When you board a train on
When you board a train on the London Tube, there is a very polite recording that reminds you to “mind the gap”. “Mind the gap” so you don’t trip, so you don’t get your foot caught, so you will get onboard safely, quickly, and get to your destination.
Well in fintech, we need to start minding the trust gap. When a customer downloads an app and the verification fails, a third of them walk away because it is too much trouble. That is the number that keeps UX architects up at night. 33% of customers who have already downloaded the app walk away because the verification and onboarding process feels like an interrogation rather than an invitation.
But, it isn’t that simple, right? Banks and Fintechs need to be more careful than the average app. With KYC requirements, they can’t just hope people are whom they say they are. In the last few years, fraudulent account openings has been the top strategy of cyber thieves and consumers lost more than $16 billion due to fraud and identity theft. Banks and Fintechs straddle an almost impossible line, meeting customers demands for both a hassle-free and safe onboarding experience that works seamlessly in their lives.
So what strategies can banks and fintechs use to strike the proper balance between security and ease? Scarlett Sieber and Sanjib Kalita share the insights from Rodger Desai, CEO of Payfone, and Jason Wilk, CEO of Dave to answer how financial institutions can help Mind the Trust Gap.
Producers: Roland Bodenham, Rachel Morrissey
Hosts: Sanjib Kalita, Scarlett Sieber
Guests: Rodger Desai, CEO of Payfone, Jason Wilk, CEO of Dave
#fintech #innovation #financialservices #millennials #finance #podcast
MoneyPot Podcast makes
MoneyPot Podcast makes their picks for Super Bowl 55 with your host Nate "Moss Money" Moss, and Brent "B.Diddy”. We break down up to date new, our best props of the day , and same game parlays.
Here Comes the Money
By: Jim Johnston
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BY: Young Taylor
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The challenges of
The challenges of COVID-19 present opportunities to innovate and confront complex issues. Where do individual rights end and societal protection begin? What are the tradeoffs between privacy and national security when literally millions of lives are at risk? Thankfully, we don’t have to make that choice. Riddhiman Das, founder of Triple Blind, has created technology that preserves privacy while still enabling appropriate actions based on data and algorithms that remain encrypted. On the treatment side of the COVID-19 equation, we explored another exciting initiative with Mike Froman, from Mastercard. The Mastercard Impact Fund is teaming with the Gates Foundation and Wellcome, to create the COVID-19 Therapeutics Accelerator, focused on finding treatments and vaccines.
Guests: Michael Froman, Chairman of the Board, Center for Inclusive Growth, Mastercard
Riddhiman Das, Founder, EyeVerify and Triple Blind
Hosts: Sanjib Kalita, Editor-in-Chief, Money20/20
Rachel Morrissey, Content Producer, Money20/20 USA
Producers: Roland Bodenham, Senior Video Editor, Ascential Rachel Morrissey, Content Producer, Money20/20 USA