Women in Fintech

Managing Third-Party Risk in Financial Services with Jenna Wells of Supply Wisdom

Managing Third-Party Risk in Financial Services with Jenna Wells of Supply Wisdom
By David Penn Posted on
Categories: David's column, Interview, Supply Wisdom, Women in Fintech

The challenge of third-party risk in financial services was one of the biggest stories in 2024. From the fallout from the Synapse bankruptcy to the data breaches at firms such as Fidelity and Finastra, banks, fintechs, and financial services alike have been put on notice to put greater scrutiny on whom and how they forge partnerships.

These challenges have only become more intense this year. While regulations are tightening in Europe and the UK, a more permissive regulatory environment is developing in the US. How can banks, fintechs, and financial services companies navigate this emerging landscape to bring new products and services to customers while ensuring that their data and finances are safe?

We interviewed Jenna Wells, Chief Operating Officer with Supply Wisdom, to talk about the issue of third-party risk management in financial services in 2025. Wells talks about how third-party risk in financial services is evolving, and what companies need to do in order to better manage it.

Headquartered in New York and founded in 2017, Supply Wisdom made its Finovate debut at FinovateFall 2022. The company helps businesses better manage risk and build operational resilience. Supply Wisdom provide continuous full-spectrum third-party and location risk intelligence and risk actions in real-time to prevent disruptions, enhance risk management efficiency, and lower costs. Tom Thimot is CEO.

Our conversation with Jenna Wells is also the final installment of Finovate’s commemoration of Women’s History Month for 2025. Previous interviews include our Q&As with Tracy Moore of Fenergo and with Stav Levi-Neumark of Alta.

What are the current challenges your customers are facing?

Jenna Wells: The biggest challenge our customers face today is the sheer complexity and speed at which third-party risks are evolving. As a whole, companies are under immense pressure to monitor their vendors, suppliers, and other third parties more effectively across financial, cyber, ESG, geopolitical, and operational risk domains without adding significant costs or delays to their business processes. Traditional risk assessment methods, which rely on periodic reviews and self-reported questionnaires, are no longer sufficient in an era where threats emerge in real time and rarely any warning.

Additionally, companies are struggling with regulatory compliance, particularly with new frameworks like DORA in the EU, new AI risks and regulations, and emerging cyber risk mandates. Many organizations simply lack the tools, resources, or expertise to stay ahead of these challenges.

Lastly, the evolving geopolitical landscape and regulatory environment require companies to keep an eye out for location-specific risks on top of the traditional domains. Monitoring third parties alone is no longer sufficient—you must monitor the locations that they are operating from!

Can you talk about the challenge of third-party risk specifically, which became a major concern in 2024?

Wells: Third-party risk became a critical concern in 2024, exposing just how fragile global supply chains can be. This was starkly evident in global events like the collapse of the Francis Scott Key Bridge in Baltimore and earthquakes in Taiwan, which disrupted key transportation routes and severely impacted businesses dependent on the affected port. Companies with suppliers, logistics partners, and critical infrastructure tied to these regions faced massive operational slowdowns, financial losses, and regulatory challenges. These disruptions reinforced a key lesson: risks stemming from a single geographic point of failure can have widespread consequences across all industries.

Static, periodic risk assessments are no longer enough. The new standard is continuous, real-time risk monitoring that provides visibility into financial stability, cybersecurity, compliance, and operational resilience—not just for direct suppliers, but across the entire supply network.

This shift is particularly crucial in industries reliant on complex, geographically dispersed supply chains, where a localized disaster—whether infrastructure failure, geopolitical instability, or extreme weather—can ripple outward, affecting entire markets. The challenge is no longer just about assessing third parties. It’s about identifying vulnerabilities deep in the supply chain.

How does Supply Wisdom help companies manage these risks?

Wells: Supply Wisdom provides real-time, AI-driven continuous monitoring across seven critical risk domains: financial, operational, compliance, cyber, sustainability, Nth party, and location-based risks. Instead of relying on outdated, self-reported assessments, or the need to use multiple tools to monitor single domains, we aggregate and analyze data from hundreds of thousands of open sources, giving our customers a live, always-on view of their third-party supplier and critical ecosystem.

By leveraging AI to turn massive amounts of data into actionable intelligence, we enable organizations to identify emerging risks early, mitigate issues proactively, and avoid costly disruptions. Our platform reduces the manual burden of risk management, allowing teams to focus on strategic decision-making rather than chasing data.

Supply Wisdom recently published its top 10 predictions for third-party risk management in 2025. Of those predictions, which do you think is the least conventional?

Wells: One of the more unconventional predictions is the rise of “Nth-party accountability” as a regulatory and business priority. Until now, companies have focused primarily on direct third-party risks, but regulators and stakeholders are increasingly scrutinizing deeper layers of the supply chain. This includes fourth, fifth, and even sixth-party risks.

As supply chains become more interconnected and reliant on subcontractors, understanding who your third parties depend on and where they are located has become just as critical as assessing the vendors themselves. Geographical risks like political instability, natural disasters, regulatory changes, and ESG concerns can have cascading impacts throughout the supply chain, even if they originate at the Nth-party level.

We anticipate that in 2025, organizations will be expected to not only monitor but also take responsibility for the risk posture of their vendors’ vendors. This requires real-time visibility into where these extended third parties operate and the regional risks that may affect them. This shift demands an entirely new approach to risk visibility, and Supply Wisdom is already helping companies address this challenge with location-based monitoring, real-time risk intelligence, and deep Nth-party insights.

What role do technologies like AI and strategies like predictive risk modeling play in Supply Wisdom’s approach to risk management and intelligence?

Wells: AI and predictive risk modeling are foundational to how we help companies stay ahead of emerging threats. Our AI-powered platform continuously scans and analyzes millions of risk signals across financial, cyber, ESG, geopolitical, and operational domains, detecting anomalies and trends that may indicate potential threats before they materialize into full-blown crises.

Predictive risk modeling and trend analysis takes this further by using historical data, machine learning algorithms, and real-time signals to forecast risks before they impact business operations. For example, we can predict financial distress in a vendor before it becomes public knowledge or identify early signs of operational instability in a supplier’s key locations.

In short, Supply Wisdom stands for proactive risk management and innovation. We’re known in the industry as the only full-stack risk intelligence platform that provides real-time, continuous monitoring with actionable insights.

A wave of new regulatory policies is coming, particularly in the EU. Are you optimistic about the new policies? Do you feel as if organizations are ready to comply?

Wells: I am optimistic about these policies because they are pushing organizations towards a higher standard of operational resilience and risk management. Regulations like DORA in the EU are reinforcing the idea that businesses cannot afford to be passive when it comes to third-party risk—they need real-time, continuous oversight. However, I don’t think most organizations are fully prepared for these changes.

 A majority of organizations do not have a complete inventory of their third parties or outsourced services and, without this, they cannot ensure compliance with these regulations. Unfortunately, it’s most likely that these companies still rely on outdated, static assessment models that won’t meet compliance requirements.

The good news is that regulatory clarity is driving investment in solutions like Supply Wisdom, which help organizations not only meet compliance mandates but also improve their overall risk posture in the process.

