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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
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.
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.
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.
Artificial intelligence has taken the technology world by storm – and fintech is no exception. But questions remain as to how AI can be best applied in the world of fintech and financial services.
I talked with Anu Sachdeva, Global Service Line & Solutions Leader at Genpact, during the FinovateFall conference last month to discuss the role of generative AI in particular in financial services. Among the topics covered were:
How banks can realize the true value of generative AI.
What use cases banks and other financial services organizations have found for generative AI.
What are the most important considerations for financial services organizations when adopting generative AI.
New York-based digital bank Grasshopper announced a partnership with automated financial crime assurance and testing specialist Cable.
The partnership will enable the bank to enhance its own compliance and risk management capabilities.
Cable made its Finovate debut last September at FinovateFall.
Digital bank Grasshopper has turned to Cable for its automated financial crime assurance and testing capabilities. The bank will leverage Cable’s technology to deploy next-level automation that will enhance the advanced compliance and risk management capabilities of its own compliance program.
“Cable will help us and our fintech partners take advantage of the latest automation to gain superior visibility and comprehensive compliance insights, which will enable our clients to scale more efficiently and responsibly – back by the leading advanced compliance technology,” Grasshopper Chief Compliance Officer Chris Mastrangelo said.
Cable offers a solution that enables both banks and fintechs to automate their compliance assurance and effectiveness testing. The company’s Automated Assurance offering helps institutions discover regulatory breaches and control failures when they occur, empowering compliance teams to take immediate action. Cable’s technology streamlines a variety of manual processes including operations in quality control, stakeholder reporting, and record management. The company says that businesses have achieved nearly a 6x average return on investment in their first year using Cable. Clients using Cable’s complete suite of solutions have saved an average of $440,000 a year, according to the company. Cable demoed its technology at FinovateFall last year.
Based in New York, Grasshopper is a digital bank with total assets of more than $700 million. The institution caters to the “innovation economy,” serving small businesses, startups, venture capital and private equity, as well as fintechs. The bank’s partners include a number of Finovate alums including Visa, FIS, and Alloy. Grasshopper won Best Use of Tech in Banking at the 2023 Banking Tech Awards USA sponsored by sister publication Fintech Futures.
“As one of the most innovative BaaS providers, Grasshopper demonstrates that integrating cutting-edge compliance infrastructure and automation is mission-critical to the success of the best BaaS companies in today’s banking landscape,” Cable CEO Natasha Vernier said. Grasshopper will take advantage of Cable’s Partner Hub, which provides compliance infrastructure that is specifically designed for bank-fintech relationships. This includes automated risk assessments, automated assurance, quality assurance, management information, reporting, and more.
Vernier co-founded Cable with Chief Product Officer Katie Savitz in 2020. The company raised $11 million in Series A funding in May. Stage 2 Capital and Jump Capital provided the financing, along with existing investor CRV. This year alone, Cable has partnered with digital asset custody platform Palisade, embedded banking software platform Treasury Prime, U.K. bank Griffin, and crypto payments company Ramp.
Financial mentorship platform for women, Penny Finance, has launched a new automated account integration.
The new offering comes courtesy of a partnership with financial data connectivity innovator Plaid.
Wall Street veteran Crissi Cole founded Penny Finance in 2020.
Penny Finance has added a new feature courtesy of the company’s partnership with Plaid. The financial mentorship platform for women announced the launch of a new automated account integration that will power enhanced money insights for its members. After linking their bank accounts to the Penny Finance platform, members will receive personalized, financial wellness reminders via email. Members will also get a customized version of Penny Finance’s education and mentorship guidance. This includes everything from helping members understand the differences between their various accounts, to strategies to maximize their financial opportunities. An example of the latter could be a suggestion to transition from a standard savings account to a high yield savings account.
“Managing your finances should be easy. You shouldn’t have to dig through statements, read a finance book, or ask your dad how to manage your money,” Penny Finance CEO and founder Crissi Cole said. “We are so excited to take the guesswork out of managing your money for the most high-potential group of investors out there: women.”
