radial gradient
mx-logo

< Back to Blog

Modernization = Speed?

November 15, 2022 | 0 min read

thumbnail

We live in the age of Instacart, DoorDash, and same-day shipping from Amazon Prime. Yet, many financial services and processes can still take hours, days, or weeks to complete. Leaders across banking, fintech, payments, and lending all point to an increased need for speed to meet consumer expectations when it comes to account opening, money movement, and more. One panel at September’s Money Experience Summit points to a few factors related to speed: 

1. Moving Money

According to Stephany Kirkpatrick, founder and CEO of Orum, “real-time payments and FedNow exist but are significantly underutilized and underadopted.” Speed matters for the end user because they need their money. Every generation going forward is going to expect money to move fast, says Larry Talley, founder and CEO of Everyware. 

2. Providing Data Access

According to Jean-Paul LaClair, director of financial wellness and open banking at USAA, it’s not just the speed of moving money — it’s the speed of moving data. When you complicate your architecture and data stores, the question is how you enable that seamless flow of data. Open finance APIs can enable more real-time data sharing and enable a broader view of a consumer combined with that data infrastructure and personalization based on insights from the data. 

3. Managing Risk and Fraud

Faster payments don't equal more fraud. The financial services industry has an opportunity and a requirement to get better at managing and verifying identities. Once identity verifications are nailed, we can do a better job collectively of keeping bad actors out of the system. Instant account and identity verifications are getting stronger, but there is still more work to be done. 

Larry Talley compares this process to the security lines at the airport. Those who have Transportation Security Authority (TSA) pre-check or use Clear can get through the lines much faster and are essentially, “double verified.”

Watch the full discussion on the Next Modern from Money Experience Summit 2022 to learn more. 

Tags:

Innovation

Money Movement

Related Blog Posts
thumbnail

Banks Needs to Embrace, Not Ignore Fintech Disruption

October 25, 2022 | 1 min read

Tanya Van Court, CEO and founder of Goalsetter discusses fintech disruption during her keynote at Money Experience Summit 2022.
thumbnail

The Death of Bank Branches and Rise of Embedded Finance

October 20, 2022 | 1 min read

Industry experts discuss the future of finance at Money Experience Summit 2022.
thumbnail

Why MX? New CTO and Chief Product Officer Talk Financial Wellness and Open Data

October 5, 2022 | 1 min read

At MXS 2022, MX’s CTO Wes Hummel and CPO Nandita Gupta shared thoughts on why MX and the future of the financial industry.

Sign up to receive the latest news, announcements, and event info from MX.

envelope with airplane