‘In biology, that's symbiosis’: Q2’s Ahon Sarkar on the win-win-win of embedded finance

Welcome to another episode of The Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. Today, I have the pleasure of sitting down with Dee Choubey, CEO of MoneyLion. In our chat, Dee takes us on a journey through MoneyLion's evolution, from its early days as a venture-backed neobank to its current position as a headline fintech stock. With a blend of insight and humor, he shares the company's shift from a growth-at-all-costs mindset to a more sustainable position focused on distribution, strategy, and morale. Through market ups and downs, Dee underscores the vital role of staying mission-driven and the focused dedication of MoneyLion's team to empower Americans with better financial tools and literacy. Looking ahead, Dee paints a vibrant picture of MoneyLion's future, where AI-driven search capabilities impact how consumers interact with their finances. MoneyLion isn’t the same company it was when I spoke with Dee almost 5 years ago. Since then, the firm has acquired two businesses which now function as an embedded banking product platform and an influencer content studio. With a comprehensive product catalog, a dynamic consumer marketplace, and trendy media business capabilities, MoneyLion is poised to lead a charge in reshaping the future of finance. So buckle up for an enlightening and entertaining conversation as we explore the past, present, and future of MoneyLion with the ever-insightful CEO, Dee Choubey. The big ideas Shift from Growth-At-All-Costs to Sustainable Strategy: "In 2019, we were a venture-backed, serious business. The expectation was continued growth of 100 to 150%. Keep burning. Don't worry about the burn." Maniacal Obsession with Mission: "What got us through it was a maniacal obsession with mission. Our mission is to rewire the financial system, to give every American the right tools to make the best financial decisions." AI-Driven Financial Search Capability: "Our search capability, AI-driven search across all of your financial institutions, you can talk to MoneyLion very soon and say, 'Hey, what happened this day, last year? This day, two years ago?'" Empowering Americans with Financial Literacy: "Our ability to actually offer at scale, consumers the right financial basket, I think we're probably further ahead on that than most because we have the consumer in the marketplace." Focus on Distribution, Strategy, and Morale: "My role has moved from being much more tactical and execution-oriented to much more focused on distribution, strategy, and morale, kind of like the vision and the mission." Staying Mission-Driven Amid Market Volatility: "It's always better to multiply your options by a larger number than a lower number. We've had our days. At one point, the market cap had fallen below $100 million. But it's just owning your destiny."

Welcome to another episode of The Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. I'm thrilled to bring you a special episode today. After doing this for over 10 years, it’s not often I’m on the other side of the mic, being interviewed. But that’s exactly what we have in store for you. What you're about to hear is a recording from my recent appearance on Gusto's SMB Tech Innovators Podcast, hosted by Brian Busch. In this conversation, Brian and I explore the intriguing intersections of traditional financial institutions, technology, and innovation. Throughout our discussion, I share insights drawn from over 15 years of experience in the industry, including my role in reporting financial services news and producing over 650 podcast episodes. Together, we unravel the complexities of the financial services landscape and shed light on the evolving role of technology in shaping its future. Join us as we delve into key themes such as: Tearsheet’s journey and our focus on incumbent innovation. The importance of partnerships between traditional finance and fintech. Regulatory challenges faced by fintech entrepreneurs. The transformative impact of embedded tools on SMB technology. Success stories like Intuit and QuickBooks' ecosystem. My insights on AI, quantum computing, and crypto in finance. How banks are adapting to embrace new technologies. The evolving landscape of fintech acquisitions. This recording captures an interesting dialogue that I'm actually quite proud to share with you. So without further ado, let's dive into the conversation and explore the fascinating evolution of the financial services industry. Here’s my conversation with Gusto’s Brian Busch. Here's a link to the original conversation: https://embedded.gusto.com/blog/financial-services-technology-podcast-with-zack-miller/

Tearsheet Editor-in-Chief Zack Miller hosted a LinkedIn Live session featuring two of our top reporters, Rabab Ahsan and Sara Khairi. It was a chance to go behind the scenes of our reporting and go deeper into what's happening at the intersection of financial services, new models, rising expectations, and evolving technology. We explored the fascinating intersection of finance, Gen Z trends, and influencer culture, discussing how unconventional strategies like budgeting coloring books are reshaping financial literacy. We'll also dove into how some incumbent firms, like Bank of America and Capital One, are exploring unconventional methods to capture consumers’ interest in financial education as a starting point.

