Uday Devalla

Embedding capabilities into lending flows is exactly right. By embedding Conductiv into POS, LOS, and other critical lending software/processes, lenders increase efficiencies, improve the member experience, and make more loans! This is *high performance* all in one! #finance #banking #lending The Financial Brand

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a new #FINTECHTALK podcast is out Agentic AI: Revolutionizing Banking, Wealth and Commerce Separate conversations at Money 2020 with FINTEL leaders 🚀 🔥 Mike Conover CEO of Brightwave 🚀 🔥 announced $15M Series A 🚀 🔥 Shri Santhanam EVP/GM at Experian 🚀 🔥 launched the Experian Assistant platform https://lnkd.in/ggcFrZX2 "As embedded finance merges with Agentic AI, we’re likely to see increasingly autonomous, hyper-personalized, and needs-based solutions. The innovators who master this fusion will lead the next generation of FINTEL unicorns. For established financial institutions, the challenge will be to build competitive solutions to maintain customer relationships—otherwise, they risk being relegated to the role of "dumb pipes" or another model." Subscribe to be Always in the Know

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If you're heading to Charlotte for the Banking Transformation Summit tomorrow, you'll want to connect with FusionIQ EVP of Business Development Sean Ristau who will be leading our team at this leading bank tech event. Find out more about our award-winning wealth management solutions for banks and how we're providing an easy on-ramp to digital transformation: https://lnkd.in/gx8yG2Fu #banktech #wealthmanagement #fintech #digitalleadership #wealthtech

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"99%" Better CEO Vishal Garg's answer to the question “How much of a loan officer’s current role will be replaced by automation over the next few years?” First off, this was a tremendous panel on leveraging AI in mortgage originations at the LendingTree Summit this week in Charlotte, moderated by the peerless Julian Hebron and including OpenAI GTM lead Kaelin Sprawls and Rate.com CTO Ramesh Sarukkai. It was a treat to hear these three experts share their perspectives. It also marked for me a clear dividing line between visions of what mortgage originations will look like in the future (next decade and beyond). Julian pointed out that discussions on the use of AI in mortgage have been mostly theoretical over the last few years, but NOW, the industry is getting data and feedback on adopted AI use cases. I.e. it’s getting real. Which leads back to Vishal’s prediction. Taking his 99% at face value, that’s effectively saying the loan officer will be completely replaced by automation. This prediction matters because of who Vishal is and what he represents. Over the last 8 years, Better has raised $1.5 billion and carries a high profile among mortgage originators. And this support is for an idea (not for a foundationally strong business as Better has yet to achieve financial success). It seems clear that this idea is the elimination of the loan officer from the mortgage origination process. This is attractive as loan officer compensation represents ~35% of the ~$11K total cost to originate a loan. Eliminating most of that expense cuts costs for borrowers and improves profitability for originators with the tech in place. (If further evidence of intent is needed, Vishal also confirmed that Better is working to get their proprietary AI agent Betsy, licensed with the NMLS). On the other side of the line is Rocket Mortgage with their near 4,000 loan officers. Rocket has been an industry leader for three+ decades and remains the operating benchmark for most originators. Rocket is clearly bullish on the role of the loan officer in originating mortgages. They too have invested heavily in technology, with hundreds of millions spent to make it easier for their loan officers to do their jobs and for prospective borrowers to do a lot of the work on their own. So after years of kicking this idea around in casual conversation, the bets on the future of the loan officer are getting clear. The loan officer will be replaced VS the loan officer remains a fundamental part of originating a mortgage. (In my mind the strategy of “somewhere in between” where technology is built to assist loan officer functions is a bet on the loan officer). I’m betting on the loan officer. How about you?

