Intelekt AI’s Post

Thanks for sharing Lee Fulmer Some questions to consider for those who have seen this situation Citi Who owns data and responsibilities in your org? and at what level? with what SME background? The #COO? The #CDTO? The #CDIO? The #CDAO The #CDO? Based on my experience, the other consideration is ...what is your company's exposure to data risk... while all companies face GDPR ++ compliance, financial services firms face many more regulatory matters making the #CDO a very critical Exec Team level position Sheetal Patole Lee Fulmer Lee Fulmer Sanjeevan Bala Roberto Maranca Sid Shah Lorenzo Bavasso Brad Currin Susanna Moan Inderpal Bhandari Juan Jose Casado Mike Ferguson Douglas Laney Alexandra Sidgreaves Tom Spencer Orlando Machado Kshitij Kumar Micheline Casey Ali Khan Hugh Stevens Samir Boualla Maddie Armitage Nirali Patel Kinnari Ladha Kyle Winterbottom Jeff Bank Lyndsay Weir Julie De Moyer

“Make check processing cool again.” It’s my motto for the troops. For those of you scratching your head wondering how check processing will ever qualify as “cool,” I invite you to ask yourself the following questions: ♠️ Is reducing settlement times from 10 days to under 2 days for billions of dollars in payments cool? ♠️ Is helping bankers sleep at night, because regulators aren’t breathing down their necks about missed capital requirements cool? ♠️ Is utilizing the payments data we have from 2 billion paper checks (last year alone) to transform the entire system from analog into electronic cool? Do I have your attention now? Good! The average customer I speak to every day is overwhelmed and overcommitted. 🔹 Banks of all sizes are focusing hard on Capital Thresholds, with urgency needing to raise deposits. 🔹 Rampant fraud, aided by AI, is eating a big hole into the banks already thin bottom lines (with check fraud losses increasing). 🔹 Growing competition for enterprise business is making new feature development ever more important, while banks remain significantly constrained by legacy infrastructure. Now, let me explain how we made processing checks cool: 🔺 Banks processing billions in paper checks are getting their deposits 7 days faster 🔺 They are digitizing paper checks mid-flow, capturing the payments data with full visibility and removing huge downstream fraud risks. 🔺 They are offering their enterprise customers new toolkits, developed outside the politics of their own 4 walls, but integrated downstream where it counts. Throw your collars up– and lets roll..

🔔 An interesting post. My thanks to David Eddy for drawing my attention to it As an Information Architect I am fascinated by the fact (a noun meaning "a thing that is known or proved to be true") that this CIO did not understand what the meaning of the 'I' in their title meant. Then again perhaps the CEO and Chairman of the Board did not understand the meaning of what the 'Golden Thread' was & how a better definition of the word 'Information' provides it. Anyone remotely interested in what the 'Golden Thread' means and how, in 1990, without the availability of the internet or SQL, with only the badly defined words of: Information, Objectives, Goals, Critical Success Factors, Values, Strategies, Facts, Data, Data Flows, Use Case & Projects I was able to not only develop my theory of Information Architecture but also implemented it in a practical working simulation in my Caspar AI engine please take the time to read the following: 1. My Golden Thread article: https://lnkd.in/gqXmbfeu 3. Caspar: https://lnkd.in/ggMCQrix Regards

In this week’s #finance top stories: Citibanamex has reduced its fraud attempts by 70% through the integration of artificial intelligence. This and more in your weekly roundup! #MexicoBusinessNews #MexicoBusiness #WeeklyRoundup

Join Experian and Cornerstone Advisors experts on 3/14 for a fireside chat on the topics of data, automation and machine learning models. They'll be discussing how: 💡 Automating the lending process doesn’t have to be a “big bang” effort 💡 Using expanded data enhances lending practices and decision-making processes, while maintaining institutions’ risk profiles 💡 Deploying machine learning can improve credit risk assessments and enhance fraud detection Register now: https://lnkd.in/giqFaGGz

The #FinancialServices industry is currently undergoing a remarkable transformation, where #ArtificialIntelligence is reshaping the industry by improving customer experiences, supporting fraud prevention and ensuring compliance. More insights in this article: https://lnkd.in/eue-ujAA via The Australian Financial Review  #FinTech #Finance

