has built a world-class team, secured a banking license, reached profitability within two years, and outlined a vision that aligns with my previous experience of building and scaling a best-in-class, profitable digital banking ecosystem.

Uzbekistan was TBC’s first international market outside of its native Georgia. Why Uzbekistan?

Hughes: Uzbekistan is a hidden gem, previously largely overlooked by the international investment community, but slowly getting on the radar of investors and fintech heavyweights. It is Central Asia’s largest country by population, which is young and getting younger each year. This supports demand for modern digital financial services. The country has also embarked on a large-scale program of economic reform and liberalization, empowering the private sector and starting to attract more international investment.

TBC Uzbekistan is part of London-listed TBC Bank Group and we are proud to play our part in attracting major global investors to the country. Through TBC, large global investment funds like Fidelity, JPMorgan Asset Management, Schroder, BlackRock and Vanguard have been investing in Uzbekistan, and more investors are coming in every month.

The macroeconomic picture is strong, with GDP expanding at an average annual rate of around 6% for the past decade and forecast to almost double to $160 billion between 2023 and 2030.

In addition, Uzbekistan has a deep tech talent base. It’s both because of its highly educated domestic workforce – a product of a strong education system, and also because Uzbekistan is benefiting from an influx of returning expats and a broad range of international tech specialists from neighboring countries.

What does the financial services ecosystem look like in Uzbekistan? What is the level of interest in fintech innovation there?

Hughes: The financial services sector is still largely dominated by major state banks, which command around 70% of the market. However, competition is increasing as the government continues its drive for privatization and other reforms. A recent example of this was with Hungary’s OTP, which in June 2023 became the first international player to participate in the privatization of the Uzbek banking sector, acquiring former state-owned Ipoteka Bank. And recently, Kaspi announced its intention to participate in the privatization of Humo, Uzbekistan’s second largest open-loop domestic payment system.

TBC Uzbekistan is part of London-listed TBC Bank Group PLC, which also operates Georgia’s leading tech-enabled commercial bank. Despite being part of a multinational group, we consider ourselves to be a local player because we operate as a standalone company in Uzbekistan with a separate tech stack and separate team purpose-built for this country.

In terms of the ecosystem as a whole, it is a mix of state banks, international operators, and local Uzbek players, as well as a developing fintech scene covering everything from payments to crypto.

The level of innovation in the local fintech market is very advanced, thanks to open banking. The key development, which has not yet been replicated in developed markets, is the full banking interoperability that open banking enables in Uzbekistan. In practice, it allows customers to seamlessly interact with multiple financial institutions.

For instance, when a customer of one bank opens an account with another institution, the new bank gains visibility into the customer’s transaction history and account balances from their original bank, while the new bank is also able to initiate fund transfers or debit transactions from the customer’s account at the original institution. This helped TBC enter the market in 2019 via the acquisition of the leading P2P payments app Payme to quickly achieve profitable growth and access to a huge customer base.

Let’s talk a little more specifically about TBC Uzbekistan. How is it structured? What is its mission?

Hughes: Our mission is simple – to make people’s lives easier. As I described earlier, the financial services sector has been and is still to some extent dominated by state institutions that operate in a traditional fashion. We see that there is demand for modern, digital banks that provide a great, convenient user experience and that is what we are building.

At present, there are three components to TBC Uzbekistan: TBC Bank Uzbekistan (TBC UZ), a mobile-only bank; Payme, a digital payments app for individuals and small businesses; and Payme nasiya (Payme instalments), an installment credit business. London-listed TBC Group owns 100% of both Payme and Payme nasiya and is the major shareholder of TBC UZ, with a 60% stake. The other 40% stake in TBC UZ is split between two institutional investors: the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), part of the World Bank Group.

What are some of the biggest areas of opportunity in your opinion?

Hughes: We see some really exciting opportunities in Uzbekistan. At present, we are focused on consumers and specifically consumer lending. Despite over 45 million cards in circulation across the country, product offerings remain limited and retail lending is especially underdeveloped, representing just 12% of GDP.

Demand from consumers for financial services is already significant and continuing to grow, with point-of-sale (POS) digital payment volumes tripling to over $22 billion in the three years ending in 2023, with the number of POS terminals and bank cards in circulation doubling over the same time period.