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To deliver on rapidly changing consumer expectations, FIs need to analyze how each element of the customer experience determines user actions and satisfaction. The data providing these insights is there — the challenge is to leverage it correctly. Two key challenges come to mind: First, bundling insights from data collected across all possible customer touchpoints. Second, identifying which uncaptured data elements are currently missing to provide a full picture of the customer experience. Without a strong data foundation, innovating in the digital realm will remain guesswork for FIs, and hamper their ability to build a competitive edge. To learn more about the role of data and analytics in creating a better customer experience, check out this article by Paul Gillin https://lnkd.in/d-yQsKDx

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🌟 Catch Optimal Blue's dynamic product duo, Erin Wester & Michael Vough on stage at the MBA Secondary next week as they discuss our latest innovations and exciting updates! 🎤 Join for an engaging discussion in the spotlight. See you there! #excitingupdates #OptimalBlue #GSD 🚀

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Reminder: Today I will be discussing Open and Decentralized Banking with BankSocial.

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We meet weekly with businesses that are leveraging legacy technology to run their business. This is negatively impacting customer and employee experience, not to mention the risk of unsupported platforms and software. We see a stark contrast between organizations that are innovating and those that are not. ChoiceOne Bank is one of those organizations that are innovating and breaking an industry mold. I can't emphasize enough the importance of establishing a roadmap and a plan to position your organization for the future. Be nimble while providing an exceptional employee and customer experience!

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Fintech lenders provide a CX that is enviable. At the core of this is the digitization of process, the use of alternative and open banking data, and the removal of friction from lending -- apply in a minute, get your loan in hours, no fuss. Most lenders we speak with see these technologies as table stakes for doing business in 2024. We're pleased to help so many lenders improve the customer experience and win back lost business! #CX #finance #consumers

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Translation. Wells loses money on every rent payment. Paying rewards, paying rev share to Bilt, and funding 45 days of float for free. They assumed 65% of purchases would be non-rent. Seems overly optimistic. I’m sure they are selling to high credit score clients who have better rewards cards for every day purchases and use this one just for rent. (Same way I only use my Amazon card at Amazon on Whole Foods) The users are also used to paying rent in full monthly, therefore already in the mode of not carrying a balance in this expense category. Leading to? no interest on balances. Bad news for Bilt - who’s going to back them now that this is out? (Dirty play by Wells leaking to the media but they have the upper hand now.) Thoughts?

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The economy is stable with 2.8% GDP growth and steady 4.1% unemployment; with a new President and aligned Congress, change is expected, but consumers may pause financially until holiday spending picks up, and a potential Fed rate cut could sustain momentum. Get a Quick Quote! https://lnkd.in/dzeWuErp Apply Now! https://lnkd.in/dyPfJJny #economy

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Imagine the new products and services you could introduce, and the new revenue streams you'd control, if your banking institution could become the most secure storage location for all forms of your customer/member wealth. Well, a truly innovative financial cooperative has just proven they/you can do just that, and remain competitive and relevant as a result! I'm most impressed and pleased by the work the St. Cloud Financial Credit Union and DaLand LLC teams have completed together leading up to this launch; and thrilled to see a local financial institution making history - becoming a safe, trustworthy, local, and sustainable storehouse for new forms of member/community wealth! History being made; bridges being built between 'TradFi' and 'DeFi,' sovereign and local control of money (of all forms) being protected and preserved, waves being stirred for others to surf!! Exciting to see viable and more secure alternatives for digital asset storage, to witness noble financial services leaders leveraging their investments into modern core processors and immense money processing infrastructure so users can accrue wealth of new forms and don't have to assume the risk of relationships with big, online, impersonal exchanges (neo-banks), wallet app providers, or risk fumbling a fortune on a thumb drive or hardware wallet. https://lnkd.in/ekazN2eK #bitcoin #btc #eth #usdc #banking #money #localeconomy #localbanks #communitybanks #dollar #digitalassets #wallets #creditunions Bitcoin Magazine

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Small and medium-sized businesses are pivotal to our economy, yet they often find themselves mismatched within traditional banking models. In this BAI Q&A, Bottomline's Rodney Nilson explains why SMBs require a unique approach and how banks can develop a value-added strategy to effectively serve this vital segment. #NorthAmerica #Banking