In the US, there is more uncertainty about which direction regulations are likely to go. What do you see happening with financial services and fintech regulation in the US this year?

Wells: If US firms want to compete and do business in Europe; they need to comply with those specific mandates. But unlike the EU—which has taken a structured approach with DORA—the US regulatory landscape is evolving in a more fragmented manner. However, we expect to see increased scrutiny from agencies like the SEC, OCC, and CFPB on third-party risk, particularly in areas like cyber resilience and AI disclosures.

The financial services and fintech sectors will likely see more pressure around vendor risk management, with a greater emphasis on continuous monitoring, and incident reporting requirements. As regulatory guidance increases, companies will need to be proactive in adopting best practices that align with global compliance trends, rather than waiting for enforcement actions to dictate their next steps.

What are your near-term goals for Supply Wisdom?

Wells: My immediate focus is on accelerating customer adoption of continuous risk monitoring. We want to ensure that organizations not only understand the importance of real-time risk intelligence through continuous monitoring, but also have the tools to integrate it seamlessly into their existing workflows.

Additionally, I’m prioritizing scaling our operations to meet the growing demand for proactive risk management solutions. That means enhancing our AI capabilities, monitoring for AI as an emerging risk, expanding our risk intelligence coverage, and strengthening our partnerships with other industry leaders.

What can we expect from Supply Wisdom in 2025?

Wells: 2025 will be a transformational year for Supply Wisdom and the third-party risk management industry as a whole. We are investing heavily in AI-driven risk prediction, enhanced regulatory compliance automation, and planning ways to go deeper and wider into Nth-party risk visibility.

You can also expect to see more partnerships with technology and service providers to create a more integrated risk management ecosystem. Our goal is to make continuous risk monitoring the new standard, so that businesses can operate with greater confidence, resilience, and agility in an increasingly complex world.

Photo by FlyD on Unsplash

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Women in Fintech: Talking Innovation, Compliance, and Mentorship with Fenergo’s Tracy Moore

Women in Fintech: Talking Innovation, Compliance, and Mentorship with Fenergo’s Tracy Moore
By David Penn Posted on
Categories: Fenergo, Interview, Women in Fintech

The rage over regtech is real. In response to growing customer demands, emerging financial crime threats, and attempts by regulatory bodies to manage both of these developments, the field of regulatory compliance has never been more topical in financial services.

To this end, we interviewed banking and financial services compliance veteran Tracy Moore. Director of Thought Leadership & Regulatory Affairs at Fenergo, Moore joins the Finovate blog to provide her perspective on the regulatory environment for banks, fintechs, and financial services companies in 2025.

As part of Finovate’s commemoration of Women’s History Month, we also discuss issues of gender diversity in banking and financial services, and the role of mentorship in helping foster future leaders in the industry.

Can you tell us a little about yourself and the work you do at Fenergo?

Tracy Moore: I began my career in corporate legal training, specializing in finance and treasury transactions. My journey took me to Europe, where I transitioned into banking, spending much of my career in legal and compliance roles at global financial institutions. Upon returning to the U.S., I continued this path at a super-regional bank, gaining extensive experience in regulatory compliance and financial crime risk management.

Today, I serve as the Director of Thought Leadership & Regulatory Affairs at Fenergo, the global leader in Client Lifecycle Management (CLM) technology for financial institutions. In this role, I focus on financial crime risk management, regulatory change, and digital transformation, helping institutions solve for complex regulatory environments while enhancing operational efficiency.

I am deeply passionate about influencing industry change and driving technological advancements that make the financial sector safer and more resilient. My work involves collaborating with global regulators, financial institutions, and technology providers to develop innovative solutions that protect the industry against financial crime. I help connect regulation and technology to shape the future of compliance and risk management in today’s financial landscape.

What is it about the field of banking compliance that you find most interesting professionally?

Moore: I find it fascinating how geopolitical events shape the global financial industry, influencing not just regulatory frameworks but also presenting new challenges, such as financial crime and evolving risk landscapes. Today’s economy is so interconnected, and this means that financial institutions must constantly shift to address challenges such as sanctions, emerging threats, and evolving compliance requirements.

What truly interests me is the delicate balance financial institutions must strike meeting regulatory expectations, staying ahead of increasingly sophisticated bad actors, driving revenue growth, and ensuring safe financial services for their clients. Achieving this balance requires a combination of strategic foresight, innovation, and collaboration across the industry. Everyday has a new perspective and new challenges.

How has banking compliance changed over the course of your career in the industry?

Moore: Looking back over the past 25 years, the evolution of banking compliance has been nothing short of dramatic. When I started my career, compliance was often seen as a back-office function, more about checking boxes than driving change. Fast forward to today, and compliance has become a core pillar of financial institutions, shaping everything from risk management to customer experience.

One of the biggest shifts of course has been technology advancements. Alongside this, the sheer pace and complexity of regulatory change. Events like 9/11, the 2008 financial crisis, and major geopolitical shifts have completely reshaped the regulatory landscape. We’ve moved from more localized, paper-based processes to a hyper-digital, data-driven, and globally interconnected approach to compliance.

As a woman in this industry, I’ve also witnessed the growing role of diverse leadership in compliance and risk management. The field has evolved beyond traditional legal and audit backgrounds to welcome technologists, data analysts, and strategic thinkers, many of whom are women bringing fresh perspectives to a historically male-dominated space.

Issues (and innovation) in banking compliance have never been more top of mind. How have we arrived at this point, and is it a good thing for banks and their customers?

Moore: We’re here because the stakes have never been higher. Over the past two decades, a mix of financial crises, evolving threats, digital disruption, and geopolitical shifts has pushed compliance to the forefront. Regulators have responded with increasingly complex expectations, bringing the role of compliance into strategic planning for financial institutions.

This pressure has fuelled innovation.

AI, automation, and data analytics are transforming compliance, reducing manual processes, improving risk detection, and enhancing the customer experiences. Banks are now able to onboard clients faster, monitor activity in real time, and anticipate threats before they escalate.

For banks, it’s both a challenge and an opportunity. Compliance is tougher than ever, but those who embrace technology can gain a competitive edge. And for customers stronger compliance means better security, smoother transactions, and more trust in the system.

Seeing this shift firsthand is what lead me to make the decision to leave the traditional compliance role in banking and join Fenergo because I knew technology would be the driving force behind the future of compliance, and I wanted to be part of this transformation.

How do AI and automation create new compliance challenges for banks? In what ways can firms use these technologies to address compliance issues?

Moore: AI and automation can streamline compliance, but they also raise concerns both from regulators and banks themselves. Many institutions are skeptical, worrying about black-box decision-making, regulatory scrutiny, and potential biases.

The key challenge is explainability. Regulators need to understand how AI-driven decisions are made, so firms must prioritize transparency, clear documentation, and strong oversight.

That said, when used responsibly, AI can enhance risk detection, automate manual tasks, and improve compliance efficiency. The solution lies in communication by working with regulators to ensure AI models are interpretable, auditable, and aligned with compliance standards.

What areas of banking compliance do you think deserve more attention than they are getting?

