Thoughtful discussions about current topics, moderated by American Banker editors.
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‘Fraud is pervasive throughout the entire industry’: Crypto insider
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Jake Donoghue, author of the book Crypto Confidential, shares some of the worst practices he saw as a founder of a cryptocurrency company.
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Some banks are making a Faustian bargain with fintechs: Karen Petrou
18:57
18:57
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Karen Petrou, the managing partner at Federal Financial Analytics and a long-time observer of banking and regulation, says banks need to do far more due diligence on potential fintech partners and exert more control over these relationships.
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What military members need from their banks
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25:05
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Two veterans and executives at Armed Forces Bank – Tom McLean and Jodi Vickery – share the challenges they see their customers face and new products the bank has rolled out this year to better serve them.
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Regulators are wise to be more careful’ after Chevron ruling
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Gene Scalia, the banking lobby’s lawyer on retainer for a potential challenge to Washington’s capital reform effort, discusses the state of administrative law after the overturning of a key legal precedent.
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Climate First Bank's plans to expand nationwide
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30:17
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The Florida bank has emerged from de novo status and can now offer its solar loans in a larger geographic footprint.
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Can data ownership be preserved in generative AI?
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Foundational models like GPT-4, the large language model behind ChatGPT, have hoovered up content from publications like The New York Times and social media sites like Reddit and OpenAI, and it faces several lawsuits because of this. John Thompson, global head of artificial intelligence at EY and author of the book Data for All, has set up what is …
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What might digital identity look like in the future?
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Proof of identity is critical for many things, including being able to open a bank account, get a job, or obtain health care. Yet proving one’s identity is getting harder in a world of frequent data breaches. We asked Mariana Dahan, founder of the World Identity Network and chair of the Universal ID Council, what she thinks will solve this problem.…
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“The law was very clear” inside the Fed master account debate
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36:53
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Custodia Founder and CEO Caitlin Long says the Federal Reserve has rewritten the rules around accessing the government's payments system. The central bank and a federal court judge disagree. Editor’s note: This conversation was recorded on April 17. On April 26, Custodia Bank filed a notice of appeal, signaling that it will challenge the district c…
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'There are risks': Betsy Cohen on banking as a service
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Banking as a service is expensive, it takes time and onboarding has to be done carefully, says the founder of Bancorp Bank, who now runs a venture capital firm that invests in fintechs.
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Cloud-based tech giants like Amazon, Google and Uber are changing the economy, and not for the better, asserts Yanis Varoufakis, a former finance minister of Greece and a professor at the University of Athens, who has written a book about the dangers of what he calls the "cloudalists."
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‘Not all fintech is good for people’: Jennifer Tescher
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Financial technology startups have developed some useful technology for consumers, such as automated savings, says Tescher, who founded the Financial Health Network 20 years ago. But some fintech innovations are more questionable.
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How banks are helping the fight against illegal wildlife trading
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26:17
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Geraldine Fleming, financial task force manager at United for Wildlife and Jonny Bell, director, EMEA, LexisNexis Risk Solutions explain how banks around the world are helping to catch criminals who illegally mutilate, kill and sell rhinoceroses, elephants, donkeys and other animals.
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‘Don’t fall for the sales pitches’: Advice on deploying AI
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Eric Siegel, author of the book The AI Playbook, explains what it takes to take traditional and advanced artificial intelligence projects from idea to execution.
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How challenger bank Upgrade grew during a dismal 2023
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29:04
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The neobank doubled its membership to five million consumers and hired 200 people last year. Founder and CEO Renaud Laplanche explains how it fared during a time when many fintechs struggled.
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How generative AI could reshape financial services in 2024
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Mike Abbott, global banking lead at Accenture, shared some of his predictions and opinions for the year ahead.
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Has the fintech movement lived up to its promise?
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The fintech revolution has been more successful at working with banks than at trying to replace them, points out Gene Ludwig, former Comptroller of the Currency, chair of the Ludwig Institute for Shared Economic Prosperity, and co-founder of Canapi Ventures. Those with “must have” products will fare far better in 2024 than those with “nice to have”…
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What to expect from VCs in 2024: Amy Nauiokas, Anthemis Group
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It's been a rough year for fintechs and for the venture capital firms that fund them. Venture capital flows into financial technology companies dropped by 36% year over year to $6 billion in the third quarter of 2023. But Amy Nauiokas, founder and CEO of Anthemis Group, is optimistic about 2024.
