38 Burst results for "Bank"

Fresh update on "bank" discussed on The News Junkie

The News Junkie

00:35 sec | 1 min ago

Fresh update on "bank" discussed on The News Junkie

"Joe Chiro. Democrats continue to criticize the Trump administration over a stalled Corona virus stimulus bill. One key issue is funding for the Postal Service ahead of unexpected flood of mail in ballots. A new statement out today from House banker Nancy Pelosi says President Trump is openly working to destroy the post office and sabotage its ability to deliver absentee ballots and time to be counted. In a time of pandemic. The postal system is election central banks is David spun. President Trump has said he would consider postal service funding if Democrats make some concessions. Efforts continue in Beirut to find people missing from that big explosion 11 days ago, there are still more than 30 people missing. More than 170 were killed in the explosion. Many of their bodies found in the water.

President Trump Postal Service Joe Chiro Nancy Pelosi Beirut David
Lebanon's government steps down in wake of Beirut blast

1A

04:02 min | 17 hrs ago

Lebanon's government steps down in wake of Beirut blast

"This week, Lebanon's government resigned amid mounting anger over the explosion that devastated parts of Beirut and left more than 200 people dead. The announcement was made on television on Monday evening, Courtney Is this an act of self sacrifice herself preservation. S o. I mean, the announcement was not what you would expect if a prime minister actually came out and berated Lebanon's ruling a political leader for fostering and promoting corruption. And said, You know, we tried to do our best but way we can't. We can't fight it. Um, and it's it's interesting because he's only been in that position. For what about eight months now he's only been in there this year. So I the the problem is You know, the president has asked the government to stay in a caretaker capacity while new government is formed. So the we're still going to see these same people running the government for most likely for awhile, because the way that they form a government there is if it's anything like what they went through last year in 2019 It's going to take months while they while they the Parliament determines who is going to be a new prime minister. But the issue is even with a new government thes. These underlying problems of corruption are going to still Be there. The issues that the people in Lebanon have with their government didn't start with this horrific explosion. Last explosions last week they began last year last October. Lebanon's currency began just losing value dramatically losing value and protests began Then since then, their currencies lost about 70% of its value. Poverty is soaring. The World Bank is projecting that more than half of the country's population will be considered poor by the end of this year. And and the explosions at the port. This is devastating explosion. Only exacerbated that, as did Corona virus. So the people there are desperate for good leadership, and the reality is the way that the government is set up. There's going to be a parliaments goingto have to appoint a new prime minister. But there's going to be delays. There's going to be gridlock and doing that. And the new government is not going to be going to see some end the systemic corruption that the people are are desperate to see end and to see some real leadership in their country. In what world is the international community have to play here? No. There were concerns about eight coming in tow Lebanon and that aid being misused. But according to the Economist, 11 these currency has lost 80% of its value since October. Inflation is at 90%. As Courtney said, people are deeply in trouble. So what's the path ahead? Absolutely, You know, the international community has a huge role to play potentially, you know, we saw in the kind of immediate aftermath when these protests could have began. You know, against the corruption and mismanagement and just incompetence. Really. Of the Lebanese government. We saw even you know thousands of of Lebanese signing a petition literally asking France to basically reimpose the mandate and take over control of the country for the next 10 years. Right, Remember, you know, France used to have the mandate over Lebanon and run things. The idea that people would essentially beg for a return to colonial era rule is just is such a stark Kind of clarifying moment to realize just how bad things have gotten Lebanon and you know the international community we saw we saw the French president Emmanuel Macron. Come, Teo, the streets of Beirut and walk around and people were literally saying, Please help us. Please help us so France, in particular, has a huge role to play here in terms of how they help aid how they help work with the government to form potentially new structures, But but we'll see what happens. A lot of this depends on what the government and the political players, including Hezbollah do inside Lebanon.

Lebanese Government Lebanon Prime Minister Beirut Courtney Emmanuel Macron France Parliament World Bank President Trump Hezbollah TEO
Fresh "Bank" from KYW 24 Hour News

