Fintech Nexus and AFS East Recaps

Fintech Nexus and AFS East Recaps Informed
Fintech Nexus and AFS East Recaps Informed

The Informed Team is just back from Fintech Nexus in New York, where the watchword was “divide and conquer.” So many things to do and places to be! On day one, CEO Justin Wickett took to the stage with Tanya Sanders, Head of Wells Fargo Auto, in a panel discussion moderated by Whitney McDonald, Deputy Editor of Bank Automation News.

The panel, “How Banks Benefit from AI & Data in Auto and Consumer Lending,” was a hit with the large audience. So much so that the speakers ran out of time for audience Q&A, leaving many attendees waiting around after the session to meet Justin and Tanya. Across the conference, the team had 25+ scheduled meetings plus countless discussions with people who stopped by the Informed booth.

As you might expect, there were some questions around ChatGPT, but more around practical applications of AI in banking such as, “How does AI improve the efficiency of banking operations,” and “How does AI detect and prevent fraud?”

Key Themes

Fraud was a key theme, with numerous vendors demonstrating capabilities to detect income, identity, and employment misrepresentation. It is well known that the shift to digital channels has opened the door for fraudsters. So financial services firms must build a “toolkit” and orchestrate fraud and risk vendors to find a mid-point between friction and risk detection and a quick and seamless customer experience.

Another key theme was financial inclusivity. Speakers from Visa, Pinwheel, Pagaya and others preached about needing access to data and tools to serve the underbanked population. To do this effectively, lenders need access to large amounts of data, bespoke income verification solutions, and comprehensive risk models. We are proud to be among the key vendors helping financial institutions reach the unbanked population by helping our lenders glean insights from millions of unique data points across our platform.

Women in Fintech Luncheon

Fintech Nexus and AFS East Recaps Informed

One of the highlights of the conference was the Women in Fintech Luncheon where a panel of  women shared their experiences, challenges, and successes in the fintech industry. The room was packed with talented women discussing trends and opportunities in fintech. In a traditionally male-dominated industry, it was nice to see a roomful of accomplished women.

In addition to meeting with local customers and prospects offsite we also held a small golf event at the Golf Club at Chelsea Piers. It was a great venue to be outside, watching the sunset over the river, while socializing over golf and a Happy Hour. Everyone enjoyed chatting in a more relaxed setting and getting golf tips from the resident pro!

The other half of the team headed to Nashville for Auto Finance Summit East. Below is a recap of that event.

AFS East

Fintech Nexus and AFS East Recaps Informed
Fintech Nexus and AFS East Recaps Informed

Chase Chief Executive Peter Muriungi took the stage first and described his interest in seeing how AI will impact the auto industry. During his fireside chat, he commented that it is wise to build an infrastructure that is ready for AI as it feels like it will have meaningful changes.

The second session, and first panel of the conference, had representatives from TDECU, Fifth Third Bank, and Wells Fargo. There was an engaging discussion around the increased interest rates and potential uptick in leasing. Sumit Sukhramani, Head of Auto Technology at Wells Fargo described the need for resilient and nimble systems to enable quick reactions to market conditions. He shared Wells Fargo’s focus on their mobile app, automating and moving away from manual processes, and their 10 year digital infrastructure strategy.

AFS guests were treated to a luncheon and speaker, Dr. Virntia Dixon, Chief Diversity Officer at Santander USA, who emphasized the importance of human connection in diversity, inclusion, and equity programs. She noted that mentorship is not enough – you need to include advocacy and sponsorship.

The conference had a heavy focus on the rise of electric vehicles and whether meeting goals set forth by President Joe Biden were realistic. Chase’s Peter Muriungi postulated that going from 5% to 25% adoption in a few years was not unreasonable if you believe historical trends that reflect a 5% inflection point. Many lenders said they did not plan to finance these vehicles differently, while others pointed out the concerns over battery life and how that might impact collateral value.

Several Informed team members attended a panel discussion around lenders working with Fintechs. Lenders emphasized the importance of innovation and the balance that needs to exist with risk tolerance. There was a light discussion around the future with ChatGPT but many felt it was soon to tell how it would play, and the fear around removing human empathy.

A consistent theme throughout the conference conversations involved aligning stakeholders, conducting proper due diligence with Fintechs, and working to ensure your partners align with your company’s values.

The Informed team had great conversations around time to fund, reducing error rates, integration best practices, and straight through processing auto loans to provide best in class service to dealers and customers.

And while some of us are back at home, others have gone to Orlando where Informed partner FIS is having their Emerald Conference and Informed is participating in a panel. If you’re in Orlando, check it out! If you’re not in Orlando and would like to learn more about Informed or see a demo, contact us today.

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