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Steve Jensen

Director of Communications, MX

Recent Posts

Essential Fintech News - November

By Steve Jensen on Nov 20, 2018 10:37:00 AM



Welcome to the Thanksgiving edition of Essential Fintech News, your source for the latest trends in fintech. As we pause to reflect this week on all we are thankful for, we call attention this month to our gratitude for four important areas in which the fintech industry is making slow but steady progress:

 

1. Thankful that fintech is one of few areas willing to give women a break

As the Investment News headline declared this week, our industry has long been an industry dominated by men, but increased visibility of women in fintech, “where new ideas and companies are emerging all the time,” according to Danielle Fava at TD Ameritrade Institutional, is happening, thankfully, at a faster rate than on the rest of Wall Street. “Women can get into the [fintech] space and be a thought leader more easily than becoming a leading CFP,” she told Investment News.

 
 
As a further example of the increasing role of women in fintech, our own Jane Barratt will be speaking at   Fearless in Fintech: The Premier Event for Financial Services and Fintech Leaders to Drive Disruption with Inclusive and Innovative Strategic Leadership, Dec. 3 in New York City. (MX is also an event sponsor.)
 
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2. Thankful that more credit unions are starting their “data journey”
 
If you take a glass-is-half-empty view, the latest research is rather grim for credit unions: “Only 10% of credit unions believe they are on an equal playing field with their banking and fintech competition regarding their all-important data strategy. Ninety percent are two or more years behind what they feel is the industry benchmark,” according to Kirk Kordeleski, senior managing partner and chief strategy officer at BIG Consulting, as reported by   Credit Union Times’  Roy Urrico.  

However, under a glass-is-half-full lens, reported the same article, credit unions are making progress. One credit union VP of IT who responded to the survey said, “Data analytics is a major part of our strategic discussion. We recognize that we have reached a point where a data warehouse is a necessity. Continuing to build out our own solution does not make sense for us, anymore. We are in the beginning stages of developing a data analytics roadmap that will lay out our journey to become a data-driven organization … I look at the end game. It’s clear we need to use our data to be competitive. The reality is it is an evolving process, so there really isn’t a finish line. We just need to start.”  Jeremey Sterner, vice president of information technology at Heritage Valley Federal Credit Union in  York, Penn.
 
 

Read the full article: Many Credit Unions With No Clear Data Analytics Strategy: BIG Survey, Credit Union Times, by Roy Uricco, Nov. 16

Further reading:

Banks and credit unions now level on consumer satisfaction: Report, Credit Union Journal, Nov. 13

In a disruptive marketplace, CUs have one crucial bit of leverage, Credit Union Journal, Nov. 12

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3. Thankful that artificial intelligence in fintech is getting attention of the regulators
 
Last week at the Board of Governors of the Federal Reserve System, Lael Brainard spoke for the group on the importance of the Board getting involved in the discussion of how AI is changing the financial landscape.

“As with other technological advances,” Lael said in closing, “AI presents regulators with a responsibility to act with thoughtfulness and perspective in carrying out their mandates, learning from the experience in other areas. As we move ahead in exploring the policy and regulatory issues related to artificial intelligence, we look forward to collaborating with a broad array of stakeholders.”
 
 
In summary, there’s a lot of noise right now about AI in financial services. We’re thankful to see the regulators weighing in on the opportunities and risks.

And lastly…
 
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4. Thankful for four-plus decades of attention to the future of money

In an article in Wired magazine in 1996, former CEO of Citibank Walter Wriston was quoted as saying “Information about money has become almost as important as money itself” – a famous remark now inscribed in the lobby of New York’s Library of Science, Industry and Business. What’s even more amazing is that Wriston actually said that in the 1970s!
 
 
 
In summary, we’re thankful to be living in 2018 and working in the world’s most exciting industry!
 
Got a suggestion or comment for Essential Fintech News?  Please email me at steve.jensen@mx.com
 
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Essential Fintech News - October

By Steve Jensen on Oct 23, 2018 2:27:03 PM

Read or watch our recap of the latest news in the fintech industry:



October is where ideas coalesce! It seems every bank is on the road in in October—from Money 20/20 in Las Vegas (where MX is) to the American Bankers Association (ABA) conference in New York—all happening at the same time!

To help you cut through the clutter, we bring you the October edition of Essential Fintech News, your source for the latest trends in fintech.

Europe has seen the future. Is the U.S. next?

Will the European banks have a leg up when it comes to acquiring new customers? Do banks such as BBVA and Barclays have an advantage because they’ve already had to live with PSD2 and open banking regulation for the past year? Will they be going after the U.S. bank customers next?

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Essential Fintech News - September

By Steve Jensen on Sep 19, 2018 1:43:00 PM

Read or watch our recap of the latest news in the fintech industry:
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Essential Fintech News - August

By Steve Jensen on Aug 15, 2018 2:38:00 PM

Read or watch our recap of the latest news in the fintech industry:
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Keeping it clean: The power of clean data

By Steve Jensen on Aug 8, 2018 9:10:01 AM

NOTE: This article was originally published Aug. 7, 2018 by MX partner FIS, here: https://www.risewithfis.com/keeping-it-clean-the-power-of-clean-data

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Save the Date: Fintech Festival - Sept. 17-19

By Steve Jensen on Jul 17, 2018 8:22:24 AM

If you've already experienced a Fintech Festival, we hope you're able to join us again. If you haven't yet had the opportunity, mark your calendar for Sept. 17-19, 2018. Engage. Transform. Relax. Check with your sales rep, and then watch the MX channels for more details coming.
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'The pervasive value of data' is theme at the June 2018 Fintech Festival

By Steve Jensen on Jun 19, 2018 2:04:52 PM

In the setting of mountain streams, rustic lodges and the stunning Wasatch Front of Northern Utah, credit union executives are gathered in Sundance this week discussing the changing landscape of financial institutions at the Fintech Festival, sponsored by MX. 

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Jim Marous speaks June 26 on MX webinar

By Steve Jensen on Jun 13, 2018 12:44:49 PM

On June 26, Don MacDonald and The Financial Brand's Jim Marous, in an MX webinar, will discuss the Digital Banking Report on how financial institutions can thrive in the data age. #data#banking #webinar @FinancialBrand 

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Fintech Festival (for Credit Unions) - June 18-20

By Steve Jensen on May 25, 2018 9:34:14 AM

Our June 18-20 Fintech Festival in beautiful Sundance, Utah will be 100 percent focused on credit unions. In this exclusive, intimate setting, you'll learn how to use your data to increase users, reduce costs & improve humankind. Contact your MX rep to reserve your spot! #fintechfestival #fintech#creditunions 

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Questis Switches to MX for Faster, More Secure Connections

By Steve Jensen on May 23, 2018 7:15:48 AM

Today MX announced that fintech provider Questis has switched to MX for its financial data aggregation needs. With MX, participants with access to the Questis platform can see all of their finances in one place in a clear, organized, visual manner. Read the full press release here or below. 

Questis

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