There are interesting opportunities in other areas as well, including a new, product-rich debit card, financial services for SMEs, insurance and brokerage, with the latter two being at a fairly nascent stage of development in Uzbekistan. So, we plan to leverage those as well in the future.

TBC Uzbekistan recently raised a significant amount of capital. How will the new funding help the bank?

Hughes: Our business in Uzbekistan is scaling rapidly, but there is still significant potential for further growth, including through diversifying our offering to address market demand. The recent funding is being used to increase our loan book — which we are currently doubling year-on-year — advance financial inclusion, and accelerate our progress in launching new product lines.

In addition to powering our growth, new funds help us to continue to diversify our funding base.

What are some things about Uzbekistan that those of us on the outside may be surprised to learn?

Hughes: Uzbekistan is a country that largely exists outside the mainstream consciousness in the West. Some people might have their preconceptions, and would be surprised to learn about the advanced state of open banking in the country. Building on that, the level of innovation in financial services is pretty impressive in Uzbekistan. The fintech sector is thriving and strongly supported by the government and the wider ecosystem that is fueled by local and international tech talent.

In terms of other things that may surprise you about Uzbekistan, it’s the food scene. The food here is incredible, so I urge everyone to come over and try it!

There is a lot of talk about enabling technologies such as AI. Are any of these major areas of innovation in Uzbekistan’s fintech scene?

Hughes: Artificial Intelligence is a key innovation area and one that I am proud to say that TBC is leading among peers by integrating AI into our services.

Our plans are ambitious. We are building an AI Virtual Assistant that takes customer service to the next level. The most common customer service solution right now is chatbots, but we’re skipping that stage and going straight to an interactive voice assistant. What’s more, we’re enabling functionality in the Uzbek language and, in the future, in other local languages such as Tajik and Karakalpak, which tend to get overlooked by major tech giants.

We ultimately envision this Virtual Assistant being able to guide our users across all of our product offerings within TBC Uzbekistan, including the ones we plan to launch in the future, such as insurance, brokerage, travel and ticketing.

How do you see TBC Uzbekistan growing over the next two-to-three years?

Hughes: Since launching in 2019, TBC Uzbekistan has scaled significantly and established itself as a leading player in the market. As disclosed in our recent half-year results, we have grown our user base to 16 million unique registered users and achieved an operating profit of $61 million, up 87% year-on-year, with TBC Uzbekistan accounting for 7% of total profit for the group, as well as 13% of revenue and 44% of consumer loans on the group level. This is a very significant contribution, which is set to expand further.

We plan to continue to grow rapidly over the next 2-3 years, launching new product lines and gaining an increased percentage of market share. This is reflected in the guidance we have issued to the market: a net profit for TBC Uzbekistan of $75 million for the full year of 2025, with 30% of the Group’s loan book coming from TBC’s operations in Uzbekistan.

Where might TBC expand next? Are there any areas of special interest?

Hughes: We’re not yet at the stage where we can point to a specific market. However, I can tell you the types of markets we are considering. Our attention is on emerging markets with a population of around 30 to 70 million people, scope for growth and other favorable characteristics. For now, we still have a lot of exciting things to do in Uzbekistan.

Here is our look at fintech headlines around the world.

Sub-Saharan Africa

  • South African fintech Happy Pay locked in $1.8 million in pre-seed funding in a round co-led by E4E Africa and 4Di Capital.
  • Ghanaian crypto platform, Mybitstore, went live in Nigeria this week.
  • Nigerian fraud detection company Regfyl raised $1.1 million in funding.

Central and Eastern Europe

  • Germany’s Commerzbank partnered with Deutsche Börse subsidiary, Crypto Finance.
  • Instanbul, Turkey-based fintech Colenda AI launched new AI solution to help financial institutions enhance decision-making and boost loan performance.
  • Bulgaria-based Paynetics teamed up with tell.money to launch its Confirmation of Payee (CoP) service.

Middle East and Northern Africa

  • UAE-based B2B payments platform Xpence teamed up with Egypt-based Paymob to enhance digital payments in the region.
  • Egyptian fintech SETTLE raised $2 million in pre-seed funding.
  • Mesh integrated with digital asset trading platform CoinMENA FZE to enhance crypto transfers and account management for customers in the MENA region.

