Looking for some spicy fintech takes? Marqeta’s CEO Simon Khalaf & Plaid's CEO Zachary Perret have thoughts 💡 With the candor and humor that only fintech OGs can bring we cover how👇 - Credit modeling and fraud detection will undergo massive transformation in the next 3-5 years - Digital payment cards are more addictive than TikTok! GenAI can offer personalized, real-time rewards, turning payment cards into powerful engagement tools. - Al companies will integrate financial services too (i.e. every company will be a fintech company!) New episode of Andreessen Horowitz's "In the Vault" featuring our conversation at our 3rd annual Connect/Fintech (full episode link in comments)
Yesterday I had to have my ID verified. I sent in photos of my driver’s license. Taken vertically. Horizontally. White background. Black background. The AI scanning system couldn’t verify. Eight times. Then sent a scan. Nope. Then a passport. Nope. Finally a human intervened. I could give them my phone number of record. My email of record. My SSN. My address of record. My transaction types and amounts. Being in their app (which requires facial recognition). Receipt of texted verification codes. Responded to links sent to my email of record. Nope. Nope. Nope. None of these obvious things matter to verify your identity. Just the AI scan of a photo. We wasted a huge amount of time and effort. Employees were converted to powerless minions - the AI must decide. If this is the state of the art of AI tech it’s pitiful. It’s wasteful and illogical. Do better. This is not improved efficiency or effectiveness. It’s not fraud prevention, it’s customer relationship prevention. It’s lazy. PS. How do Siri searches work for you?
These are great insights. Extrapolating, AI or autonomous finance will almost force FIs to innovate goal based products that are hyper-personlized. Traditional lines between deposits, investments, credit, insurance will blur to lifestyle goals. https://substack.fintechtalk.ivalley.co/p/navigating-the-future-the-profound-955
Simon Khalaf
4w
Thank you for having us
Keval Desai
4w
Spice Guys! Simon Khalaf has always been a purveyor of the best, most authentic spices.
Danny Hamady
4w
Love your passion Simon👍 And respect your insight and knowledge.
Duncan Logan
4w
Michael Perry - interesting take
The best Simon Khalaf!
Fantastic episode!
General Partner, Andreessen Horowitz
4wListen to the full episode here 👉 a16z.com/podcast/in-the-vault-new-applications-in-fintech-with-plaid-and-marqeta