KYW 24 Hour News

00:55 min | 22 min ago

Fresh "Bank" from KYW 24 Hour News

"Hemi Dodge Durangos from 39 90 and the k Y w 24 hour traffic Center. I'm Kyrie Moses. Thank you so much. Kyrie and Bluebell Physical therapy brings us the NBC 11th alert forecast with meteorologist Steve saw snow for the rest of today Expect a good deal of clouds. Maybe a Sprinkle or light shower. Best chance of that across South Jersey and Delaware. Temperatures will be warm, though in the upper seventies toe lower eighties through the evening hours, a chance of some Sprinkles and light showers and then a better chance overnight tonight with a low temperature down to 69. For the day on Sunday depends where you live. If you have north and West Philadelphia, not much happening in terms of rainfall in and around the city will have some showers and then a steady rain across South Jersey and Delaware temperature tomorrow. 75 degrees Monday. Partly sunny lady shower or thunderstorm possible with a high of 83 I'm Embassy 11th or meteorologist. Steve saw snow with your most accurate forecast count on it. Currently here in center city. We have overcast skies and 81 degrees wide live in pain. Bluebell physical therapy is open and see. Patients are goal is to get you back in the game that to work and back to your normal way of life. Visit. Bluebell pt dot com for location information. That's bluebell pt dot com. Your health, your community your money When it matters to you, it's on K Y w news radio. Here's three things to know what 3 45 sponsored by Ocean First bank commercial lending what effect will physical distancing and other steps to prevent the spread of Kobe, 19 have on this year's flu season? For several weeks, the number of Americans dying from the disease has exceeded 1000 and it appears that will not change.

Bluebell Physical Therapy Kyrie Moses South Jersey Steve Delaware Ocean First Bank Sprinkles FLU Philadelphia Kobe NBC
Judge refuses to reconsider GM lawsuit against Fiat Chrysler

Newsradio 950 WWJ 24 Hour News

00:36 sec | 17 hrs ago

Judge refuses to reconsider GM lawsuit against Fiat Chrysler

"It will keep pressing forward even as a judge today refused to reinstate its racketeering lawsuit against Fiat. Chrysler, saying We will not accept corruption. GM planning to take their case to the sixth Circuit Court of Appeals Judge Paul Borman, saying GM didn't provide evidence that would have changed the original ruling that they weren't materially harm by Fiat Chrysler. Foreman, also agreeing with Fiat Chrysler that the new evidence of offshore bank accounts wasn't proof of corruption via Chrysler, saying today's decision confirms their contention that the suit is nothing more than a baseless attempts to smear a competitors. Jeff Gilbert.

Fiat Chrysler Chrysler Fiat GM Racketeering Circuit Court Of Appeals Paul Borman Jeff Gilbert Foreman
Fresh update on "bank" discussed on Speaking of Art

Speaking of Art

00:19 sec | 36 min ago

Fresh update on "bank" discussed on Speaking of Art

"To be counted in a time of pandemic. The postal system is election central banks is David spun. President Trump has said he would consider postal service funding if Democrats make some concessions. Efforts continue in Beirut to find people missing from that big explosion 11 days ago. There are still more than 30 people missing. More than 170 were killed in the explosion. Many of their bodies found in the water functions. Trey Yingst in Beirut. America is.

Beirut President Trump Trey Yingst David America
8.14.20 Cutting items from your budget to save more; Clark Stinks

Clark Howard Show

01:24 min | 1 d ago

8.14.20 Cutting items from your budget to save more; Clark Stinks

"We still have extremely high unemployment with tens of millions of Americans either out of work or having incomes reduced so. One thing I want you to think about is every possible expense you have. You. Can reduce in your life. Memberships you pay subscriptions here in. Things you buy on a monthly basis like tech. That, you can reduce those bills. And I want you to think about looking through your checking account statement. And your credit card or cards statements. And see what things you're paying for an irregular basis. Just kind of slipped your mind think about. That craze with all the gift boxes people were getting. You getting gift. Boxes. Are they really worth getting those gift boxes and spending the money? Maybe for you it is you know it's worth it getting the little treats showing up each month of whatever kind. But if they're not. Cancel that thing you know these subscription services all bank on you. Buy A noushin continuing to pay. When. It's not in your life anymore,

The US Army Returns to Twitch

The Esports Minute

01:40 min | 1 d ago

The US Army Returns to Twitch

"The US Army took a hiatus from twitch as public outcry and bill in the US. House of Representatives took aim at the military's use of video game streaming. The US Army is an active sports endorser, many eastwards, companies including complexity and ESL have deals in place with some of the armed forces be at the Navy Airforce, marines or the army itself. The US Army East sports twitch channel became the source of controversy after viewers would into the stream and started commenting things about war crimes. When the army moderator then banned users civil rights groups like the American, Civil Liberties Union or to this was a violation of free speech as the Army's eastward team is federally funded in late July representative Alexandria Cossio Cortez introduced an amendment to a bill that would make it illegal for the armed forces to recruit via livestream platforms like twitch. In late July representative Alexandria causing Cortez introducing the amendment to a bill that would make it illegal for the armed forces to use live streaming platforms like twitch ostensibly for recruiting the bill is defeated in the US House revs by a vote of two, ninety, two to one, twenty six. With the return to which today, the US army said, they are re examining the process for how bands are levied on the platform. Instead of moderators outright banning people into its chat, they'll put them in a glorified time out. So their contact could be examined in a bank then be levied if justified while bands may not be handed out as freely as they were the first time around the US army store reserves the right to ban people from the channel if they're violating, which has guidelines when the US army goes live again, comments will the flood the page it'll be interesting to see how the story develops. The civil rights groups decided to get more involved with monitoring the US Army's twitch channel.