Here's a LinkedIn announcement to welcome Accelitas to LendAPI's Marketplace: We are thrilled to announce that Accelitas, Inc. has joined LendAPI's Marketplace as our 128th member! 🎉 About Accelitas, Inc. Accelitas brings unique expertise in AI-powered predictive analytics, alternative data, and real-time automation to the table. Their mission is to provide financial inclusion for non-traditional consumers, offering lenders a safe way to access creditworthy customers while helping businesses validate bank accounts. By leveraging real-time transactional data and unparalleled account coverage, Accelitas creates seamless account verification, improves ACH success rates, and ensures Nacha compliance for fraud prevention. Their advanced account validation and credit risk services are delivered through Accelerated Insight®, a secure, cloud-based, SOC2-compliant platform. Services Offered by Accelitas - Lead Screening: Accelitas offers non-FCRA lead screening services that deliver real-time signals, enabling lenders to refine their lead screening process to focus on First Payment Default (FPD), conversion, or both. These quick screens pre-qualify leads to identify value and reduce underwriting costs. - Credit Scoring: By combining predictive AI techniques with uncorrelated alternative data, Accelitas' credit risk service allows lenders to better underwrite millions of creditworthy borrowers that traditional scoring models miss. Their scores are FCRA compliant. - Bank Account Validation: Accelitas provides account verification services that support fraud screening and Nacha compliance without the use of Online Banking (OLB) credentials. Their proprietary modeling produces indicators on the validity of bank accounts. Welcome to the LendAPI family, Accelitas, Inc.! We are excited to see the incredible value you bring to our Marketplace and the positive impact you'll make in the financial services industry. 🚀 Please contact Aaron Jahnke, SVP @ Accelitas, Inc. for additional information today. #LendAPI #Marketplace #Accelitas #FinancialInclusion #AI #PredictiveAnalytics #AlternativeData #RealTimeAutomation #LeadScreening #CreditScoring #BankAccountValidation #FraudPrevention #Fintech https://lnkd.in/gekZE8BY

Fintech partner Axiom Bank, N.A. was deemed "troubled," per confidential OCC info, prior to enforcement action, whistleblowers' lawsuits reveal: Last week, the OCC made public a formal agreement, a type of enforcement action, with Axiom, which partners with fintech services like Raisin and MAJORITY. Not mentioned in the agreement was that multiple whistleblowers, including the banks now-former Chief Compliance Officer, raised issues directly to the Federal Reserve Board, after being rebuffed by Axiom's CEO, according to three separate lawsuits filed by former employees, who claim they were retaliated against. Versions of the suits filed in US District Court in Florida were redacted, after the OCC informed the plaintiffs that their complaints improperly disclosed confidential supervisory information. But, earlier versions of the suits that two employees had filed in other jurisdictions were NOT redacted nor removed from their respective dockets. The suits reveal the employees' concerns about Axiom's banking-as-a-service activities, overdraft lending programs, core banking provider, and AML control gaps, among other issues. Get the full scoop in this week's Fintech Business Weekly -- you know where to find it. (A prior version of this post incorrectly included DolarApp as a partner; while DolarApp held discussions with Axiom, the partnership never went live, per DolarApp's CEO.)

Great work from CBInsights. A view of Wells Fargo's acquisitions, strategic investments and partnerships since 2018. Wells Fargo is the fourth-largest bank in the US by total assets, with a market capitalization of around $138B. Its customer base of over 70M spans across 8,700+ locations worldwide. Over the last few years, the company has turned to fintech startups to help meet customer demand for secure, seamless, and customized banking experiences. Its recent investments and partnerships have targeted solutions that enhance its offerings to business banking and wealth management clients. 1. Accounting & Cash Management: Wells Fargo has invested in companies like Trovata, DadeSystems, and Bill.com to enhance cash management and automation for business banking clients. These investments streamline financial operations for businesses. 2. Fraud, Risk, & Compliance: The bank focuses on AI-driven fraud prevention and compliance by investing in firms like ThetaLake, H2O.ai, and Socure. Additionally, Wells Fargo supports crypto transaction monitoring through Elliptic. 3. Payments: Wells Fargo targets faster cross-border payments and virtual card solutions by investing in Volante and partnering with TransferMate and Bilt Rewards. They also launched WellsOne for secure virtual card payments. 4. Open Finance & Data Aggregation: In alignment with open banking, Wells Fargo invested in Akoya for API-based data aggregation, partnered with data aggregators like Plaid, and launched Wells Fargo Gateway, an API channel for integrating Wells Fargo services into client platforms. 5. Wealth Management: To digitize wealth management, Wells Fargo invested in digital trading and research platforms such as Talos and AlphaSense, enhanced its Intuitive Investor robo-advisor, and launched LifeSync, a mobile app for net-worth management.