Cole founded Penny Finance in 2020. The company is the first personalized, tech-powered financial mentorship platform to offer real-world advice to women who lack access to a financial advisor. Earlier this year, the company earned a spot in the 2023 Techstars Future of Longevity startup accelerator in partnership with Pivotal Ventures. Penny Finance is among ten startups participating in the program.
Penny Finance began the year with the launch of an all-in-one community feature. The offering provides a welcoming space for women to come together and share advice on a variety of financial wellness topics. The Penny Finance team moderates the new feature, which hosts questions on everything from debt management to investing.
“Women are whip-smart,” Cole said when the community feature was introduced in January. “We are more educated, live longer, and yet, we typically retire with one-third of the wealth of a man. Why? The system wasn’t built for us. The world of finance is a ‘boys club’ with its own rules. But, the good news is, it’s not as complicated as they made it out to be.”
Plaid has been a Finovate alum for nearly a decade. The company introduced itself to Finovate audiences as part of our developers conference, FinDEVr SiliconValley, in 2014. In the years since, the financial data connectivity innovator has grown into a leading fintech that powers more than 7,000 apps and services with its API-first network. The company also facilitates connections to more than 12,000 financial institutions. Headquartered in San Francisco, California, Plaid was founded in 2013. Zach Perret is CEO.
The Finovate Sustainability and Inclusion Scholarship Program is an opportunity to showcase innovative startups that are embracing strong ESG principles as a key part of their offering. To commemorate Earth Day this weekend – and the importance of the “E” in ESG – we’re highlighting three companies that have earned scholarships in the Environmental/Sustainability category.
Daizy
Founded in 2019, Daizy won the Sustainability category of our Finovate Scholarship program in FinovateFall 2022. The company’s technology leverages AI to help investors access the data-driven stories behind the biggest companies in the U.S. Daizy has combined its expertise in ESG, analytics, data visualization, and natural language processing to offer an app that enables users to link their brokerages accounts, build watchlists, as well as track and search for new investment ideas using Daizy’s NLP portfolio, stock, and crypto search functionality.
Daizy Chief Operating Officer Andrew Peddar at FinovateFall 2022.
Based in the U.K., Daizy has raised $3 million in funding. Deborah Yang is co-founder and CEO. Follow Daizy on Twitter. Connect with Daizy on LinkedIn.
Energy Shares
Energy Shares won the Environmental category of our Finovate Demo Scholarship program for FinovateFall 2022. The company is a FINRA-registered broker-dealer and equity crowdfunding platform for utility-scale renewable energy projects in the U.S. Energy Shares facilitates access to investment opportunities in renewable energy projects, opportunities that were previously only available to institutional, corporate, and select retail investors. Via the Energy Shares platform, investors and developers can connect and collaborate to support renewable energy initiatives and support the growth of the renewable energy industry.
Energy Shares Social Media and Community Manager Chloe Breau and CMO Mark Kapczynski at FinovateFall 2022
Energy Shares was founded in 2020. The company is headquartered in Pasadena, California. Follow Energy Shares on Twitter. Connect with Energy Shares on LinkedIn.
Little Blocks
Hyderabad, India-based Little Blocks won the Environmental category of the Finovate Demo Scholarship program for FinovateEurope 2023. The company leverages industrial IoT sensors and blockchain technology to foster access to risk capital for expenses like machinery purchases. Little Blocks’ technology tokenizes each machine and ownership is distributed among the token holders, each of whom has a stake in the underlying cash flows. This enables manufacturers to pay based on the actual use of the machine rather than a fixed monthly loan repayment.
Little Blocks co-founder and CEO Hanu Panchakarla at FinovateEurope 2023.
Little Blocks was founded in 2022 and is funded by a grant from the Startup India Seed Fund.
FinovateEurope in London was a veritable bonfire of fireside chats! And now, courtesy of Finovate TV, you can check out many of the conversations we had with leading fintech entrepreneurs and technologists.