Us Army United States Army Alexandria Cossio Cortez House Of Representatives Civil Liberties Union Representative Navy Airforce Alexandria
Charities Struggle to Serve, Even Survive, Amid Pandemic

WSJ What's News

04:53 min | 1 d ago

Charities Struggle to Serve, Even Survive, Amid Pandemic

"During Times of need nonprofit organizations often jump into help. But now with millions of Americans out of work and donations, dropping many of these charities are themselves having a tough time making ends meet? It's an issue Wall Street Journal Senior Writer. Betsy Morris has been covering betsy first. Let's talk about where's the greatest need He S I mean right now there's a huge disparity in where dollars are going when it comes to nonprofits many food banks can't keep up with all of the. Funding that they're getting. You know also the work that they need to do, but they're really getting a lot of funding right now. And so is interestingly crisis. Nonprofit. Disaster Relief. So there's just a ton of money going toward say vaccine development or medical research, communicable disease research suffering right now are all the nonprofits that do kind of the their normal social service work. So taking care of all the the people who. Have lost jobs or about to lose shelter you know the arts have suffered a lot and. So. Yeah it's it's really unequal right now and betsy is their risks of groups will fold and are looking at innovation to help clients or raise money. Many of them a percentage of them nobody knows exactly how many probably will fail. But in the meantime yes there's a lot of there's a lot of innovation going on right now there's one little nonprofit in New York that basically is all about jazz and they can't have their performances they they. Help support young musicians. They can't do any of that right now. So what they've done which has been interesting is they just had a series of. You know kind of virtual concerts by individuals, jazz performers who were who are really kind of famous and very interesting. The Multiple Sclerosis Society had like many others in the spring had their annual walk series of walks around the country to raise money. and. They were able to raise less than half of what they would normally raise what it's doing now though is a real. Bike a thon comes now and into the fall, and normally that would all be in person part of it can be in person now, some people really on their bikes but but part of it is they've made it virtual so you can stay at home. Your Peleton or whatever you know. You're stationary bike is at home and they've been able to allow you to hook into what all the other riders are doing and have these events, and so it'll be interesting to see I think they're they're hopeful that that will be you know we'll raise probably not everything that they were able to raise last year but they will do better than half for sure. I think they think maybe two thirds of what they raised last year and the need is constant I mean obviously. Sometimes it will fluctuate but. But the bottom line here is at the neatest constant it is constant and these little organizations directors will say you know even though we're not allowed to have our. Tutor kids at our community center or. Counsel them if they're trying to kick drugs or alcohol. We're not meeting right now but we know those kids you need the services and probably even more than ever so and that's true of. All of the different people. And problems that these nonprofits grapple with. So just looking to the future what's the plan of? Attack Woods their business plan or is that just still up in the air like much of life these days I, think the business plan is to if the virus has affected, how they can get to the people they serve they've created all sorts of interesting ways to try to do that. New Ways. And in many cases, it can't be zoom. Because of the you know a lot of people don't have great, Wifi so but in terms of the funding. It's there are a lot of them who are doing quote unquote scenario planning. You know if we're able to raise as much with our our virtual fundraiser, then we can provide these services if we are not able to. Then we go to scenario be which is. To cut I, mean many are having to lay workers off lay off staff you know if. They'll figure out new in different ways to get the services to the people who need them,

Betsy Morris Wall Street Journal Multiple Sclerosis Society New York Writer Betsy
New California Financial Watchdog Would Take Aim At Predatory Lenders Amid Pandemic

NPR's Business Story of the Day

03:16 min | 1 d ago

New California Financial Watchdog Would Take Aim At Predatory Lenders Amid Pandemic