Moore: Emerging digital assets and global regulatory alignment are two areas that need far more attention in banking compliance. The rapid rise of crypto, tokenization, and digital payments has outpaced regulatory frameworks, leaving financial institutions in a tough spot. How do you innovate while staying compliant in an environment where the rules are still being written? Without clear, consistent guidelines, banks are hesitant to fully engage, creating uncertainty for the entire industry.

At the same time, jurisdictional differences make compliance incredibly burdensome in today’s global economy. Financial crime doesn’t stop at borders, but regulations do, forcing banks to navigate a patchwork of requirements that slow down operations and increase costs. More global alignment and collaboration between regulators could ease this burden, ensuring that compliance is both effective and practical in a world where money moves faster than ever.

And lastly, the evolving nature of financial crime. Criminals are getting more sophisticated, using everything from deepfake identities to crypto mixing services to evade detection. Compliance programs need to move beyond traditional rule-based approaches and embrace real-time, predictive intelligence to stay ahead.

What are your thoughts on the progress made—or not made—toward greater gender diversity in banking in recent years? Are you optimistic about the future of women in banking, particularly in areas like compliance?

Moore: Women in banking, especially in compliance, have made progress, but not nearly enough. Too often, diversity is overlooked as a business advantage instead of recognized for the value it brings. In today’s geopolitical and financial environment, organizations need diverse perspectives to navigate risk and drive innovation, yet those perspectives are still dismissed.

Despite this, I am optimistic. Women are smart, resilient, and persistent. We continue to prove our expertise in ways that cannot be ignored. Compliance is an area where women thrive because it demands strategic thinking, problem-solving, and leadership under pressure.

Real change will happen when companies move beyond surface-level efforts and embrace diversity as a competitive advantage. Women will keep breaking barriers, whether the industry is ready or not.

Mentorship can play a key role in helping women entering financial services or launching fintechs. Did mentorship play a significant role in your early career? What message would you give to banking and financial services professionals when it comes to sharing their insights and experience as mentors?

Moore: Mentorship has been invaluable in my career. I have always sought out mentors and sponsors—both men and women—who could guide my development and challenge me to grow. Beyond that, I have chosen a personal board of directors: female professional leaders across various industries who have provided insight, support, and perspective at every stage of my journey.

For those in banking and financial services, mentorship is more than just giving advice or sharing a coffee. It is about opening doors, advocating for talent, and sharing real, honest experiences. The next generation of female leaders is watching and learning. It is up to us to make sure they feel supported, empowered, and ready to step forward.

Photo by Scott Webb

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The Women of FinovateSpring: From Analysts and Investors to Leaders and Innovators

The Women of FinovateSpring: From Analysts and Investors to Leaders and Innovators
By David Penn Posted on
Categories: FinovateSpring 2025, List series, Women in Fintech

Earlier this week, we highlighted some of the women who will be introducing their companies to Finovate audiences via the demo stage at FinovateSpring 2025 in San Diego, May 7 through 9.

Today, as part of our continued Women’s History Month commemoration, we feature the “content” side of Finovate conferences by showcasing the women who will be discussing and interpreting many of the trends and technologies that are shaping fintech today.

Ipsita Basu

Product Management Leader, Shopify

Headquartered in Ottawa, Ontario, Canada, Shopify is an international commerce company that provides tools to enable entrepreneurs to start, grow, manage, and market a retail business of any size. The company powers millions of businesses in more than 175 countries.

Learn more about Ipsita Basu

Katie Dove

Behavioral scientist and Managing Director, Irrational Labs

Irrational Labs leverages behavioral science to make people happier, healthier, and wealthier. The company applies behavioral economics findings to product, marketing, and organizational design problems. Through environment design and thoughtful interventions, Irrational Labs improves decision-making for both companies and their customers.

Learn more about Katie Dove

Erin Estelle

SVP, Chief Marketing Officer, Valley Strong Credit Union

With more than 350,000 members, Bakersfield, California-based Valley Strong Credit Union offers checking and savings accounts, credit cards, personal and auto loans, mortgage and home loans, investing and retirement services, and more.

Learn more about Erin Estelle

Emily Foulkes

People Lead – North America, Wise

Headquartered in London, Wise provides currency management and exchange solutions that enable individuals and businesses to hold more than 40 currencies, move money between countries, and spend money abroad. Launched in 2011 as “TransferWise,” the company serves 16 million people and businesses around the world.

Learn more about Emily Foulkes

Sharon Gai

Author, Culture Fluid

Culture Fluid is a monthly newsletter, published on LinkedIn, that offers “a new way to think in a post-AI world.” Recent newsletter topics include “What is Creativity in an AI Age?” “DeepSeek: Searching for Answers in the Depth of the US-China AI War,” and “The Agentic Future and How it Will Change Work.”

Learn more about Sharon Gai

Diksha Gera

Senior Analyst, Bloomberg Intelligence

Bloomberg Intelligence (BI) provides independent perspectives, interactive data, and research across a variety of industries and international markets. The BI team features 400 research professionals who help clients make more informed decisions in an ever-shifting investment landscape.

Learn more about Diksha Gera

Bhoomika Ghosh

Tech Product Lead, Amazon Prime

A paid subscription service of Amazon, Amazon Prime gives users access to a range of additional services including one- or two-day goods delivery; streaming music, video, e-books, gaming, grocery shopping services, and more. The company has more than 200 million subscribers around the world.

Learn more about Bhoomika Ghosh

Lizzie (Guynn) Hartley

Partner, TTV Capital

Based in Atlanta, Georgia, TTV Capital invests in fintechs that serve the diverse needs of businesses in financial services as well as the consumers of financial products. With more than 100 years of venture capital and relevant industry operating expertise, TTV creates value for entrepreneurs and investors, helping them grow and succeed.

Learn more about Lizzie (Guynn) Hartley

Ami Iceman-Haueter

Chief Research and Digital Experience Officer, MSU Federal Credit Union

MSU Federal Credit Union (MSUFCU) was founded in 1937 in order to help its members secure financial success and stability during challenging economic times. MSUFCU has 23 locations including five in Oakland County, one in downtown Detroit, two in Grand Rapids, and two in Traverse City.

Learn more about Ami Iceman-Haueter

Pam Kaur

Head of Bank Technology, BankTech Ventures

Built by community bankers to help community banks innovate, evolve, and thrive, BankTech Ventures is a strategic investment founded in 2021. Based in Costa Mesa, California, BankTech Ventures seeks to generate both strategic value and financial returns for their investors. The fund sources, vets, invests in, and introduces bank-enabling technology solutions to boost the competitive positions of its community bank partners.

Learn more about Pam Kaur

Theodora (Theo) Lau

Innovator, Technologist, and Connector, Unconventional Ventures

Unconventional Ventures provides boutique consulting services to drive innovation that enhances financial wellness. The firm connects founders to funders, provides mentorship to entrepreneurs, advises a broad range of corporates, and helps broaden opportunities for diversity with financial services. Unconventional Ventures works with banking clients, fintech startups, and technology firms alike

Learn more about Theodora Lau

Lindsay Lehr

Managing Director, Payments and Commerce Market Intelligence (PCMI)

Based in San Francisco, California and founded in 2022, Payments and Commerce Market Intelligence (PCMI) works with payment and technology companies from around the world to help them make strategic decisions in emerging markets through research, data analysis, and innovative thinking. PCMI is a subsidiary of Latin America-based market intelligence company Americas Market Intelligence (AMI).