Here’s our Fireside Chat conversation with Bianca Zwart, Chief of Staff to the CEO of Dutch neobank bunq. We talked about the innovative fintech’s origins in the wake of the financial crisis, the challenge and opportunity of “borderlessness” in Europe, and bunq’s goal of being the “global neobank for digital nomads and international people and businesses.”
On the origins of bunq
Zwart: We were founded just after the financial crisis of 2008. Our founder and CEO Ali Niknam looked around and he saw a lot of people hurt by what was happening. A lot of his friends couldn’t get a mortgage. They were forced to sell their houses – or they couldn’t get a loan as an entrepreneur. He looked around and he saw that people were just pointing fingers, blaming each other and nobody was actually fixing the problem.
On the uniqueness of bunq’s business model
Zwart: We were completely self-funded by our founder for nearly a decade, which gave us the independence to focus on what we wanted to focus on: building a product that people love to use, to bring a service model back to the banking industry. We were the first to introduce a subscription-based model because we were convinced that if you build a product that people love to use, they are willing to pay a fair price for it. By doing so, your commercial reality is directly linked to user happiness.
On the challenge of Europe’s borderless Millennial and Gen Z consumers
Zwart: We all look at Europe as a continent, but it’s just a mixture of so many different countries. Banking is super personal, super cultural. Consider the difference, for example, between the Netherlands and Germany in terms of how we look at money, how we deal with money payment infrastructure. It’s a completely different ballgame and we want our users to have access to financial services wherever they go without having to worry about that.
Today is the final day of Women’s History Month. At Finovate, we have spent the past 30+ days highlighting the accomplishments of women in our industry. We began our commemoration with a look at the women who would demo their companies’ latest technologies at FinovateEurope. We followed up on International Women’s Day, showcasing the women who would deliver mainstage keynote addresses at the conference. And just this week, we featured the winners of the “Female Founded/Owned” category of our Finovate Demo Scholarship program for fintech startups.
Today we share insights from Maggie O’Toole, Vice President of Strategic Partnerships at TabaPay. Headquartered in Mountain View, California, and founded in 2017, TabaPay is a specialist in real-time money movement. The company facilitates one million transactions every day, has more than 2,000 clients, and is the number seven ranked CNP (card-not-present) acquirer in the U.S.
We caught up with Ms. O’Toole to discuss her work at TabaPay, her experience as a female leader in fintech and financial services, and what needs to be done in order to enable more women to secure leadership roles in our industry.
Tell us about your background and current position at TabaPay.
Maggie O’Toole: When I graduated college and moved to the United States from Poland, I faced some of the biggest challenges of my life. Being an immigrant in a new country without speaking the language was a difficult experience, but it also ignited a fire in me to prove that I could succeed.
Over the past decade, I’ve dedicated myself to the payments industry, focusing on strategic partnerships that help businesses thrive. My time at Onbe was particularly impactful; I had the opportunity to lead the charge on launching new products and forging partnerships that enabled real-time payments. I’m proud to say that I played a pivotal role in helping Onbe grow from a startup to a scaled enterprise, while completing a successful M&A strategy.
Today, at TabaPay, I focus on maximizing value for our clients and positioning the company for long-term growth. Building solid relationships with clients, networks, and banks is at the heart of everything I do. I take pride in the fact that I’ve been able to establish a partner management department from scratch, which is set to quadruple in size by the end of the year.
My journey has been anything but easy, but it has shaped me into the leader I am today. I’m passionate about the payments industry and helping businesses succeed, and I’m excited to see where my journey will take me next.
What challenges have you faced as a woman in fintech, and how have you overcome them?
O’Toole: As a woman in fintech, I have faced various challenges throughout my career. I’m still amazed by the vast underrepresentation of women in leadership positions in the industry. This has made it more difficult to find role models or mentors who share similar experiences and can provide guidance and support.