"Millions of Americans who are short of money in the pandemic are vulnerable to scams and predatory loans. California lawmakers want to protect them by creating a new financial protection watchdog agency. They say, they have to do that because the federal government hasn't done its job. NPR's Chris Arnold reports critics say that under the trump administration, the main federal watchdog, the consumer. Financial Protection Bureau has been paralyzed one study. Last year found that it's enforcement activity plunged by eighty percent from two thousand fifteen. We are now as states left to do the Work Ourselves California? Assembly member Monique Lee Mon along with the governor is proposing to create the Department of Financial Protection and invasion. It would give the state broader power to police aggressive debt collectors, predatory loans, and other shady practices limo proposed before the pandemic. But now the timing of it is even more important. You see that at at the California level since Covid we've seen an increase of forty percent consumer complaints and we want to help them. Some of those complaints are about mortgage companies, personal loans, and companies that promise to help people get out of debt. A long list of fair lending and Consumer Protection Groups are backing the proposal. Suzanne MARTINDALE WORKS ON POLICY issues for consumer reports with millions of people. In California alone who filed for unemployment, many people are teetering on the brink of insolvency here. So lonely a risky payday product, aggressive debt collector that can for someone over the edge into poverty into bankruptcy and homelessness at the worst possible time in the middle of a public health crisis. Financial firms usually aren't big fans of more regulation but Beth Mills with the California Bankers Association says, it's okay if the new agency wants to better police some of the banks competitors, she says online lenders, for example, many face much. Looser regulations than the banks do we would welcome greater regulation on them to make sure that we're operating under the same rules. But when it comes to the companies that her group represents, which she says are most of the banks and lenders in the state large and small, we would like to be exempt from the bill because the banks and financial institutions that we represent are very heavily regulated at both state and. Federal Level added appears the financial firms of the ear of some lawmakers. A source close to the legislative negotiations tells NPR that a group of moderate Democrats is pressuring the governor to allow for large carve outs for many companies and that could mean a much weaker watchdog. Richard Cordray is a former director of the federal consumer financial protection. Bureau he's been consulting on the bill and says that would be a big mistake i. Don't think that the legislature should make it hard for consumers to get their money back when they've been victimized by unfair deceptive and abusive practices. Cordray says if it's done, right the new California agency could be a model for other states for how to have a tough financial watchdog agency of their own. But a legislative deadline means the bill has to get passed by the end of the month. There's a key hearing lawmakers.

California Financial Protection Bureau Department Of Financial Protec Federal Government NPR Beth Mills Richard Cordray Chris Arnold Suzanne Martindale California Bankers Association Monique Lee Covid Director
Trump announces Israel and United Arab Emirates will reestablish diplomatic ties in potentially historic deal

10 10 WINS 24 Hour News

00:36 sec | 1 d ago

Trump announces Israel and United Arab Emirates will reestablish diplomatic ties in potentially historic deal

"Israel and the United Arab Emirates Minister Benjamin Netanyahu called the new peace deal with the United Arab Emirates historic and the beginning of a quote new era in ties between Israel and the Arab world. Jerusalem In Abu Dhabi, he said. We'll open full diplomatic ties, set up embassies and signed bilateral agreements. Netanyahu thanked President Trump for brokering the peace deal. What thes really leaders said he'd been working on and dreaming of for years. At the request of President Trump. Netanyahu says he will postpone plans to unilaterally annex parts of the disputed West Bank. So we insisted the issue is not off the table.

Minister Benjamin Netanyahu United Arab Emirates President Trump Israel Abu Dhabi Jerusalem West Bank
UAE and Israel to establish full diplomatic ties

America First with Sebastian Gorka

00:50 sec | 2 d ago

UAE and Israel to establish full diplomatic ties

"United Arab Emirates in Israel have agreed to establish full diplomatic ties, the latest from the media lines. Florence Rifkin. It's being called a peace deal an agreement for the normalization of ties or merely an agreement to work toward a deal. But it's a breakthrough, no matter how it's portrayed. The last time Israel reached an accord with an Arab state was 1994 when it made peace with Jordan. Ah, fragile peace but peace. Nonetheless, just like the deal reached 15 years earlier with Egypt, the United Arab Emirates apparently engineered an Israeli agreement to back away from a plant to a next parts of the West Bank. At least for now, What is important is to note that Israel and the US we share a common foe Iran, and this clearly has made I'm closer, if not yet. Best

United Arab Emirates Israel Florence Rifkin Iran West Bank United States Egypt
iBonds could be a great savings vehicle