Learn more about Lindsay Lehr

Jade Mandel

Managing Director, Goldman Sachs

Goldman Sachs was founded in 1869. A leading global investment banking, securities, and investment management firm, Goldman Sachs offers a range of financial services including investment banking, securities trading, asset management, and wealth management to corporates, governments, financial institutions, and individuals.

Learn more about Jade Mandel

Lauren McCollom

SVP, Head of Embedded Finance, Grasshopper Bank

A digital bank serving small businesses, startups, and investors in the innovation economy, Grasshopper Bank offers digital solutions for small businesses, venture-backed firms, fintech-based Banking-as-a-Service (BaaS) and commercial API banking platforms, as well as both SBA and commercial real estate lending. Founded in 2019, Grasshopper Bank is based in New York.

Learn more about Lauren McCollom

Mary Miklethun

Senior Vice President, U.S. Bank

U.S. Bank is the fifth-largest commercial bank in the United States. The firm offers a diversified mix of businesses, including commercial and institutional banking, business banking, payments, wealth management, and consumer banking. The company is headquartered in Minneapolis, Minnesota.

Learn more about Mary Miklethun

Julie Muhn

Senior Research Analyst, Finovate

Finovate conferences showcase cutting-edge banking and financial technology through a unique combination of live, short-form technology demonstrations and mainstage presentations from thought leaders and analysts in fintech and financial services.

Learn more about Julie Muhn

Lily Page

Head of Embedded Payments, SVB, a Division of First Citizens Bank

SVB, a Division of First Citizens Bank, is known for its role in supporting innovative companies, entrepreneurs, and investors. More than 70% of cyber companies featured on the Fortune Cyber 60 list are SVB clients as are 50% of all US VC-backed technology companies with 2024 IPOs.

Learn more about Lily Page

Suraya Randawa

Head of Omnichannel Experience, Curinos

Curinos was founded in 2021 and is headquartered in New York. The firm leverages AI-based decisioning tools, predictive analytics, and science-based platforms to enable clients to spot emerging opportunities that lead to better decision-making and enduring performance gains.

Learn more about Suraya Randawa

Alisa Rusanoff

Head of Credit / Trade Finance, Crescendo Asset Management

Crescendo Asset Management offers a trade finance strategy focused on supply chain finance, embedded finance, accounts receivable purchasing, structured trade and other trade finance structured products that support the SME (small and mid-sized enterprise) market in the US as well as around the world.

Learn more about Alisa Rusanoff

Lindsey Strange

SVP, Chief Retail Officer, Valley Strong Credit Union

Headquartered in Bakersfield, California and founded in 1938, Valley Strong Credit Union serves its community with extensive loan programs—including home and auto—as well as the latest in digital technology, retirement and wealth management services.

Learn more about Lindsey Strange

Sydney Thomas

Founder and General Partner, Symphonic Capital

Headquartered in San Diego, California, Symphonic Capital is a pre-seed venture capital fund. Led by veteran pre-seed investors and operators, the fund bets on founders at their earliest stages and matches them with the tools, guidance, and capital they need in order to succeed.

Learn more about Sydney Thomas

June Yuan

Business Product Lead, Wise

Founded in 2011 and known as “TransferWise” when it made its Finovate debut at FinovateEurope 2013 in London, Wise today facilitates the movement of $37 billion (£30 billion) across borders each quarter. The company is listed on the London Stock Exchange (LSE) under the ticker WISE, and has a market capitalization of $11.5 billion.

Learn more about June Yuan

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Showcasing Female Leadership in Fintech at FinovateSpring 2025

Showcasing Female Leadership in Fintech at FinovateSpring 2025
By David Penn Posted on
Categories: Cinareo Solutions, Cratoflow, FinovateSpring 2025, Instarails, Penny Finance, Women in Fintech

Last week, we showcased five companies—all led by female CEOs—who demonstrated their latest innovations at FinovateEurope in London in February. Part of Finovate’s annual Women’s History Month commemoration, the post not only highlighted the achievements of women in fintech, it also helped introduce five new companies to our Finovate audience.

With that last point in mind, we’re thrilled this week to introduce you to some of the women who will be leading their companies on the Finovate stage next month at FinovateSpring in San Diego, May 7 through 9.

First, meet the two companies—Cinareo Solutions and Cratoflow—that were selected to participate at FinovateSpring as part of our Female Founder Scholarship program. Second, we introduce two additional companies—Penny Finance and Instarails—both with female CEOs, and both slated to demo their latest innovation at FinovateSpring next month.

Karen Elliott

CEO & Co-Founder, Cinareo Solutions

Elliott (LinkedIn) is CEO and Co-Founder of Cinareo Solutions, a SaaS platform that provides capacity planning for agents and support staff, financial management, what-if scenario modelling, and multi-skilling simulation.

Founded in 2022 and headquartered in Toronto, Ontario, Canada, Cinareo Solutions sets a new standard for workforce planning and decision support for multi-channel contact centers. This provides robust and pro-active resource planning and financial analysis to cost-efficiently manage front and back-office staff, as well as all support staff.

Shiv Patel

CEO and Founder, Cratoflow

Patel (LinkedIn) is CEO of Cratoflow, a company that helps organizations to save up to 110 hours a week, reduce errors, and acclerate payments, enabling faster decision-making and driving operational efficiency and cost savings.

Based in Anaheim, California, and founded in 2021, Cratoflow offers a no-code financial workflow solution that centralizes and simplifies complex daily accounting processeas with an intuitive user interface. The platform leverages machine learning and AI to sync with third-party financial systems to systematically complete revenue, banking, and expense entries.

Yamini Sagar

Founder and CEO, Instarails

Sagar (LinkedIn) is founder and CEO of Instarails, a global payment network infrastructure that helps credit unions, community banks, and businesses attract and retain more clients while accelerating revenue growth,

Founded in 2022 and headquartered in Atlanta, Georgia, Instarails leverages blockchain technology to make direct, real-time, cheap, inclusive, and transparent payments. Clients connect to Instarails’ network via SaaS API and send transactions. These transactions are routed through Instarails’ network and recipients get funds instantly through their bank, e-wallet, or via cash pickup.

Crissi Cole

Founder & CEO, Penny Finance

Cole (LinkedIn) is CEO and Founder of Penny Finance, an online financial planning engagement engine that attracts, retains, and services the digital generation of credit unions and community banks by providing tailored education, resources, rewards, and services to their members and customers at large.

Headquartered in Boston, Massachusetts, and founded in 2020, Penny Finance connects the dots between a financial institution’s products and services and member and customer needs, all while creating efficiency for their marketing organizations.

FinovateSpring 2025 kicks off May 7 through 9 in San Diego, California. Visit our FinovateSpring hub today to learn more about our emerging speaker lineup, demoing companies, and how to plan your visit to Finovate’s first conference in SoCal!

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Ladies First: Celebrating the Women of FinovateEurope 2025

Ladies First: Celebrating the Women of FinovateEurope 2025
By David Penn Posted on
Categories: AQ22, Deriskly, Dimply, FinovateEurope 2025, Mati Labs, PromoComply, Women in Fintech

This past Saturday marked International Women’s Day, but if you missed it, I’ve got good news: Women’s History Month is celebrated throughout the month.