Welcome to another episode of The Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. Today, I invite you to join us as we uncover the story of Curve, a creative fintech that's a sort of operating system for money, impacting the way people spend, send, see and save money Step into the world of Shachar Bialick, founder and CEO at Curve, as we traverse the company's path from its humble beginnings in 2016 to its strategic expansion into international markets. It's a tale of resilience, grit, and determination, as Curve works to carve out its place in a competitive fintech space. Along the way, we'll uncover five pivotal insights that shed light on Curve's approach to finance. From offering customers a real-time, panoramic view of their finances to navigating the complexities of international expansion with precision and foresight, Curve is reworking the way people interact with their money. Shachar shares the intricacies of Curve's revenue model, where interchange fees, subscriptions, and platform revenue converge to create an ecosystem of financial empowerment. It's a model built on innovation, adaptability, and a pursuit of customer-centric solutions. But beyond the numbers and metrics lies a deeper story of personal motivation and resilience. As Shachar shares insights from his own journey, we gain a glimpse into the driving force behind Curve's success—a shared commitment to empower individuals to take control of their financial destinies. So, join us as we peel back the layers of Curve's story, uncovering the passion, vision, and sheer determination that have propelled this fintech to get to where it is today. Here’s my conversation with Curve’s Shachar Bialick

Welcome to another episode of The Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. For the past 18 months, we’ve been exploring what it will take to really deliver financial services and products that resonate with Gen Z. As the biggest generation in history, getting this right can be an existential problem for certain types of FIs It won’t be easy. But according to Mahesh Raghavan, Associate Managing Director of Strategy at Publicis Sapient, it can be done using some untapped strategies used elsewhere in financial services and tech. Fresh from his session at the Tearsheet Gen Z Symposium in NYC, Mahesh is here to unveil some hidden gems of what it would take to build Gen Z-friendly financial products. Mahesh uncovers the often-overlooked strategies that could hold the key to captivating this discerning demographic. From personalized offerings to holistic loyalty initiatives, Mahesh shares five transformative tactics reshaping the financial landscape for the Zoomer generation. But the journey doesn’t end there. Mahesh guides us through the intricacies of peer-oriented engagement and intergenerational approaches, shedding light on Gen Z's financial mindset. Moreover, Mahesh underscores the importance of research, hypothesis, and experimentation in ensuring the viability of these strategies. In an era where innovation reigns supreme, Mahesh’s insights serve as a beacon of guidance for financial firms seeking to forge meaningful connections with Gen Z. So, dear listeners, join us for this interesting presentation as we unearth the latent potential of Gen Z-friendly financial products with Mahesh Raghavan. Read a write-up on Mahesh's talk here: https://tearsheet.co/banking/exploring-untapped-strategies-to-create-gen-z-friendly-financial-products-with-publicis-sapients-mahesh-raghavan

Welcome, everyone, to another episode of The Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. Today, we're joined by Don Relyea, the Chief Innovation Officer at U.S. Bank, and Todder Moning, who leads the bank's applied foresights practice. They've recently returned from scouring the halls of CES, the annual consumer electronics show, on a mission to uncover the latest trends and emerging technologies that could disrupt - or benefit - the financial services industry. From the rise of edge AI and machine vision capabilities that could enable personalized, privacy-preserving experiences, to sustainable innovations like water generation devices that challenge traditional infrastructure, Don and Todder share the diverse insights they gathered at this year's CES. You'll hear how the U.S. Bank innovation team is working to transform these market signals into strategic advantages for the bank. They'll explain how technologies first showcased in consumer products are reshaping customer expectations, and how the bank is preparing business leaders to adapt to this rapidly evolving landscape. By considering both the upsides and potential downsides of emerging innovations, the applied foresights practice is helping ensure US Bank stays ahead of - rather than chasing - the pace of change. So settle in, as we dive into the future-focused mindset that's guiding innovation at one of the country's largest banks. Let's get started.

Welcome, everyone, to another episode of The Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. As we explore how financial services is attempting to cater to younger customers, it’s clear – some neobanks and fintechs resonate with Gen Z much more than traditional FIs. That may be because they have identified niche consumer groups and are thinking out of the box when it comes to designing products for them, according to Josh Stephens, SVP of Product at Current and Tony Tran, CEO and co-founder of Lumanu. Both these professionals – and the companies they’ve helped build – stand out among just a handful of financial services firms building their products and their services, designing their infrastructure, and establishing the channels to foster relationships with their clients today and into the future. Stephens and Tran joined me on stage for a fireside chat in March at Mastercard’s Tech Hub in NYC at our Gen Z Symposium, to talk about how their companies are catering to Gen Z. Our conversation explores the evolving standards banks have to meet when serving younger customers. We spend a good deal of time exploring the importance and design of good UX for today’s customers. We end with a discussion about how communities may be the way to educate and engage Gen Z. Here’s my conversation with Josh Stephens and Tony Tran.