Clark Howard Show

04:55 min | 2 d ago

iBonds could be a great savings vehicle

"I'm so glad you taking time out of your day to join us here on the Clark Howard. Show. Where it's all about you learning ways to keep more of what you have. Our Websites Clark. Dot Com and Kark deals. Dot Com. So. Over the last twenty, five years. Probably, about twenty five years maybe thirty. I've had a love hate relationship. With. A method of saving money called series I savings bonds. These are sold by the federal government, the US Department of the Treasury. And you buy these savings bonds and You earn whatever the rate of inflation is in the economy reset twice a year. And there are times series I bonds have been scream and deals. I own some that I bought back in the nineties. that. Out later, this decade because they earn interest for thirty years and the ones I got then were such a good deal I wish they would just go on forever but you know. Now going to have that luck. In a Hammock recommended series I bonds except maybe one time in the last five years. But now I can do so again. Is something for a small saver. Amounts from up to well up to ten thousand dollars in a year can go into series I, savings bonds, and the reason I'm recommending them now is it's not like you're gonna get rich from them. The problem right now is that what you're earning in savings from a traditional bricks mortar bank is like nothing. and. So I mean really is literally about nothing even if you go to one of the online bank's I'm always talking about. Their interest rates have fallen and fallen and fallen from around two percent to now many are below one percent still declining, and that's because of the economic decline were in right now. Because of the recession, we're. So. Also in addition. The. Federal Reserve is doing things to hold interest rates down indirectly with the moves they can make. Some directly. But overall indirectly. So that means that savers are getting clobbered. And now you earn less on savings. then. The general rate of inflation and the economy. And that's why entering into your financial life potentially could be series I, bonds because it's the one way of saver. Can. EARN. The rate of inflation so you're not falling behind with your money. which normally would not be something to. Jump for joy about. But if regular roll savings accounts. Are Making you basically nothing. Every year you're falling behind inflation. So series I savings, bonds, e buy savings, bonds, Dot Gov. Click on I bonds. When you get there, you'll see that you can buy up to the ten thousand and a year from very small amounts on up. And I think the minimum. Is Twenty five bucks you can buy. Or you can buy is many as you want up to ten thousand. Now, this is designed for you to have for potentially up to five years or longer because if you dump one less than five years, you forfeit ninety days of interest not a big deal in today's rate environment because of interest rates got much higher in the next few years. You could dump this series i. Pay. Your. Ninety days penalty and put the money to work somewhere else so. Every. Six months. The what you earn on the I bind changes. based. On that six months prior inflation. So the ideas you stay even With where things are which today being even? Is like a win. So check it out savings, bonds, Dot Gov. and. It's a pretty easy purchase. Understanding, how all the adjustments working all that not as easy. And since you're buying electronically, make sure you put note somewhere when you bought them what you bought so that they're not forgotten about over the next potentially thirty years.

Clark Howard DOT Kark Federal Reserve Federal Government Treasury Us Department
iBonds could be a great savings vehicle

Clark Howard Show

04:37 min | 2 d ago

iBonds could be a great savings vehicle

"The last twenty, five years. Probably, about twenty five years maybe thirty. I've had a love hate relationship. With. A method of saving money called series I savings bonds. These are sold by the federal government, the US Department of the Treasury. And you buy these savings bonds and You earn whatever the rate of inflation is in the economy reset twice a year. And there are times series I bonds have been scream and deals. I own some that I bought back in the nineties. that. Out later, this decade because they earn interest for thirty years and the ones I got then were such a good deal I wish they would just go on forever but you know. Now going to have that luck. In a Hammock recommended series I bonds except maybe one time in the last five years. But now I can do so again. Is something for a small saver. Amounts from up to well up to ten thousand dollars in a year can go into series I, savings bonds, and the reason I'm recommending them now is it's not like you're gonna get rich from them. The problem right now is that what you're earning in savings from a traditional bricks mortar bank is like nothing. and. So I mean really is literally about nothing even if you go to one of the online bank's I'm always talking about. Their interest rates have fallen and fallen and fallen from around two percent to now many are below one percent still declining, and that's because of the economic decline were in right now. Because of the recession, we're. So. Also in addition. The. Federal Reserve is doing things to hold interest rates down indirectly with the moves they can make. Some directly. But overall indirectly. So that means that savers are getting clobbered. And now you earn less on savings. then. The general rate of inflation and the economy. And that's why entering into your financial life potentially could be series I, bonds because it's the one way of saver. Can. EARN. The rate of inflation so you're not falling behind with your money. which normally would not be something to. Jump for joy about. But if regular roll savings accounts. Are Making you basically nothing. Every year you're falling behind inflation. So series I savings, bonds, e buy savings, bonds, Dot Gov. Click on I bonds. When you get there, you'll see that you can buy up to the ten thousand and a year from very small amounts on up. And I think the minimum. Is Twenty five bucks you can buy. Or you can buy is many as you want up to ten thousand. Now, this is designed for you to have for potentially up to five years or longer because if you dump one less than five years, you forfeit ninety days of interest not a big deal in today's rate environment because of interest rates got much higher in the next few years. You could dump this series i. Pay. Your. Ninety days penalty and put the money to work somewhere else so. Every. Six months. The what you earn on the I bind changes. based. On that six months prior inflation. So the ideas you stay even With where things are which today being even? Is like a win. So check it out savings, bonds, Dot Gov. and. It's a pretty easy purchase. Understanding, how all the adjustments working all that not as easy. And since you're buying electronically, make sure you put note somewhere when you bought them what you bought so that they're not forgotten about over the next potentially thirty years.