In the US, Women’s History Week was first celebrated in 1982, and this commemoration of women’s history was extended to the full month of March four years later. To learn more about the history of International Women’s Day and Women’s History Month—and their fascinating origins in European and women’s labor history—check out this primer from Time.com.

Here at Finovate, we have recognized the accomplishments of women in fintech and financial services for more than a decade. In both our conferences and on the Finovate blog, we have endeavored to showcase women who have founded and led some of the most innovative companies in our industry.

With this in mind, Finovate is once again proud to recognize the women who introduced themselves and their companies to our FinovateEurope audience this past February.

Catherine Kurt

CEO & Co-Founder, AQ22

Kurt (LinkedIn) is a co-founder at AQ22, leading the growth of an agentic banking orchestration platform that transforms financial workflows with AI-driven automation globally.

Founded in 2024 and headquartered in Vilnius, Lithuania, AQ22 automates and accelerates up to 90% of commercial lending processes.

Tatiana Botskina

CEO, Deriskly

Botskina (LinkedIn) is an award-winning serial founder, Oxford-trained AI scientist, and banking lawyer with 10+ years of expertise in safe, explainable AI, and compliance for the financial sector.

Founded in 2020 and headquartered in London, England, Deriskly empowers organizations to enhance customer trust, reduce compliance risks, and optimize engagement via AI-driven insights to create clear, effective, and customer-centric financial communications.

Jackie (Jac) Dunne

CEO, Dimply

Dunne (LinkedIn) is a seasoned executive whose expertise lies in the financial services and fintech/regtech industry. She has a proven track record in growing and building businesses and fostering relationships.

Founded in 2020 and headquartered in Dublin, Ireland, Dimply helps banks and credit unions unlock greater value from their data and create beautiful, personalized, insightful, and resonant embedded financial experiences.

Moyi Dang

CEO, Mati Labs

Dang (LinkedIn) is a former Asia investment researcher, Uber data scientist, an experienced entrepreneur, and YC alum.

Founded in 2024 and headquartered in San Francisco, California, Mati Labs helps financial institutions transform and grow by enabling AI adoption with robust data foundations, ensuring security and compliance, and fostering knowledge-based innovation.

Sage Franch

CEO & Co-Founder, PromoComply

Franch (LinkedIn) has more than a decade of experience in artificial intelligence and business leadership, working with organizations of all sizes to drive business growth through digital transformation.

Founded in 2024 and headquartered in Montreal, Canada, PromoComply streamlines compliance for financial promotions, cutting down significantly on the time and cost of maintaining compliant marketing, so organizations build trust with consumers and regulators.

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Women in Fintech: A Conversation About Loyalty Ecosystems in Financial Services with Becky Hill

Women in Fintech: A Conversation About Loyalty Ecosystems in Financial Services with Becky Hill
By David Penn Posted on
Categories: Interview, Women in Fintech

How can banks and financial services providers ensure that their loyalty programs are in sync with consumer behaviors and preferences? What is a loyalty ecosystem and how can financial institutions benefit from being a part of one?

We caught up with Becky Hill, President of Vanson Technology Services and former Senior Vice President of Loyalty at U.S. Bank. In our extended conversation – in partnership with William Mills – we discuss the power of loyalty in fostering long-term relationships and better customer engagement in financial services.

We also discuss loyalty when it comes to relationships between companies and their employees, and how engagement and sales incentive programs can help them retain top talent and develop greater organizational resilience.

Founded in 1997, Vanson Technology Services specializes in technology and software solutions for loyalty, channel incentive, and employee engagement programs. The Minneapolis, Minnesota-based company offers capabilities in points earning technology, fulfillment catalog management, email communications, site and data management, customer service and support, reporting, and more.

Tell us more about your professional experience. What were some of your major accomplishments and career highlights while working at U.S. Bank?

Becky Hill: Before joining Vanson Technology Services last summer, I spent most of my career in U.S. Bank’s payments division. Initially, I supported the credit card acquisition strategy for the bank’s consumer and small business programs. This gave me a solid understanding of the credit card profit and loss (P&L), which helped me gain insights into what drives consumer behavior and how to capture their interest. I learned that people expect banks to simplify complexities for them and that offers need to clearly show their value and benefits.

Later, my responsibilities included managing all aspects of the bank’s Rewards platform for internal and co-branded credit card programs that included a variety of cards like Cash+, FlexPerks, Fidelity and Harley-Davidson. I would partner with program managers to support acquisition, attrition, benefit, and redemption strategies to keep the bank’s cards top-of-wallet.

Why is it important to shape your loyalty programs around consumer behaviors and preferences?

Hill: Understanding consumer behavior is key to designing effective loyalty programs because people value convenience and consistency. Loyalty programs work best when they’re simple and easy to navigate, especially when it comes to redeeming rewards. Over the years, these programs have become more sophisticated but keeping them clear and straightforward is still the key to success.

How would you define a loyalty ecosystem?

Hill: A loyalty ecosystem brings together programs, technology, and partnerships to engage and reward customers and employees. It’s about simplifying the process while delivering meaningful value. For Vanson, this means offering an easily configurable rewards platform that helps companies transform their incentive programs into formal campaigns that drive employee motivation, enhance performance and longevity, and build brand loyalty. We believe a successful loyalty ecosystem is built on understanding behavior and providing clear, flexible incentives. It’s not just about rewards — it’s about fostering long-term relationships through transparency, simplicity, and thoughtful execution.

How can financial institutions be part of the loyalty ecosystem?

Hill: Financial institutions can play a key role in the loyalty ecosystem by partnering with loyalty platform providers to offer their clients Prepaid Rewards cards. These cards give consumers the flexibility to spend as they choose, while financial institutions can capitalize on revenue opportunities, such as interchange fees.

How is this ecosystem evolving in the near future?

Hill: Technology is always evolving, and loyalty programs will continue to focus on streamlining the end user experience for ease and convenience.  Loyalty platforms will need to be flexible and have the capabilities to provide a variety of offerings from redemptions selection, gamification, educational lessons, experiences, and personalized communication strategy.  Customer-centricity will continue to be a big part of the loyalty program technology evolution, especially as the industry starts to utilize AI-driven analytics to engage members. 

Let’s talk about within companies. What does an effective employee and sales incentive program entail?

Hill: An effective employee engagement and sales incentive program requires the right technology. The technology should be straightforward, flexible, and tailored to support the specific needs of the program. It should be easy to implement, quick to deploy, and designed to drive engagement and performance without unnecessary complexity. Vanson offers a technology platform with configurable tools that provides self-administer options to drive results.

Equally important is having the right partner. A good partner provides valuable support throughout the journey, helping companies configure rewards to fit their unique needs and assisting with add-ons like developing email campaigns and enhancing engagement strategies. Together, the right technology and partnership can create a successful program.

Why should a company consider offering employee engagement and sales incentive programs?