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2023 was a rough year for bank regulators. What might 2024 bring?
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Over the past year, the national bank regulators’ oversight of Silicon Valley Bank, Signature Bank, Silvergate Capital and other banks that failed has been criticized. Reports of a toxic workplace at the FDIC have come to light. And the OCC hired a Deputy Comptroller and overseer of fintech who had easily discoverable falsehoods on his resume. Mich…
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What fintechs think of the CFPB’s proposed data-sharing rule
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Penny Lee, president and CEO of the Financial Technology Association and Steve Boms, executive director of FDATA NA, explain what their members like about the proposed regulation and what they would change.
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How community banks can use tech to stay relevant
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Community banks sometimes feel that they lack the budget and staff to compete with larger banks and fintechs on things like mobile and online banking, virtual assistants and most recently generative AI. Jim Perry, senior strategist at Market Insights, suggests steps they can and should take to stay relevant technology wise.…
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What might the Sam Bankman-Fried trial mean for banks?
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The case is not really about cryptocurrency but about fraud, points out Seoyoung Kim, department chair and associate professor of finance and business analytics at the Leavey School of Business at Santa Clara University. But regulators and lawmakers are watching and the outcome of the trial will have repercussions throughout finance.…
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Citizens’ plans for using generative AI ethically: Beth Johnson
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Johnson, chief experience officer at Citizens Financial Group, shares some of her concerns about advanced AI and plans to use it for purposes including contact center support and coding.
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Why Ready Life CEO Ashley Bell is buying a Utah bank
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Bell, an attorney, founded Ready Life to help reduce the racial wealth and homeownership gaps by showing lenders that credit-score-less consumers have been responsible with their money, based on their daily transactions. Now he and Bernice King, Martin Luther King Jr.'s daughter, are buying a community bank just outside of Salt Lake City.…
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Are subprime cards a raw deal for people living paycheck to paycheck?
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21:58
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What are the best options out there for people living on the edge financially who have an emergency expense? The Global Black Economic Forum and the Center for Business and Economic Research recently completed a study called the 2023 Cash Poor Report that dives into this question.
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Partner Insights from ExtraHop: Catching cyber criminals in complicated banking networks
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17:10
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Financial institutions can trade billions of dollars per day and handle sensitive data for millions of customers across the globe, which make them enormously attractive targets for cybercriminals. Their defenses must be top notch and ever evolving to keep up with this threat, but FIs' infrastructures are usually vast and complex, straddling old, le…
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The unintended consequences of banning ChatGPT at work
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23:42
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Though generative AI has limitations and risks, there is a cost to ignoring it, according to Ryan Favro, a managing principal at Capco.
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Remote work, generative AI: Tech trends reshaping work in banks
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Immersive technologies and automation are also on the list of technologies that are here, employees want them and companies like banks need to deal with them, says Phil Simon, author of a new book called The Nine: The Tectonic Forces Reshaping the Workplace.
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What would it take to close America’s racial wealth gap?
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Marisa Calderon, executive director of a nonprofit community development financial institution, explains why the wealth gap persists, for instance systemic bias in the appraisal process, and what lenders could do to reduce it.
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Should banks put a pause on their AI projects?
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Leaders of many of the biggest tech companies recently signed an open letter calling on all AI labs to immediately pause the training of advanced artificial intelligence systems. Seth Dobrin, advisor to the Responsible AI Institute and former chief AI officer at IBM, shares his thoughts on where banks should be careful about using AI.…
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Can chatbots learn to understand human emotions?
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Dr. Aniket Bera, associate professor at the department of computer science at Purdue University, explains how AI can be used in the financial services industry to detect when a customer is angry or depressed or even when an employee is upset or about to commit fraud.
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Banking crisis’s wakeup call to banks: Risk management needs a refresh
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19:49
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Sumeet Chabria, founder and CEO of advisory firm Thoughtlinks and a former tech executive at Bank of America, explains some of the technology changes every bank should be making to ensure it’s not the next victim of a bank run.
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What bankers can learn from the 2023 banking crisis
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Brian Graham, partner and co-founder of advisory and investment firm Klaros Group, breaks down what went wrong with Silvergate Capital, Silicon Valley Bank and Signature Bank and what banks can do to avoid the problems that brought these banks down.
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Are big banks spreading misinformation about fintech?
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16:56
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Penny Lee, president and CEO of the Financial Technology Association, is pushing back on some claims banks and their trade groups have recently made about financial technology companies, for instance that fintechs don’t meet consumer financial protection standards.