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Our experience - Some #CreditUnions are taking ownership of their 3rd Party relationships. We have tested 3rd party applications at the request of our Credit Union Clients prior to integrating into their production environment. It's the exception vs. the norm, but beats the alternative of finding out their 3rd party solution introduced #vulnerabilities into their environments. Rebyc Security #vendormanagement #vendorriskmanagement NCUA

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I think that innovation + adoption of new tech in the $14T mortgage-servicing space has been slow mostly because it’s difficult (otherwise it would have been done already). But Sagent is up to the challenge! That’s why we just launched Dara by Sagent to transform the entire servicing lifecycle with a focus on the consumer experience, compliance, and cost reduction. Here’s an example: With Dara AI | Docs, servicers can streamline document management by converting unstructured documents (think PDFs, doc images, BLOBS) into indexed, searchable data that provides real-time insights. Having processed 150 million document packages already, this platform has the scale and accuracy to manage any volume, helping servicers enhance profitability while boosting homeowner satisfaction. Check out our blog series “Down to the Roots of Dara” in the link below, sharing relevant intel into Dara AI | Docs, then reach out with your questions. https://hubs.li/Q02yV5Fv0 #sagent #darabysagent #daraai #ai #artificialintelligence #fintech #servicing #mortgageservicing #mortgage #futureofservicing #compliance

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"The ability to load our business card and have every expense pulled into the expense management system at Navan really made it an easy choice." - Vinay Shiriwastaw 🚀 One of my favorite things about Navan Connect is the incredible insights and control it offers to small businesses. Imagine having unprecedented control over your expenses while still using your favorite business cards from your preferred banking partner. It's a total game-changer for a business segment often overlooked and underserved; not anymore with Navan Connect! ✨ But wait, there's more! With real-time notifications and near real-time settlement data, managing your month-end process can take days (or even minutes!) instead of weeks. ⌚ "Having the business credit card connected, and the fact that all expenses are ported in for visibility — we take the burden off the associate to enter and record that expense,” he said. “We’ve seen a tremendous amount of time savings.” 🛫 And when you throw in a travel program, you're really unlocking the full power of controlling your company's financial destiny. But hey, don’t just take my word for it. Vinay Shiriwastaw shared how Navan Connect is a game changer for DisputeHelp every single day. 👉 Watch the video below to see Navan Connect in action! https://lnkd.in/eFzhQgR2

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In 2022, Wells launched a credit card with Bilt Technologies, a fintech startup. But ...losing as much as $10 million every month..the program has also been hit by fraud. The partnership also poses money-laundering risk. Khwaja's Reflections from Board Oversight Standpoint: Wells Fargo has been making some (good) progress on the corporate governance front. Some of the forward-thinking areas include: ✅ Enhancing disclosures regarding board oversight of human capital management and risks, culture and ethics, and framework for workplace harassment and discrimination.  ✅ Technology and Innovation as one of five strategic pillars. More can be done. Here is My Take: ✅ There is a misalignment or lack of interlock between tech/innovation and risk oversight. ✅ I recommend the lead director establish a standing technology/innovation and cybersecurity committee. ✅ Make the pie bigger for value creation and don't delegate innovation/technology agendas to other committees such as audit or risk. ✅ Per proxy report, 38% of Director nominees only have technology/innovation/cybersecurity expertise while 92% have risk management expertise. Get more innovation/technology/Cybersecurity expertise. ✅ Get the right incentives aligned to take the lead in the innovation game. What do you think? *********Subscribe here to get all my 🔥 takes on the Board and C-suite effectiveness. 👉🏿 https://bit.ly/3VCkqyV ******** #CEO #KSgems #TheVentureMindset #Startup #Technology #Innovation #BoardOversight Manuj Aggarwal Nitin Gaur Christopher Hetner Ilya Strebulaev Alex Dang https://lnkd.in/euXAN-9b

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