Hill: Offering employee engagement and sales incentive programs is critical for retaining top talent and ensuring the resilience of your organization. People are motivated by more than just salary — they value recognition, work-life balance, and meaningful benefits. Incentive programs don’t have to be complex; even simple, day-to-day recognition can go a long way. It’s about creating a program that works for all employees, not just a select few. However, implementing these programs requires a cultural shift within the organization, combining both a change in mindset and the right technology to support it. Focusing on your employees’ needs and making them feel valued is key to long-term success.

You joined Vanson Technology Services less than a year ago. What tips and guidance can you provide other professionals who are transitioning industries?

Hill: I’ve had the unique opportunity to work on both the client side and now the vendor side of Loyalty programs across multiple industries. Being on this side — with firsthand knowledge of client expectations — has pushed me to think differently about what we deliver and how we meet client expectations. It’s also opened the door to more strategic conversations, like helping other loyalty companies within CORA Group’s portfolio expand into new verticals. At the end of the day, it’s about maintaining strong networks and staying open-minded to new opportunities.

What is your biggest piece of professional advice?

Hill: Always stay true to yourself and uphold your integrity. Take the time to identify the key decision-makers and those who truly understand what’s happening within your organization. Knowing who can make decisions and offer support is crucial — otherwise, you risk getting caught in unnecessary red tape. Building strong relationships and trust with your peers is essential, as effective leadership relies on the two-way flow of information. Above all, remain focused on what will move the business forward.

Photo by Louis Droege on Unsplash

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Helping Credit Unions Compete: Our Conversation with TruStage’s Laurie Winger

Helping Credit Unions Compete: Our Conversation with TruStage’s Laurie Winger
By David Penn Posted on
Categories: Interview, Women in Fintech

As part of Finovate’s commemoration of Women’s History Month, our Women in Fintech column features Laurie Winger, Chief Financial Officer with TruStage. Formerly known as CUNA Mutual Group, TruStage is a financial services company that provides insurance, investment, and fintech solutions to individuals and businesses.

Winger has been praised by colleagues as a visionary and results-oriented, cross functional leader. At TruStage, she has helped transform a decades-old insurance company into a modern, technology-driven business.

In our Women in Fintech conversation, we discuss her origins in fintech and financial services, current trends that she has her eye on, and why it’s important for financial services companies to invest both human and financial resources into the fintech space.

Tell us about your role at TruStage and your journey into the fintech space.

Laurie Winger: I started my career as an accountant at TruStage, previously CUNA Mutual Group, more than 30 years ago. I spent the first half of my career in various finance roles – Budget Manager, Vice President of Finance, etc. – and then shifted my focus to credit union market strategy in the mid-2010s. At that time, our company was seen in the marketplace as an insurance rather than a technology company. Our goal was to change that perception and the best way to do so was to get more involved in fintech. This was when I first dipped my toes into the fintech space.

One of our first investments was the creation of our Ventures Portfolio, TruStage Ventures, which funds innovators focused on improving the financial services industry. A few years later, we also acquired Compliance Systems, a fintech provider of digital and dynamic compliance documentation, and CuneXus, a consumer-facing portal featuring financial services for credit unions. As Chief Product Officer at the time, I was very involved in the strategy and the execution of that acquisition. Since then, I returned to my finance roots as Chief Financial Officer while keeping a close eye on TruStage and TruStage Venture’s fintech acquisitions and investments, as well as being a member of various fintechs’ boards.

Recently, I’ve dipped back into the fintech side of our business by overseeing our Fintech Solutions team as part of my role as CFO. This team is focused on developing and implementing our Digital Storefront e-commerce platform (based on our acquisition of CuneXus mentioned above) which provides financial institutions with the ability to lend, generate deposits, and open accounts in a fully online experience – all centered around a consumer’s individual banking needs.

It seems like you had a strong role in building TruStage’s fintech strategy. Why did you see a need to provide more holistic support to credit unions?

Winger: I’ve always been a big fan of credit unions because their mission is consistent with ours at TruStage, namely the desire to help people who would otherwise not get access to financial products. Unfortunately, in the digital era, credit unions are having a harder time than ever competing with larger financial institutions and digital banks, and many are closing their doors or are being acquired. We realized early on that if we wanted to truly help credit unions compete, we needed to provide more holistic support. By investing in and making modern, end-to-end technology solutions available to credit unions of all sizes and helping them meet their members’ needs – we are ultimately helping consumers on their buying, borrowing, and saving journeys.

What changes have you seen in the fintech space in the last couple of years and how would you advise fintechs to react to these changes?

Winger: I am learning along with our entire organization that the current fintech market is very different than it was even just a year and a half ago. The high inflation environment has caused valuations to go down, so many fintechs are struggling to attract interest and raise money from third-party investors. They need to find new ways to generate capital.

The best way to do this is to listen to credit unions’ pain points and pivot their focus and/or messaging to meet those current needs. At the moment, growing deposits, finding ways to deepen existing relationships, and acquiring new members are at the top of the priority list for most credit union leadership teams. Fintechs that are heavily promoting lending technologies are probably having a hard time finding prospects, as many credit unions are running into liquidity challenges and are not able to lend as much as before. Pivoting their focus to respond to market needs, or tweaking their messaging to better appeal to potential prospects, will help fintechs stay afloat. The key to success in this economic environment is to listen to market demand, stay flexible, and be willing to take risks.

How are you and TruStage helping advance women leaders in the fintech and credit unions spaces?

Winger: As a company, we are very proud of the TruStage Ventures Discovery Fund, which invests $5 million annually in early-stage fintech companies led by BIPOC, LGBTQ+, and woman founders. We created the fund to address inequities in the financial sector and support underrepresented entrepreneurs, many of which are women. Personally, I also try to keep in touch with the female founders who have benefitted from the fund and build those relationships.

In the credit union market, I’ve also had the opportunity to be a mentor as part of the Credit Union Women’s Leadership Alliance (CUWLA) coaching program. The program pairs senior female leaders with women CEOs of credit unions with asset sizes of $300 million or less, providing a channel for support and the exchange of insights. I try to generously share my career experiences, successes, failures, and learnings with other women leaders as often as possible, as I think it is the best way to help other women advance and succeed in both the fintech and credit union industries.

Finally, as a Chief Financial Officer, why is it important to invest company resources (funds and people) into the fintech space to power future/tech-driven strategy?

Winger: Ultimately, it all comes down to remaining relevant. Financial services today operate in a fast-moving, competitive marketplace with ever-evolving consumer demands for seamless, digital-first transactions. No matter how well capitalized, any company that wishes to compete in this space must be willing to allocate investments towards innovations with the consumer expectation at the center. If they don’t, even the most venerable companies risk being passed by fintechs, start-ups, and the industry as a whole.

Photo by Josh Sorenson on Unsplash

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Hearing from Women Leaders in Fintech

Hearing from Women Leaders in Fintech
By Julie Muhn (@julieschicktanz) Posted on
Categories: Streamly, Women in Fintech

We had the privilege of sitting down and interviewing three remarkable women leaders in the fintech industry last month. As we bid farewell to Women’s History Month, we are thrilled to share the wealth of knowledge and experience they shared with us.

In our interview videos below, you’ll hear from Nadia Edwards-Dashti, Co-Founder at Harrington Star Group; Jen Godderidge, CEO & Founder at ATMO Technologies; and Chantal Swainston, Founder at The Heard.