Central and Southern Asia

  • India-based insurtech Onsurity raised $21 million to power expansion plans.
  • ZaakPay, the payment gateway arm of India’s MobiKwik, partnered with Meta to provide an embedded payment option via WhatsApp.
  • Indian financial services platform Kaleidofin secured $13.8 million in funding.

Latin America and the Caribbean

  • Uruguay-based MercadoLibre secured $250 million in financing from JPMorgan.
  • JMM Group and Liberty Latin America launched microlending service MYNE Lend for Jamaican customers.
  • dLocal, a cross-border payments platform based in Uruguay, forged a partnership with MoneyGram.

Asia-Pacific

  • Vietnam Maritime Commercial Joint Stock Bank (MSB) teamed up with TerraPay.
  • Paysend launched instant cross-border payouts to China UnionPay cards for enterprise customers.
  • Visa and dtcpay announce strategic partnership to enhance digital payments in Singapore.

Photo by AXP Photography on Unsplash

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Digital Transformation in Retail: Building Better Outcomes for Merchants and Consumers

Digital Transformation in Retail: Building Better Outcomes for Merchants and Consumers
By David Penn Posted on
Categories: FinovateSpring 2024, Interview

From hyper-personalization to compliance automation to product management, the digital transformation in retail bears many similarities to the digital transformation taking place in financial services.

In both instances, greater digitization and enabling technologies like AI and machine learning, are empowering businesses to better know and serve their customers, build innovative solutions and services, and secure their operations and their customers’ data against cybercrime.

We caught up with Lohith Kumar Paripati (LinkedIn), Product Lead at Walmart, to talk about the digital transformation in retail. In our extended conversation, we discuss Walmart’s efforts to make ecommerce more effective for merchants, the pain points retail customers are currently facing, and how innovations in AI and an emphasis on personalization are helping enhance the customer experience.

At FinovateSpring earlier this year, you were involved in a discussion on digital transformation in retail. What were some of your key takeaways?

Lohith Kumar Paripati: I was privileged to be part of this event as a panelist and speaker at FinovateSpring, where I discussed how AI and LLMs are revolutionizing retail through improved operational efficiency and personalized customer experiences. My reflections touched on the impact GenAI is having on the industry with its hyper-personalized recommendations as well as robust payment offerings, thus changing the purchasing experience.

What caught my attention was the buzz throughout. FinovateSpring has always been known for its exciting ambiance, and this year’s event was no different. There were live demos from various innovative companies that kept me tuned in while networking opportunities were unrivaled. From my fellow panelists, I heard insights about bridging ecommerce and in-store experiences for Gen Z consumers who want seamless technology-driven relationships.

The event reiterated that Finovate isn’t just about presentations but is also a forum where leaders in the industry converge towards innovation, networking, and learning.

You spearheaded the Walmart Seller Savings Platform. What are its goals? How do you measure success?

Paripati: The Seller Savings Platform has been built around the idea of seller success and offers financial incentives that promote best practices on the marketplace. The platform encourages sellers to offer affordable pricing and delivery speed, as well as maintain product listing quality, which are important drivers of sales growth for them.

Through the platform, we introduced a various programs such as Pro Seller, which gives visible importance and credibility through a badge and also reduces referral fees by 5%. Furthermore, with the Pro Listing program, sellers who have the ability to deliver their items fast and on time, or at low prices, can get an extra 10% discount. For new sellers, the New Seller Savings Program offers up to 25% fee reduction for the first 90 days while providing them with tools like Walmart Fulfillment Services and Sponsored Search ads that help them grow more quickly.

The key aim of this platform is to encourage sellers by offering resources and incentives that contribute towards better business outcomes. Success is measured by seller performance metrics: delivery rates, customer satisfaction levels, and program participation. At its core, however, it is all about helping sellers reach their goals, boost GMV figures, and improve overall marketplace experience for all.

How did your experience at technology companies like Microsoft, Intuit, and Samsung inform the work you did for Walmart?

Paripati: Microsoft, Intuit, and Samsung gave me a strong foundation in product management, strategic thinking, and customer-centric innovation skills that I’ve applied to multiple projects for Walmart. At Intuit, I developed deep expertise in fintech and commerce which has been invaluable in shaping initiatives like the Walmart Seller Savings Platform.

