Ah, Fintech Nexus 2023 in the Big Apple. Don’t get us wrong - Vegas is nice, but the New York, New York casino isn’t quite the same as the real thing. (Also, the hot dogs are way better here.)
Usually we try to bubble up the top three conversations folks were having at the events we attend, but at Fintech Nexus, these two were so big they crowded out a lot of other issues.
1. Fraud, fraud, and did we mention fraud?
Holy cannoli, this was hands-down the biggest topic of conversation, in presentations and in the halls, thanks largely to the Fraud Fight Club super-track.
Topics in sessions that spilled out onto the conference floor included:
- Real-time payment fraud
- Synthetic ID fraud
- AI and fraud
- Credit card fraud
- Check fraud (it still exists!)
- Bots and fraud
And a big shout-out to Cecilie from The Tinder Swindler for sharing the impact of fraud on her life. Because we spend a lot of time talking to folks in payments and collections, we hear a lot of fraud stories, and it causes systemic as well as personal distress.
We’re excited to be part of fintech’s work to tackle fraud.
Because our AI Intent Engine is trained specifically on consumer finance conversations, we can detect potential fraud and deploy tools to combat it, such as using our real-time agent assistance solution to coach agents through extra protections for vetting consumers.
2. Credit invisibility
We weren’t surprised to hear so much talk about credit invisible consumers. It is a huge opportunity for fintech, and everything we heard had great potential.
The breadth of the data AI can analyze and the actionable transparency it can yield offers a path to evaluate creditworthiness without a credit history.
Whether it’s borrowers who are truly credit invisible, thin unscored, stale unscored, or simply underbanked, fintech has a big opportunity to deliver.
Traditional techniques aren’t delivering for underserved prospects who are locked out of everything from home ownership to jobs, which includes folks in poverty or people of color, but an enormous segment of both Millennials and Gen Z.
We heard some good discussions about looking abroad for guidance - Australia, the UK, Singapore, and Hong Kong are all moving forward on legislation that could open up opportunities like using buy now, pay later data (this piece in American Banker has some good details).
Thanks to the folks on panels including “AI as the Key to Assisting the Underbanked” and “Lending to Underbanked Populations” for lighting a fire under this conversation.
We’ve got our Yankees #1 foam finger and Statue of Liberty snow globe along with all the great ideas we got from being part of Fintech Nexus.
We appreciate being part of the fintech community and its efforts to transform and disrupt traditional consumer finance to modernize practices and improve opportunities for everyone. See you at FinovateSpring?