These leaders delve into a variety of topics including personal and professional development, strategies for retaining female talent, the importance of empowering women in fintech, driving meaningful change within organizations, the role of coaching and mentoring, and the vital aspects of diversity and inclusion in the workplace.

Photo by Sound On

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Personalization, Customer Centricity, and the Future of Fintech and Financial Services

Personalization, Customer Centricity, and the Future of Fintech and Financial Services
By David Penn Posted on
Categories: FinovateEurope 2024, Moneyhub, Speaker series, Streamly, Women in Fintech

En route to FinovateEurope in London last month, a cab driver asked me what I did for a living. After giving it a few moments of thought (“fintech research analyst” doesn’t always cut it), I told him, “I get to meet interesting people and ask them interesting questions.”

This year at FinovateEurope, I had the opportunity to sit down with more than a baker’s dozen of fintech entrepreneurs, analysts, and authors to talk about some of the top trends in fintech and financial services. Here, as part of our Finovate Speaker Series, I’m looking forward to sharing these conversations with you over the next few weeks.

First up, in commemoration of International Women’s History Month, my interviews with Samantha Seaton, CEO of Moneyhub, and Anette Broløs, founder of Finthropology.

Samantha Seaton is CEO of open banking, open finance, and open data platform Moneyhub. The company’s technology helps transform data into personalized digital experiences and initiate payments. Seaton is also a Non-Executive Director at the Charities Aid Foundation Bank and at The Investing and Savings Alliance (TISA).

In our conversation, Seaton discusses the contemporary “obsession with personalization.” We also talk about the latest trends in financial services, the impact of AI, and what financial services can learn from other sectors when it comes to best leveraging new technologies.

How can the study of human cultures benefit banks? We posed this question to Dr. Anette Broløs, co-founder and Director of Finthropology.

For all the discussion of the power of data in financial services in recent years, Broløs believes that companies in this space have not yet done all they can do in order to take advantage of qualitative research that can help them become more customer-centric. As the co-author of the soon-to-be-released book, Customer-Centric Innovation in Finance, Broløs explains how methods common in anthropology can be effectively applied to financial services, potentially revealing insights that banks have been missing for years.

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A Demo of Our Own: 3 Ways Finovate Invests in Women

A Demo of Our Own: 3 Ways Finovate Invests in Women
By Julie Muhn (@julieschicktanz) Posted on
Categories: Women in Fintech

At Finovate, we are known for having companies demo their solution. Anyone can talk about their product, but showing how it works (especially in front of 1,000+ people) is difficult. Today, as we celebrate International Women’s Day– a day assigned by the United Nations— we wanted to do a demo of our own by showing three ways we are taking action on the theme for International Women’s Day, Invest in Women.

Here are three ways Finovate invests in women:

Scholarship program

We launched our scholarship program to spotlight underrepresented founders and startups tackling climate change, diversity, and financial inclusion through sustainable and equitable practices to support social and environmental change. Scholarship opportunities are available at all three Finovate events. In order to qualify for the women in fintech scholarship, the company must be either women-founded or women-owned and have less than $7 million in funding.

Equal representation on stage

Finovate’s speaker curator, Katie Gwyn-Williams, is committed to diversity, ensuring that each show features a balanced mix of male and female speakers, with at least 50% representation from each gender. As part of that she also makes a huge effort to ensure female representation on all panel discussions.

This is no small feat. Katie spends a lot of time and research to recruit the most knowledgeable females in the industry. That said, if you are a woman looking to represent your financial institution in a panel discussion, feel free to send a note her way; she’s currently recruiting for FinovateFall!

Women-centric events

Finovate is proud to feature a Women in Fintech gathering at every show. To be honest, I used to avoid sessions like these because they sounded too fluffy (who wants to talk about women when you can talk about fintech?). However, once I got over myself and began attending, I’ve found valuable discussions with actionable tips on how to uplift myself, my female colleagues, and even my daughter. Not only that, I’ve made meaningful connections with other women in the industry.

Why it matters

It is so easy to fall into discussions about the financial services industry’s insufficient efforts to invest in women. While many of the discussions are valid, let’s spend today promoting awareness about the change being made. Take action and talk about it to inspire others to make similar changes.

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Humanizing the Digital Experience: A Conversation with NCR Voyix’s Erin Wynn

Humanizing the Digital Experience: A Conversation with NCR Voyix’s Erin Wynn
By David Penn Posted on
Categories: Interview, NCR Corporation, Women in Fintech

We’re starting off our Women in Fintech series this year with a conversation with Erin Wynn. As Executive Director of Product Management at NCR Voyix, Wynn helps both community banks and credit unions form strategies to implement their digital transformation and product roadmap initiatives.

Wynn also works as a mentor and coach for the company’s internal pre-sales teams. In this role, she helps ensure that sales engineers, solution architects and business analysts are supporting NCR Digital Banking’s vision and solutions.

We caught up with Erin Wynn to talk about her own beginnings in fintech, as well as what she is learning from her customers and clients about the most important trends in our industry.

NCR Corporation changed its name to NCR Voyix in the fall of 2023 as the company spun-off its ATM-based business, known as NCR Atleos. Headquartered in Atlanta, Georgia, the company has 35,000 employees globally, and trades on the NYSE under the ticker symbol “VYX.” NCR has been a Finovate alum since 2015.

How did you get started in fintech? What has led you to where you are today in your career?

Erin Wynn: I began my career in 1998, working at a bank, where I got my first taste of fintech. I worked so closely with one of our vendors, Digital Insight, that I even went to work for them for a few years before a different opportunity presented itself. In the long run, however, I knew Digital Insight was my home, and I returned to them in 2012. Digital Insight was acquired by NCR Voyix’s Digital Banking platform in 2014, but has managed to keep the familial relationship that drew me back here.

My dedication to being a lifelong learner has led me to amazing opportunities, holding various positions within NCR Voyix. I look at every experience as a chance to be curious and learn something new. Whether it be from a client, a colleague, or a partner, I believe everyone has something valuable to share and learn from.

My passion and deep understanding for how our products work and helping financial institutions achieve success have been central to my growth. As the executive director of product management for Digital Banking at NCR Voyix, I lean into my banking experience to help community financial institutions develop strategies for implementing digital transformation and better support their consumers and communities. I empower them to help customers and members improve their financial wellness — a topic I’m especially enthusiastic about (and one that’s driven my career in banking!).

Which digital banking features and capabilities are most resonating with clients? What trends are top of mind for customers?

Wynn: A significant trend we’ve seen is centered around personalization, which really means reminding the consumer that you know and care about them; they’re not just another number. This means creating digital experiences that feel like they’re catered to each user. Financial institutions are realizing that they can’t just compete on low loan rates or high deposit rates. Even if that’s what got the consumer in the door, it won’t be what keeps them there. The financial institutions that emphasize building and maintaining relationships, as well as providing meaningful tools and support (such as financial wellness resources), will be better positioned for loyalty and success.

Another major trend I’ve seen is finding ways to increase overall efficiency. This can mean embracing more automation or researching ways to better maximize current staff and technology. Our clients, like most people, are looking for ways to simplify processes and quickly solve problems. For example, NCR Voyix can support marketing automation, an area of typically high turnover within institutions, helping banks and credit unions make every interaction count.