Another challenge I have faced is the pervasive gender bias that exists in many aspects of the industry. This bias can manifest in subtle ways, such as being interrupted or talked over in meetings, or in more overt ways, such as being passed over for promotions or opportunities.
To overcome these challenges, I have sought out supportive networks of women in fintech and other industries. These networks have provided me with invaluable mentorship, advice, and opportunities for growth. I have also worked hard to advocate for myself and my accomplishments, and to challenge gender bias whenever I encounter it.
Furthermore, I have always prioritized my personal and professional development. I have sought training and education opportunities to improve my skills and knowledge, allowing me to excel in my role and advance my career despite these challenges.
How have these challenges shaped your leadership style?
O’Toole: My experiences as a woman in fintech have influenced my leadership style. I believe overcoming challenges and facing obstacles head-on has helped me become a stronger and more effective leader. By persevering through difficult times, I have developed a resilient and adaptable leadership style; I’m always ready to take on new challenges.
One way these challenges have shaped my leadership style is by making me a better communicator. I have learned the importance of clearly articulating the company’s vision and plan to my team, so everyone is on the same page and working towards the same goals. Additionally, I have become more empathetic and understanding of my team’s needs, providing them with the support and guidance they need to be successful. I truly believe that sound, repeatable, positive business results are a natural outcome of prioritizing our employees, clients, and partners through building trusted and safe relationships.
Finally, setbacks and failures have taught me to view them as learning opportunities and growth. I encourage my team to adopt a similar mindset and not to be afraid to take risks and make mistakes. I believe that taking pauses periodically and reflecting on where we are and where we’re headed as a team is essential for long-term success.
Overall, my experiences have made me a more effective and compassionate leader, and I am grateful for the lessons they have taught me.
What is your approach to building work environments and teams?
O’Toole: My approach to building work environments and teams is rooted in building strong relationships. As a leader, I believe it’s essential to take the time to understand the backgrounds, experiences, and perspectives of each team member to foster a culture of trust and mutual respect. By investing in these relationships, I aim to create an environment that empowers individuals to be their best selves and feel supported in their growth and development.
I strive to create a work environment that encourages collaboration, creativity, and innovation. This includes providing opportunities for open communication and feedback, as well as recognizing and celebrating individual and team achievements. Ultimately, I aim to build a team united by a common purpose and inspired to work towards a shared vision.
What are the most important qualities for women in leadership positions in fintech, and how can they develop these qualities?
O’Toole: As women in leadership positions in fintech, we have unique perspectives and valuable insights to bring to the table. We must have confidence in our abilities and not let anyone else define us or hold us back. We should proudly tell our stories, embrace our individuality, and be intentional with our time and energy.
To develop the necessary qualities for leadership, we should constantly be growing and learning, personally and professionally. We can bring new skills and lessons from our personal lives into our work and vice versa and remain open to new perspectives and opportunities for growth.
As leaders, we must be intentional about what we say “yes” to, knowing that every decision comes with trade-offs. We should prioritize our strengths and areas of expertise and allocate our time strategically to make the most significant impact on our teams and organizations. By doing so, we can create a more fulfilling and rewarding work environment for ourselves and those around us.
How do you see the role of women in fintech evolving over the next five years, and what are your thoughts on the industry’s progress toward gender parity?
O’Toole: The fintech industry has come a long way regarding gender parity, but much more work remains to be done. As a female leader in fintech, I’m confident that women will continue to play a pivotal role in shaping the industry over the next five years, and beyond.
Companies need to recognize the value of diversity and make a concerted effort to hire and promote female leaders. This is not about meeting quotas, but about creating a genuinely inclusive workforce that reflects the communities we serve. By empowering women to take risks, dream big, and believe in themselves, we can develop a culture of success that benefits everyone.
At TabaPay, I’m proud to be part of a team committed to diversity and inclusion. With 55% of our employees and 65% of our leadership identifying as women or non-binary, we’re setting a powerful example for the rest of the industry. In the years to come, I believe we’ll see even more significant progress as more companies recognize the critical importance of gender parity in fintech and beyond.