In my tenure with Microsoft, I was able to lead and drive solutions within large organizations structures. That experience empowered me to build comprehensive payments data infrastructure of Walmart sellers. From Samsung, I learned how to drive innovation in big firms so that every fresh thought is effectively integrated into previous systems. This enabled me to introduce more payment/billing options available to Walmart sellers in multiple geographies.

A combination of creativity, tactical planning, and working together are what have shaped my ambition for creating a suite of products and tools for merchants within the walls of Walmart Marketplace.

Were there any interesting challenges on the road to launching the platform?

Paripati: Managing the scale and complexity of Walmart’s vast marketplace was one of the greatest obstacles I faced when building the platform. We had to have a system that can manage personalized saving programs for thousands of sellers and millions of items while at the same time be accurate, transparent, and responsive in real-time, especially during peak times like holidays.

Also important was balancing technical requirements with wider business goals. We had to make sure that platforms like this supported objectives such as increased seller engagement or customer satisfaction without being too expensive. This meant working continuously with other people within finance, operations, and marketing–among others–ensuring that value is delivered at each level.

Another crucial aspect was building adaptability into our architecture. We needed an infrastructure that would not only satisfy today’s needs but also support future initiatives. The key takeaway points were learning about how scalability is important and how cross-functional collaboration can be powerful. Successful launch required seamless coordination between product, engineering, and business teams, resulting in both technological excellence and strategic impact.

You’ve been a Product Manager for technology companies for more than a decade now. How has that job changed over the years?

Paripati: Over the years, my role as a product manager has evolved from being feature-focused to becoming a central driver of business strategy. Early on, my work involved managing specific product features and ensuring their successful execution. As I progressed into leadership, my responsibilities expanded to include not just product development but also aligning those products with overall business objectives, balancing customer needs with strategic goals, and pivoting quickly when necessary to stay ahead in the market.

In the broader industry, product management has shifted from being a function focused on execution to becoming the core of business success. While stakeholder management and collaboration have always been key aspects, today’s emphasis is on creating a product-first culture. Product managers are now at the forefront of driving revenue, building scalable products, and contributing directly to the company’s financial success.

Today’s product managers must be agile, ready to pivot as market demands shift, and play a crucial role in shaping the company’s direction through data-driven insights and a deep understanding of customer needs. This evolution has made the role more dynamic, impactful, and integral to a company’s growth.

What role will enabling technologies – AI, machine learning, automation – play in the digital transformation of retail?

Paripati: AI, machine learning, and automation have altered retail by offering practical use cases that improve operations as well as customer interactions.

For example, AI-powered demand forecasting predicts product trends, thereby optimizing inventory levels and reducing costs. Inside stores, real-time shelf stock monitoring using computer vision driven by AI detects when items are running out, thus alerting attendants to restock before shelves go empty. Automated checkout systems make shopping faster by eliminating traditional checkout lines for frictionless shopping experiences.

Customer experiences are made more personalized by machine learning that result in product recommendations that continuously adjust prices. From the comforts of their homes, customers can virtually have a look at themselves with the help of AI-driven virtual try-ons.

In logistics, robotic automation accelerates order fulfillment, but delivery times are being reduced through automated delivery systems such as drones and autonomous vehicles. These technologies are revolutionizing retail, making it more efficient, agile and consumer-driven.

Where are the biggest pain points for retail consumers and how will this transformation in retail help resolve them?

Paripati: A major concern among retail customers is the disconnection between online and offline experiences. Several retailers find it difficult to provide customers with a seamless experience across all channels, even though that is what they expect today. Moreover, digital transaction fraud rates are very high, and payment security issues loom large as consumers become more concerned about security. Additionally, consumer retention becomes difficult when there are an overwhelming number of product choices due to a highly competitive landscape where retailers vie for customer loyalty.

The digital transformation of the retail industry addresses the problem by merging physical with digital channels to create an omni-channel experience. To achieve greater confidence from buyers, Artificial Intelligence (AI) and automation are used to secure payments while reducing fraud. In order to maintain customer loyalty in an extremely competitive market, retailers use their personalized offers alongside loyalty programs which improve shopping experience.