Federal Government Federal Reserve DOT Treasury Us Department
Trump announces peace agreement between Israel and UAE

Rush Limbaugh

00:39 sec | 2 d ago

Trump announces peace agreement between Israel and UAE

"President Trump announcing a peace agreement between Israel and the United Arab Emirates today. Saying they agreed to full normalization of relations hosted a very special call with two friends, Prime Minister Benjamin Netanyahu of Israel and Crown Prince Mohammed. The inside of the United Arab Emirates, where they agreed to finalize a historical peace agreement. Everybody said this would be impossible. Under the agreement, Israel has agreed to suspend applying sovereignty to areas of the West Bank that it has been discussing annexing. Area's being sought by Palestinians for their future

United Arab Emirates Israel Prime Minister Benjamin Netany Crown Prince Mohammed President Trump West Bank
Wall Street Reacts to Biden-Harris Ticket

WSJ What's News

06:57 min | 2 d ago

Wall Street Reacts to Biden-Harris Ticket

"Today Joe Biden and Kamala Harris made their first appearance together as running mates for the Democratic presidential ticket. CARMELA. As you all know is smart. She's tough. She's experienced. She's a proven fighter for the backbone of this country. The middle class for all those who are struggling to get into the middle class. Connell. Knows how to govern. She knows how to make the hard calls. She's ready to do this job on day one. After the most competitive primary in history. The country received a resounding message that Joe was the person to lead US forward. and. Joe. I'm so proud to stand with you. And I do so mindful. Of all the ROIC ambitious women before me. Who sacrifice determination and resilience makes my presence here today even possible. This is a moment. Of Real consequence for America, Harris's pick is historic and has prompted reactions from around the World Harris's father is Jamaican. Her mother is from India. She's the first black woman and the first woman of South Asian ancestry on a major party presidential ticket in the US Also, Reacting Wall Street. Financial leaders were anxiously awaiting Joe Biden's pick for vice president, our tech money and politics reporter Emily Glaser has been speaking to many of them and joins me now. So Emily you bet on the phone with business leaders all day. How would you characterize their reaction? This leaders are generally really happy that Comma Harris was chosen as Biden's VP pick for a couple of reasons. But basically, they view her as a pragmatic person or realist who while she has been tough on big. Business in the past looks at the nuance issues and takes each thing at a time versus having a blanket approach as you know, the wealthiest bad or big businesses bad. We've seen president trump and his campaign try to paint Senator Harris as a radical left wing Pick Wall Street doesn't seem to see it that way. Definitely not a lot of what I. Heard from folks on the phone text messages emails. But that she's moderate, she sent her even though people don't like using those words that much anymore and that's similar to how they think about Biden and a lot of the reasons why think financial leaders are happy and pleased and cheering on this Harris pick is that she does represent a move away from. The. Far Left Progressive Part of the Democratic Party the part that Elizabeth Warren and Bernie Sanders. Are In and so they're relieved that you know things like more financial regulation or really taking back see right now it's all about economic recovery and harassed and Biden have said they think big business is good if the economy recovers and business recovers, that's good for. Everybody. You know it's interesting because after Biden made his announcement yesterday, we heard Praise from people like Senator Warren and Senator Sanders. We know Senator Harris has pledged to be tough on big banks as California Attorney General. She pushed for a big settlement with banks for their role in the foreclosure crisis. What about her record makes Wall Street thinks she's a moderate. It's a great question look like you said, she's touted her tough on banks record. But when you actually break it down, what folks in the financial community are saying is that she's made no secret that there's wrongdoing she will prosecute her background as a prosecutor, but it's also important to keep in mind that her big bank settlement was very nuanced and she did claim a lot of credit for it got brought a lot to. The State of California but we had reported earlier last year that she wasn't always really doing as much of the substance of the negotiations and she was doing a lot that solidified. The Big Bank settlement is helping her record as a politician. So when I spoke with bankers and financial executives last night and today they were saying look she's GonNa take swings at us. We get that it's politics. We're not gonNA take it personally. When there's wrongdoing you know she says she's going to prosecute. We got that but she's not going to have a blanket approach as all banks are bad or all wealthy people are bad. What were some of her other policies on the campaign trail and what do they tell us about her stance toward the financial industry. Healthcare was a really big wine and let's not forget healthcare with the most important issue on the campaign trail. Now, in coronavirus times, it's shifted more to economic recovery. But Harris struggled with this event she failed to really clearly state what her plan was initially, and then once she did she basically said she would have a government run health care plan that would still allow for private insurers an even mentioned that she proposed taxing financial transactions to pay for that. Health care overhaul. So that's something that certainly is out there would really impact the financial sector. Another one that was really big was her so called three. I'm agenda in the beginning of the primary when she was on the trail, she often would attack president trump a lot but she changed strategies partway through an efforts to really appeal more to the every man, every woman and the middle class and mentioned things like gender pay equality breezing teacher salaries and things. Like that that she hoped would get her more voters. She's also being welcomed warmly from the tech world. What can you tell us about that? You know, let's not forget that Kamla Harris has been a politician California in the bay area for a while she was district attorney. She was Attorney General She's been California senator since two thousand sixteen she knows tech executives in Silicon Valley and his raise money from them for her races for a number of years she. Also, lives part time in southern. California with her husband Doug Hav who is an corporate entertainment lawyer. So she's got these deep ties to the media telecom tech and entertainment world folks that have fundraise for her for years. They know her they think she's tough but fair and are very excited and already planning fundraisers now that she's the VP pick, she's also shown that she can raise big bucks from Wall Street donors. How might that help the Biden campaign overall? I think it will help double down on a lot of the money that they need. I saw an invite for recent fundraiser that has the high amount at two hundred and fifty thousand dollars. This is big money we're talking about a lot of the Biden fundraisers in recent weeks have raised millions while Harris and Biden do overlap on a lot of donors whether from the financial tech media entertainment world, a lot of them have known. Harris. For a really long time supported her during the primary and may be willing to give even more money than they already have to the Biden campaign now that she's on the ticket.