Welcome, everyone, to another episode of The Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. Understanding how a system works is the first step to leveraging it to your advantage. However in an environment where just seven states provide excellent education in personal finance, younger generations like Gen Z are starting out at a massive disadvantage. But some fintechs like the family education and finance focused fintech Greenlight, have started to build products that aim to fill in this gap. The company’s financial literacy game Level Up offers children a chance to engage with personal finance topics in a fun, gamified environment. In this conversation, Greenlight’s SVP, Business Development, Matt Wolf, joins Tearsheet editor and founder Zack Miller, on stage at our Gen Z Symposium held on March 7th, 2024 in New York City. Wolf dives into the state of Gen Z’s financial literacy and their expectation that FIs should operationalize their position as a trusted source to better inform and educate the coming generation about personal finance. He also shares why this expectation is sometimes difficult for banks to meet fully and how partnerships can help ease some of the technical and business difficulties with building Gen Z-focused financial literacy products. The big ideas The gap in financial literacy: “What’s interesting is when you poll them [Gen Z], three out of four believe that they don’t currently have the skill sets they need, and they’re not confident in their skill.” Banks want to reach Gen Z but their attention is divided: “If it comes to, hey, can we talk about financial health, or can we talk about additional lending products, sometimes you’re gonna lose out on that.” Building for Gen Z means building for the future: “There’s an understanding that engaging in acquiring and having a relationship with that next generation is good for their immediate bottom lines. But just looking at the future societal consequences and their communities when people are making bad investments, if they’re being very loose with how they use credit, it’s going to be critical.”

Welcome, everyone, to another episode of The Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. Next up, we have Eunice Jung, who is helping to encourage climate-smart lifestyles through fintech as Head of Partnerships at Future. Eunice is not your typical finance executive; she’s a recent grad on a mission to really rethink how we think about sustainability in our everyday lives. With a background in sustainability from Stanford, Eunice found her passion intersecting with finance at an early stage, leading her to spearhead Future’s innovative sustainable rewards platform. Eunice spoke recently at Tearsheet’s symposium on Gen Z in New York City. Eunice’s journey from student to executive is as inspiring as it is unconventional. Today, she shares her insights into the challenges and triumphs of bridging the gap between climate-consciousness and financial pragmatism. From her humble beginnings as an intern to shaping the future of finance for Gen Z and beyond, Eunice’s story is a testament to the power of determination and innovation. So, whether you’re a seasoned sustainability enthusiast or just dipping your toes into the world of climate-smart finance, join us as we uncover the possibilities that lie at the intersection of money and sustainability. Get ready to embark on a journey of discovery, inspiration, and actionable insights with our guest, Eunice Jung.

Welcome, everyone, to another episode of The Tearsheet Podcast, where we explore financial services together with an eye on technology, innovation, emerging models, and changing expectations. I’m Tearsheet’s editor in chief, Zack Miller. This episode of The Tearsheet Podcast delves into the evolving financial landscape for Gen Z, focusing on their transition from debit to credit usage. Bunita Sawhney, Global Head of Consumer Products and Processing at Mastercard, shares insights from her presentation at the Tearsheet Gen Z Symposium, emphasizing the increasing role of women in financial decision-making. We explore Gen Z's preference for debit cards over credit cards, driven by factors like control and familiarity.  Bunita highlights the importance of partnerships and innovative strategies to engage Gen Z, advocating for financial literacy initiatives and alternative credit-building solutions like installment plans and Buy Now, Pay Later options. The discussion also touches on Mastercard's collaborations with fintech firms like Greenlight and Juvo to promote financial education and inclusion among younger demographics. Ultimately, the podcast aims to shed light on the challenges and opportunities in catering to Gen Z's financial needs and preferences. The big ideas Gen Z's Influence in Financial Decision Making: "To this day, 90% of payment decisions or household buying decisions are made by or with women. And that's true for Gen Z as well. Over 25% of women say that they are the sole decision-maker in their household's financial decisions." Gen Z's Digital and Social Natives: "It is a really special moment, not only because we're on the cusp of International Women's Day, so happy International Women's Day to all of you. And I do like to think not only about the women in our company and how we serve and support them, but the women who we and our product support and serve as well, because I'll spend a minute on that as I transition us over into Gen Z."  Preference for Debit Cards: "Debit is still the most accepted and the largest payment vehicle and the most consistently used all around the world. And that is true also for our Gen Z consumers. Why? Because it meets some of their critical needs, it meets their need for control, it meets their need for understanding and having control over their payments."  Importance of Credit Building: "Credit doesn't have to revolve first of all, right? We know now with the advent and the absolute take-off of installment solutions, and buy now pay later solutions, that there's plenty of easy ways to have access to short, non-APR related ways to pay in four, pay in six without a fee or without an APR as an example." Financial Literacy and Education: "We know that 52% of Gen Z consumers worry about financial security. That's twice as much as the generations before them -- two times more worry." Partnerships and Innovation: "We're in a different place with a different level of information flow with a really curious group, that are finding ways to inform themselves through social platforms, as I said, and others through influencers, who we need to continue to partner with more so than ever." Here’s my conversation with Mastercard’s Bunita Sawhney.