In 2022, Finovate launched its Demo Scholarship Program. The goal of the program is to highlight fintech founders from underrepresented communities, as well as fintech startups that are tackling issues of climate change, diversity, and financial inclusion. At each event, starting with FinovateFall in 2022, Finovate grants five scholarships in the categories of Environment, Social, Governance, Person of Color Founded/Owned, and Female Founded/Owned.
With Women’s History Month drawing to a close this week, we wanted to take a moment to highlight the scholarship winners in our Female Founded/Owned category since our scholarship program was launched last year.
Pave
FinovateSpring 2023 Scholarship Winner – Headquartered in Palo Alto, California, Pave enables credit risk teams to identify healthy borrowers, optimize credit limits, and improve collections outcomes. Pave’s technology provides access to a unified view of end customers’ cash flow and financial profile to help power a range of use cases including cash advances, credit building, overdraft protection, and more.
Pave was co-founded by Ema Rouf in 2020. Previously, Rouf co-founded Adazza – a company that built integrations with telecoms and mobile money operators in emerging markets including Africa and Central Asia in order to collect and analyze data for analytics and machine learning applications.
Quoroom
FinovateEurope 2023 Scholarship Winner – Headquartered in London, U.K., and founded in 2018, Quoroom offers an end-to-end fundraising and cap table management software solution for private companies. The firm’s technology enables users to raise capital up to four times faster thanks for Quoroom’s investment workflows. Quoroom supports a range of functions including building an investor pipeline and conducting investor matchmaking and outreach, as well as legal completion and cap table management.
Ulyana Shtybel is co-founder and CEO. Shtybel was named to the Inspiring Fifty Europe’s roster of the Top Fifty Women in European Tech for 2022.
TAZI AI
FinovateEurope 2023 Scholarship Winner – Based in San Francisco, California and founded in 2017, TAZI AI is a machine learning platform that enables businesses and data scientists to develop ML models for agile decision-making. The company earned recognition from Gartner as a Cool Vendor in Core AI Technologies for its continuous learning, explainable AI, and human-in-the-loop technology. TAZI AI won Best of Show in its Finovate debut at FinovateEurope this year.
Zehra Cataltepe is co-founder and CEO. A former professor of computer engineering for 17 years, Cataltepe is a member of the Forbes Technology Council, and an alum of the Alchemist Accelerator, Class 26.
Debbie
FinovateFall 2022 Scholarship Winner – Based in Miami, Florida and founded in 2021, Debbie is the Noom for debt loss. The company leverages behavioral psychology and rewards to help users pay off 3x more debt and enable lenders to recession-proof borrowers. Debbie won Best of Show at FinovateFall 2022 for its app that guides borrowers in a curriculum based on actionable financial assignments, offers rewards for successful goal achievement, and makes it easier for borrowers to connect and track all of their debt accounts.
Co-founder Frida Leibowitz is CEO. A member of the inaugural class of On Deck’s fellowship program in 2021, Leibowitz spent more than two and a half years working for Marcus by Goldman Sachs.
Last week, to kick off Women’s History Month, we highlighted the women who will be representing their companies on Day One at FinovateEurope on March 14 next week in London.
Today, on International Women’s Day, we would like to introduce you to the women who will be taking center stage with keynote addresses, fireside chats, and more on Day Two of FinovateEurope.
Suraya Randawa
Head of Omnichannel Experience at Curinos, Panelist. Meet at the Cafe.
This week starts the official commemoration of Women’s History Month. And with FinovateEurope less than two weeks away, we thought the two occasions provided a great opportunity to showcase some of the women who will take center stage on March 14 at the Intercontinental O2 in London to demo their company’s latest fintech innovation.
Gerlinde Berghofer, COO and Co-Founder, BehaviorQuant
FinovateEurope starts on March 14 and continues through March 15. Tickets are still available – and early-bird savings end this week. So visit our FinovateEurope hub today and save your spot!