Senator Harris Joe Biden California Senator Sanders Big Bank VP President Trump Carmela Elizabeth Warren United States Attorney Democratic Party Emily Glaser India Connell Roic America Vice President
Investments to Fight Financial Repression

Money For the Rest of Us

04:10 min | 3 d ago

Investments to Fight Financial Repression

"A couple of weeks ago on August fourth the US tenure treasury bond hit an all time low yield. Zero Point Five, two percent. It's a little higher than that. Now about zero point six, four percent. Yet. If we look at an equal weighted composite of ten year government bonds that includes Canada the euro-zone Japan, Switzerland the UK and the US. That composite interest rate is zero point three percent. If. We include corporate bonds and mortgage backed securities. The Global Aggregate Bond Yield is zero point eight percent in all time low. Now those are nominal yields that supposedly take into account that potential flation, but those rates are lower than what inflation has been over the past few years. Treasury inflation protected securities have a negative yield. That's the real yield. The tenure tip is yielding negative one percent. Global. Central banks have set their interest rates at all time low a composite of banks. The average short term policy rate is one point three, five percent. That's down from two point four percent in July twenty. Most developed countries have set their policy rate at zero. As investors if we are not able to generate a return that is greater than inflation, then our investments lose purchasing power over time. If central banks are implementing policies to keep interest rates low. Policies that benefit debtors borrowers because they can borrow cheap at the expense of savers that aren't able to earn even the rate of inflation on their savings. That is what is known as financial repression, its policies by central banks that hold down borrowing costs. These can be traditional monetary policy tools such as setting the short term policy rate. or it could be unconventional monetary policy such as quantitative easing central banks, purchase government bonds, or other bonds in order to put downward pressure on interest rates because they're constantly buying bonds. It could be yield curve control stating that they will buy as many bonds as possible to keep longer term rates low. It could be what the Federal Reserve indicate that they might do more explicit forward guidance in their June that are open market committee meeting. The minute said that it will be important in coming months for the. To provide greater clarity, regarding the likely path of the federal funds rate and asset purchases and that a number of the participants in favor of forward guidance tied to inflation outcomes that could possibly entail a modest temporary overshooting of the two percent target. What does that mean? The Federal Reserve has a target for inflation of two percent. They set their sights term policy rate, which is known as the federal funds rate at a level that they believe that unemployment will stay low but not too low that discharge to put pressure on wages and potentially inflation. And at a level that's low enough that households and businesses want to borrow to buy things to invest in capital projects to help the economy grow. But they're saying that they'll keep that policy rate low even if inflation exceeds the two percent target for time so that the average inflation rate is about two percent. The most recent inflation rate in the US was zero point six percent. If we exclude food and energy inflation rate was one point two percent that was through the end of June twenty twenty.

United States Federal Reserve Canada Switzerland UK Japan
Sports Talk with Junior

