Data-Driven Finance: The Financial Intelligence Podcast

Larry Rosenberger of FICO on Analytics for Decision-Making

Our guest this episode is Larry Rosenberger, Research Fellow at FICO and formerly CEO and VP of R&D at FICO. The views Larry expresses in this episode are his and not necessarily those of FICO. He’s also an advisor and serves on multiple Boards of Directors for early-stage startups. Larry came out of MIT and the UC Berkeley College of Engineering. We talk about predictive and behavior analytics for decision-making, covering such topics as:

• How the FICO Score got started.
• What FICO brings to the financial system beyond the score.
• What is the Champion/Challengers approach to analytics with a learning element attached?
• The 3-step method for evaluating where you stand in your career.
• An overview of predictive analytics.
• The evolution from predictive only analytics to prescriptive analytics.
• The four pillars of behavior analytics.
• Creating conversations that actually work.

Some helpful links:
Fico.com
Larry Rosenberger on LinkedIn
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Avery Miller of RBC on Data in Loyalty Programs

Our guest this episode is Avery Miller, VP and Head of Digital Consumer Product and the Avion Rewards Platform at RBC. Avery got his MBA at the University of Richmond and spent time before going to RBC at Capital One and PayPal. We talk about how connected finance impacts shopping and card use and loyalty programs. Topics include:

• How are financial services organizations doing at keeping up with modern shopper expectations, wants, and needs?
• How consumer expectations are changing generation to generation.
• Where the data that powers purchasing and rewards programs comes from.
• How interconnectivity is being achieved to facilitate shopping and payments.
• Implicitly and explicitly given data and the proper way to use that data for better consumer experiences.
• Is the current infrastructure enough to build the connected finance ecosystem of tomorrow?
• The impact cloud, AI, and quantum computing will have on verifiable sources of trust.
• What are the odds we can ever get to open banking on a global scale?

Helpful Links:
Avion Rewards
Avery Miller on LinkedIn
Envestnet Yodlee

Chris Gifford of USAA Bank on Data and Analytics Strategies

Our guest today is Chris Gifford, Chief Data & Analytics Officer at USAA Bank. We talk about data strategies, building with a mobile-first mentality and why people remain at the heart of innovation, covering such topics as:

• Working for a mission-driven organization and how this shapes USAA’s approach to data and analytics.
• The value of Advice as a product – and how data drives better outcomes for the consumer.
• How institutions can embrace innovation in a measured approach, while still moving at the speed of change.
• Near- and longer-term applications for AI in banking.
• Where and how the banking industry is finding innovation outside of AI.
• What data and analytics capabilities does a major bank in 2024 need to thrive?

Helpful Links:
USAA Bank
Chris Gifford on LinkedIn
Envestnet Yodlee

 

Justin Zeidman of Navy Federal Credit Union on Connected Finance

Our guest this episode is Justin Zeidman, VP of Digital Strategy at Navy Federal Credit Union. We talk about how credit unions are approaching and adopting digital transformation and leveraging digital financial data. Topics covered include: 

• How the credit union membership model differs from other banking institutions.
• Balancing tech with maintaining the human touch value proposition of credit unions.
• How credit unions are approaching open banking and connected finance.
• The security concerns around connected finance.
• How the regulatory environment affects credit unions.
• Executing digital transformation in legacy financial institutions
• How a more open flow of data might change the lending process for borrowers.

Helpful Links
Navy Federal Credit Union
Envestnet Yodlee

Bruce Schilder of Accenture on Open Banking Transformations

Bruce Schilder, North American Open Banking and Fintech Lead at Accenture. Bruce comes out of Syracuse’s Whitman School of Management, and before Accenture spent time at JPMorgan Chase and Sterling National Bank. We talk about open banking and digital transformation in banking from a consulting perspective. Topics covered include:

• How far we’ve already come in open banking.
• Achieving the balance of all the conveniences data can provide while reassuring consumers their data is used properly.
• Can existing infrastructures accommodate the connected finance future?
• How is the US set up compared to other countries and regions in establishing finance frameworks and standards?
• The factors challenging financial institutions from enacting digital transformations.
• What the competitive environment looks like in terms of speed of technology adoption.
• The new norm of data being shared beyond the four walls of a financial institution.
• Advice for financial organizations from a big picture perspective.

Helpful Links
Bruce Schilder on LinkedIn
Accenture
Envestnet Yodlee 

Dustin De Vincentis of Alumni Services on Digital Transformation

In this episode, we talk with Dustin De Vincentis, Global Head of Financial Services at Alumni Services. Dustin comes out of Columbia business school and has spent time at JP Morgan and Morgan Stanley before joining Alumni Services. Dustin comments about the often rocky world of digital transformation in financial services, with topics such as:

• What was learned at large financial institutions that you carried into the FS startup world?
• If change, including digital transformation harder to accomplish in financial services vs. other verticals?
• How do you integrate business strategies with new technologies? Which of those things tends to drive the other?
• What is the best and most effective ways to go about implementing change in a highly risk-averse industry and organization?
• Who makes a good B2B partner for a finserv company? What are the characteristics of a good, mutually beneficial relationship?

Helpful Links:

Alumniserv.com

Dustin De Vincentis LinkedIn

Resources.yodlee.com/podcasts

Steve Boms of Allon Advocacy on Open Bank Regulation

Our guest this episode is Steve Boms, Founder and President at Allon Advocacy and also Executive Director of the Financial Data & Technology Association. Steve comes out of Penn State and has worked at Capital One, the International Securities Exchange, and the US House of Representatives assisting a senior member of the Financial Services Committee. We talk about regulations and government relations in financial services. Topics include:

• Who needs a lobbyist?
• How do the countries stack up against each other in terms of regulation readiness for open banking?
• Dodd Frank passed into law in 2010 but we’re only talking about the regulations going into place at the end of 2024. Why?
• What are the metrics we should be looking at that will indicate we’re moving toward connected finance in the right way and at the right speed?
• What must the consumer be reassured of when it comes to asking them to offer up their data?
• Why financial services is one of the first verticals being looked at for the application of data regulation.
• How data access will bring more competition which will bring more benefits to consumers.

Helpful Links:
Allon Advocacy
Financial Data & Technology Association
Steve Boms on LinkedIn
Envestnet Yodlee

Jose Tagunicar of Stratyfy on AI in Lending

Our guest this episode is Jose Tagunicar, Product Strategy, Analytics, and Risk Management at Stratyfy. Jose was previously with FICO and Equifax. We talk about the latest takeaways from the FICO World 2024 gathering in San Diego, as well as how AI is being planned for and applied, particularly in the credit and lending space of finserv. Topics covered include:

• Why do smaller lenders tend to struggle against the big banks?
• Striking the right balance between tech/algorithms and human judgment in lending.
• Personalization and hyper-personalization in lending.
• What is a healthy approach to risk-aversion?
• The benefits of accelerated evaluation.
• What AI can and cannot do in lending.
• How are we making sure the data being used to make lending decisions is sound?
• What it takes for alternative forms of credit to be competitive.
• Transparency = table stakes.
• Top takeaways from FICO World 2024.

Helpful Links:
Stratyfy.com

FICO

Jose Tagunicar LinkedIn

Envestnet Yodlee