Consumer expectations for seamless experiences, personalized engagement, and fail-proof privacy offer unprecedented opportunities to innovate, especially now.
In the second installment of FinTech Frontier’s virtual event series, we discussed how FinTech is embracing AI and Machine Learning to be more precise, more personal and more private at the same time.
The FinTech Frontier is the future-focused partnership between Cincinnati-based, industry-leading financial services corporations and Fintech-focused entrepreneurs, powered by Cintrifuse, Cincinnati’s startup catalyst. Western & Southern Financial Group and Fifth Third Bank are the founding partners.
Featured Speakers and their Linkedin Profile
Moderated by Brian Brackeen, General Partner, Lightship Capital
Roger Park, EY, Americas Innovation Leader
TX Zhuo, General Partner, Fika Ventures
Stephanie Choo, Partner, Portag3 Ventures
Chris Zock, Managing Director, Sandbox Insurtech Ventures
Using AI to Streamline Customer Experiences
As AI continues to be advanced in the FinTech industry, the panelists agree there are many opportunities for start-ups to solve big business problems that will result in enhanced customer experiences.
Trusted AI models must be the norm. Both regulatory bodies and consumers alike will be asking: Can we trust the data and the proposed recommendations based on it and how will you protect the data? It’s also important to be transparent in the use of the data: will your company use the data to enhance a current service model or just to improve your profitability?
As start-ups continue to develop in the FinTech space, it is vitally important for Founders to understand the regulatory landscape in the financial and insurance industry to ensure their product or service offering is not only legal but will ensure consumer confidence. One suggestion from the panel was to connect with regulators in advance of launch to help them understand how you can help consumers with a genuine intention with checks and balances to be good partners within regulatory environments. Many industry regulators have set up offices of innovation to help new companies understand regulations and to create platforms to test new technologies in collaboration with regulators.
One of the big trends to follow: How and where consumers want to transact is rapidly evolving, and the level in trust in on-line commerce is growing, especially amid COVID-19? The FinTech space is seeing an explosion in growth in APIs to connect financial services and functions to sites where consumers spend their time, which is why you are seeing Amazon and Facebook moving to financial services. The APIs will connect financial services on the backend to these popular sites with front-end platforms where consumers live and without friction.
Next Up: Thursday, Oct. 1, 11:30 a.m.
Financial services have never been more important to people’s lives — for everyone, not just the privileged few. In the third installment of the FinTech Frontier virtual event series, we will discuss how FinTech is creating exciting new ways to enable financial health, wellness and access for every American household.
- Matt Green– W&SFG, AVP Mergers & Acquisitions
- Chirag Patel– EY Foundry, Principal
- More announcements coming soon!
Registration is now open.