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‘Fighting evil is not competitive’: Banks help detect crime at Super Bowl
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More than 50 million people are caught up in modern slavery, according to the U.N. Hidden crimes like human trafficking and elder abuse are more common than most people think. Ian Mitchell at The Knoble, who led crime detection at several financial institutions, works with banks to find signs of abuse and help law enforcement to help victims and ca…
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How this credit union learned to love no-code software
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Matthew Pincoski, director of engagement systems at Ent Credit Union in Colorado Springs, describes some of the ways he and his team have been using low-code and no-code software to do things like create next-best-offer messages for customers.
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How leaders can apply Buddhist principles in the workplace
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Enlightenment can be found in everyday activities like work, says Thane Lawrie, author of the book, The Buddhist CEO. Lawrie explains some of the Buddhist ideas that, when practiced, can make people better leaders, colleagues and family members.
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What the rising rate environment means for banks in 2023
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Mike Abbott, global banking lead at Accenture, predicts the trends that will change the way banks operate in the coming year, including a rate environment that hasn't been seen in more than a decade, a comeback for branches and soaring credit delinquencies.
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What kinds of financial help do small businesses need to weather 2023?
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About half of small businesses nationwide are now classified as financially unhealthy: They have difficulty paying bills on time, inadequate cash reserves or insufficient insurance. Eytan Bensoussan, founder and CEO of NorthOne, a neobank for small businesses, shares his thoughts on how banks and fintechs can help these customers survive.…
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It’s likely that laws and regulation will be enacted in 2023 that will rein in cryptocurrency-related companies and banks’ involvement with such companies. Georgia Quinn, general counsel, and Rachel Anderika, chief risk officer at Anchorage Digital, share the rules they think should apply.
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Kristy Kim says buy now/pay later is like fast food
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18:43
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The founder and CEO of the fintech Tomo Credit says the popular form of credit helps consumers perpetuate bad habits.
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‘Democrats lost the house. I’m less convinced that Republicans won it.’
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51:00
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A panel of experts discuss the midterm elections, the FTX blowup and the legislative and regulatory policy implications that both will have in Washington.
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Theo Lau and Brad Leimer, who run the consultancy Unconventional Ventures, have come up with three predictions for banks’ future. They also have advice on what financial institutions need to do to make the best-case scenario a reality.
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If Web3 is real, where do banks fit in — if they do? Alex Tapscott, managing director of the digital asset group at Ninepoint Partners and co-author of the book Blockchain Revolution, explains how the internet has evolved and how banks might take advantage of the latest iteration of it.
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Why Jill Castilla is developing a digital bank for military members
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21:41
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About 75% of military recruits arrive at a training base with no bank account and have to be bussed to a local bank to open one, says Jill Castilla, CEO of Citizens Bank of Edmond. The bank’s team is building a platform that will help service members save and build credit.
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When will big banks pay more for deposits?
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Technology has turned the art of deposit pricing into a science, say Betty Cowell and Rohan Shah, experts at Simon Kucher & Partners. They also predict when the large banks will raise their rates.
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We’ve become a culture where we live in the moment’: Suze Orman on savings woes
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23:58
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Half of Americans haven’t saved enough to cover three months of expenses. Personal finance expert Orman says everyone should have 12 months of emergency savings, and she’s working with a fintech, SecureSave, to help workers build a nest egg.
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U.S. banks get poor marks in global animal cruelty scorecard
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“Animal welfare scores low in priority at many financial institutions” in the U.S., says Merel van der Mark, animal welfare and finance program manager for Sinergia Animal, an organization based in Brazil that has been maintaining a ranking of how banks around the world perform on several measures of ethics with regard to animals.…
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Exit interview with CBA president Richard Hunt
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Consumer Bankers Association president and CEO Richard Hunt is retiring from the organization this summer, and in a wide-ranging interview he offers his thoughts on the future of the banking industry, the direction of the Consumer Financial Protection Bureau and what how banks can compete against less-regulated fintechs.…
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DJ DiDonna, founder of The Sabbatical Project, says the breaks help companies avoid staff burnout and recruit and retain high-performing employees. That may be why double the number of Best Fintechs to Work For offer sabbaticals this year.
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What will work in the metaverse look like?
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Ian Khan, futurist and author of the forthcoming book "Metaverse for Dummies," shares a vision of virtual workplaces where young developers, designers and other talented staffers will want to meet.
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