What has been the impact of AI on banks and credit unions and their accountholders? How should financial institutions begin to incorporate AI into their organizations?

Wynn: AI has notable potential. It can create personalized interactions with each consumer at scale and significantly increase efficiencies. AI can help institutions approach certain processes in different ways. For example, more institutions are using AI when it comes to lending decisions instead of solely relying on traditional factors.

However, when it comes to AI and, especially, generative AI, banks and credit unions should know that the technology is only as strong as the data and information behind it. There is a lot of work to train AI to make AI effective; it’s not a magic bullet. You must give it the right data and training to effectively work, while continuing to provide human oversight.

My advice for banks and credit unions who are considering how to use AI is to first ask themselves what they’re trying to accomplish. For example, is there more of a need to enhance back-office efficiencies? Or are they trying to offer different ways to support users? Don’t try to do everything all at once; it will be too much. Understand that it won’t be perfect from day one. You’re going to have to experiment and improve the AI along the way. 

What does it mean to effectively humanize digital experiences? How can banks and credit unions accomplish this?

Wynn: Effectively humanizing the digital experience means leading with empathy throughout the user experience on their phone or online. This could be something as simple as analyzing the language used in an error message. Evaluate everything with a person in mind; are you providing them with relevant information in a human way, making them feel comfortable and supported along the journey? Of course, personalization is also a major factor here, as well. Money and finances are extremely personal, and they need to be treated with care.

Data is a core factor when it comes to humanizing digital. Effectively leveraging data can uncover crucial consumer behaviors, channel preferences, transactional patterns, and key events in the consumer journey. Employing technologies like AI enables financial institutions to analyze this data more effectively, anticipating member behaviors and offering contextual assistance, such as tailoring their website content to specific needs.

Looking ahead, I expect banks and credit unions to prioritize looking for ways to incorporate more empathy and personalization within their platforms, which will drive relationships and loyalty with their consumers.

Are there any leadership tips that you would like to share with other strong females in a male dominated industry?

Wynn: It all comes down to confidence. Knowing your worth and intelligence goes a long way. Surround yourself with a strong group of women who lift you up and encourage you. When you start to see yourself the way others see you, you are more likely to take a risk in your career or feel more confident to speak up. Also, recognize what motivates and drives you, and know that it’s okay if those things change over time. Everyone constantly evolves in their journey, and you’re sure to learn something every step along the way.

Photo by Pixabay

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AI and the Fight Against Fraud: A Conversation with IDology’s Heidi Hunter

AI and the Fight Against Fraud: A Conversation with IDology’s Heidi Hunter
By David Penn Posted on
Categories: IDology, Interview, Women in Fintech

What are the opportunities and challenges of AI in the fraud prevention and identity verification space? We caught up with Heidi Hunter, Chief Product Officer for IDology, a GBG company, to find out.

IDology delivers a comprehensive suite of identity verification, AML/KYC, and fraud management solutions to help businesses drive revenue, deter fraud, and maintain compliance. Founded in 2003, IDology made its Finovate debut in 2012. GBG acquired the company in 2019.

Ms. Hunter joined GBG Americas in 2011 and has worked in both product innovation and customer success roles during her career with the company. She brings more than 13 years’ experience in supporting customers and helping them with their business needs through product innovation, support, and implementation roles.

Currently, Ms. Hunter is responsible for driving the company’s product roadmap and bringing new innovations to the identity verification market through strategic product development.

AI has brought on challenges and opportunities when it comes to fraud and financial crime. What are the principal challenges financial institutions are facing?

Heidi Hunter: There are four main areas of concern: cybersecurity and fraud, biased models, human oversight, and regulatory compliance.

Deloitte has written on the growing concern of AI as a cybersecurity and fraud threat, noting that 51% of executives interviewed believe that the cybersecurity vulnerabilities of AI are a major concern. One issue is the problem of more and better fake documents. AI will simplify creation of passports, driver’s licenses, and ID cards that are virtually indistinguishable from genuine ones. Another issue here is increased synthetic identity fraud. Generative AI is a productivity tool for fraudsters, creating highly realistic synthetic identities at scale.

Additionally, there is more effective phishing and social engineering. A recent study of 1,000 decision makers found 37% had experienced deepfake voice fraud. And Generative AI is used to fuel a surge in phishing tactics.

You also mentioned biased models, human oversight, and compliance.

Hunter: The use of AI and machine learning (ML) algorithms have come under scrutiny with concerns over data bias, transparency, and accountability. With regard to human oversight, 88% of consumers reported that they would discontinue a helpful personalization service if they didn’t understand how their data would be managed.

Lack of human oversight is also a regulatory concern. AI often lacks transparency, leaving businesses exposed when they must explain their decisioning, which has brought expectations of future regulation. AI-generated deepfakes are moving fast and policymakers can’t keep up.

Can the same technology that’s enabling fraudsters also enable FIs to thwart them?

Hunter: Yes, especially when AI is paired with human intelligence. AI benefits from experts charged with overseeing incoming and outgoing data. A trained fraud analyst accompanying AI-based solutions can catch new and established fraud trends. This includes novel threats that AI solutions on their own may miss.

From a compliance perspective, this means businesses can offer a more transparent solution and manage potential bias. Supervised AI can eliminate the need to manually verify an ID, and help provide the explanation needed for compliance and regulatory requirements.

Automation plays a major role in AI. So does human oversight. Can you talk about the relationship between AI and automation?

Hunter: Automation is typically rule-based and follows predetermined instructions, while AI can learn from data and make decisions based on that data. In other words, automation software operates on a set of predefined rules, while AI can make predictions and decisions based on the data it is presented with. The ‘predictions’ aspect of AI- and ML-based tech is where human supervision plays such an important role.

What is the proper balance between human oversight and AI? What role do humans have in an increasingly AI-powered world?

Hunter: Like with any tool, human-supervised AI is great when it’s one part of a larger identity verification (IDV) strategy.

Humans have a role at every ‘stage’ of AI use or implementation: in development, in terms of what data is being used to train a model; during deployment, where an AI-based tool is used and to what degree; and when it comes to holding AI-based tools accountable. This means analyzing a given output and what decisions a FI makes based on that output.

For identity verification specifically, how has human-supervised AI helped solve problems?

Hunter: Consumers also set the bar high for seamless interactions. For example, 37% of consumers abandoned a digital onboarding process because it was too time-consuming. Overcoming this challenge requires a comprehensive strategy. Human-supervised AI can play a critical role in the process, as it can quickly scrutinize vast volumes of digital data to uncover patterns of suspicious activity while also providing insight and transparency into how decisions are made.

Are businesses embracing human-supervised AI? What hurdles remain to broader adoption?

Hunter: Yes, because while there is a lot of excitement around what AI can do, several businesses and people in the academic community believe AI isn’t ready to make unsupervised decisions. As mentioned earlier, businesses show concern over AI operating on its own. Concerns range from ethical questions, to cybersecurity and fraud risks, to making a bad business decision based on AI. On a positive note, businesses are becoming more aware of benefits of supervised learning models.

Photo by cottonbro studio

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