However, there are many countries where access to even basic goods remains an issue. It is an opportunity and a responsibility that retailers have to enlarge their reach and ensure that underserved consumers get hold of essential products. By using innovative distribution networks, technology can be employed by retailers to bridge this gap, provide more equitable access to goods, and ensure everyone benefits from the digital transformation in the retail industry.

What excites you most about what’s happening in the retail space right now that few people are talking about?

Paripati: Embedded finance has already been discovered as one of the greatest things happening in retail, even if it is not widely recognized. The ability to integrate financial services directly into the retail experience changes everything. On-demand lending at checkout, digital wallets, and buy-now-pay-later options are all instances of embedded finance which alters how consumers work with retailers.

The convergence of AI with physical retail is another area that fascinates me. Advancements in AI are enabling us to introduce new approaches to improving the shopping experience, such as using AI-based tools to customize product displays or optimize store layouts according to customer behavior. This blend of digital and physical is establishing a new frontier for retailers – a world that allows them unlimited space for innovation.

Photo by Karolina Kaboompics

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Streamly: Community Banks, Credit Unions, and Big Tech Partnerships

Streamly: Community Banks, Credit Unions, and Big Tech Partnerships
By David Penn Posted on
Categories: Interview, Streamly

Our Streamly series of interviews continues with four more conversations from fintech and financial services professionals who spoke at FinovateSpring earlier this year.

For more from Streamly and FinovateSpring, check out our blog post from last week, AI in Financial Services: Automation, Profitability, and Fraud Prevention.

Unlocking advertising potential: Financial services on Amazon

Chief Revenue Officer at Revive Media Danielle Shamos discusses strategies to reach targeted audiences and how the effective use of data can enable even further audience growth. Shamos also talks about the uniqueness of Amazon as an advertising platform.

How can community banks gain a competitive edge through technology?

Barb MacLean, SVP and Head of Technology Operations and Implementation at Coastal Community Bank, talks about how technology can help community banks secure a competitive edge. MacLean also discusses the importance of internal innovation and the challenges of banking-as-a-service.

Reimagining community banking: How can you adapt your strategy to changing customer needs?

John Waupsh, Chief Revenue Officer of Manifest Financial, explains why it is important for community banks to define their strategic purpose at a time of increasing competition. Waupsh also discusses the importance of adapting business strategies to ever-evolving customer needs.

Credit union solutions: What’s different about this landscape?

Managing Director at TruStage Ventures Sam Das discussed the unique challenges that confront credit unions today – from membership retention to cybersecurity. Das also explains that while there is demand from credit unions for tailored fintech solutions, fintechs needs to “come prepared” if they want to successfully partner with these financial institutions.

Photo by CoWomen

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Greg Palmer and the Finovate Podcast: eCapital and the Future of SMB Financing

Greg Palmer and the Finovate Podcast: eCapital and the Future of SMB Financing
By David Penn Posted on
Categories: CEO Interview, Interview, Podcasting

What challenges are small and medium-sized businesses facing when it comes to getting the capital they need when they need it? What role does technology – especially enabling technologies like automation and AI – play in helping make it easier for entrepreneurs and SMBs to access critical financing?

This week, Finovate VP and host of the Finovate Podcast Greg Palmer spoke with Marius Silvasan, CEO of eCapital, to discuss these and other issues important to small businesses and the financial services companies that serve them.

“SMBs in this current market are under pressure,” Silvansan explained in his Finovate Podcast interview. “They are challenged. And the reason behind that is we’ve come from an environment in which inflation is coming down, but has been high over the last year-and-a-half. We’ve come from an environment in which borrowing costs were near zero – and they’ve increased substantially over the last several years. And the labor market has been very tight, so it’s been tough for SMBs to hire, it’s been tough for SMBs to retain qualified personnel. So that’s made the environment for SMBs quite challenging over the several years.”

Headquartered in Miami, Florida, eCapital helps small and medium-sized businesses secure the financing they need in order to grow. Founded in 2006, eCapital offers a wide range of financing solutions including freight and invoice factoring, payroll funding, asset-back lending, equipment refinancing, and lines of credit.

This month alone, the company announced that it had funded a $15 million factoring facility for a technology company in the transportation industry, and funded a $5 million asset-based lending facility for a leading fiberglass media company.

Check out more interviews with fintech founders, executives, and entrepreneurs on the Finovate Podcast!

Photo by Michal Czyz on Unsplash

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