Best of The Steve Harvey Morning Show

03:13 min | 3 d ago

Sports Talk with Junior

"All right. Here we go. Junior is here with what sports docked yeah. Oh. Oh, got it. Today Listen Mike Tyson and Roy Jones Junior. The fight has been pushed back to November. Twenty eight was September twelfth. They're gonNA. Move it back to November twenty eight. Now, we never did get honest we got who we're. GonNa pay for this. You know you won't initial. Yeah, they had the movie back because somebody didn't look shape. And it wasn't Mike Tyson. Since Yeah, we love Roy Jones junior to love and show yeah yeah. See, Roy on stand. Tyson. Trained in two. Give Him Oh time. Him So motown. Forgot. Eighth. That's my holiday. Yes. How old is Roy Anybody? Four. Oh, it's no want. Majors Mike. Yeah Mike. Fifty four, a Mike and Fifty, four, fifty, one. Got? All. Mad. All. The reason why we got all our money, all Michael Airbus seeing know what this is about. Well, see both of them. All right. It's not going to be what you think it is and going to be this great fight. 'CAUSE YOU'RE GONNA see a Lotta of punches. A Lot. Of course, the timing is gone in a quick quick twitch muscles don't file like they used to. But the problem that Roy has is if Tyson do hit him. His ass is going to. Asleep. He Hits Him. He's going to. That's a special place. That's way you sleep a union. No you going. Love a man I'm going to bed. Then I'M GONNA. Go Sleep. Now you fit in a subsidy. Very closely, right for you go to sleep that what you said. Our sleep well. But, also, you know the new president trump called NBA players very dumb, very nasty for kneeling during the. National. Anthem. Wild. Two words and that is there any other word man? VOCAB? Luke. This is a guy who says he went to the high school in. The. Nation. Yeah and but his niece has said no, no, they got him in this. He's not. He's. Look their neely period. You're not changing the narrative this time. Because those black guys to play in the NBA? No, they wouldn't tall and he had a uniform then targets on. Right Bank. That's exactly why they not playing. Junior coming up at the top of the hour. Tell me something good. Some good news for.

Mike Tyson Roy Jones ROY Roy Anybody NBA Michael Airbus Neely President Trump Luke
Understanding How And Why Your Market Makes Decisions

The Nice Guys on Business Podcast

04:25 min | 3 d ago

Understanding How And Why Your Market Makes Decisions

"We all know that knowledge is power of course, data about Customer Habits and Consumer Habits is power as well more than ever. When we shift in business, it's key to understand how and why your market makes decisions. So Jonathan Silver he is the founder and CEO of affinity solutions. Now, affinity is the authoritative source for truth for news outlets not for profits research firms and businesses in the US and the only source for purchase insights that can be analyzed by demographic geographic lifestyle segment and political affiliation affinities mission is to. Transform data insights into experiences that improve people's lives. Jonathan I'm excited to have you here and talk to our Nice Guy. Community. Welcome to the show Ed. Great to meet you doug thanks for having me on I. AM happy that I'm happy to have you here and you know a guy that wrote a book called Nice Guys Finish First. I was completely attracted to the the data for good. So tell me a little bit about what data for good is and how that might affect those that might be listening to our show today. Sure so It's great to be on and I wanted to Start by saying a little bit more about sort of the vision of affinity solutions which for me, we've been running the business now for about Fifteen years, but we've had much more clarity of vision crystallize over the last year, which is. To. Use data to improve people's lives and You alluded to kind of what our business is about. But we have detail purchase behavior on about one hundred, million consumers ninety million in the US A- ten million in other countries. we have that data by the way because we run a kind of loyalty program, we dented that we provide to over three thousand banks the reward customers when shop at. We tell depot wallgreens. So data for good is an extension of the vision of. Using data to improve people's lives that we launched during the coronavirus. During this crisis and we we started by giving away some of our data to scientists to academics researchers. Some. Not for profits to help government agencies with policy making and it was Kinda shocking to me that government entities how much they fly blind. They don't have the information on how their towns cities. Counties are doing. Early and I was like well, their sales tax I mean why? Why wouldn't they get that quickly but apparently, even sales tax information takes a couple of months for a for them to get information. So data data for good was first about helping government policymakers by giving them the information they need to navigate their own decisions, but then it quickly expanded on to provide businesses visibility they need themselves to navigate this crisis and so. you know insights on. What customers are doing outside of businesses own four walls. That's been our mantra for for a long time that's always been important. But it's become absolutely critical during Cova. This sort of outside in view of consumer behavior has become essential especially now because you know during particularly in the march, April. But even even now, you know where there's been a hole punched in their own data that the businesses were looking at you know the purchases in their own stores. On. Their own websites because people just stop coming in coming in a lot less. So businesses have been flying completely blind kind of like A. analogy is like a fighter pilot flying between two Kanye walls that instrumentation So right now, we're delivering through partnerships with companies like Deloitte, accenture and bane and McKinsey weekly updates to businesses to help them navigate. We're also providing the press in our website affinity solutions, dot COM and weekly updates on what's happening in the economy to call it a business recovery scorecard. which looks at bellwether categories like. Grocery and and home delivery and. You know as people come out of their homes So it'll be interesting. You know that data, which is for the good of not for profit scientists. It's for the good of businesses for the good of consumers We're going to be looking very closely at how consumer behavior will change permanently. As a result of this crisis, we're seeing a lot more purchases on the web. So data for good is really about providing that level of insight to a broader community.

Jonathan Silver United States Cova Doug Deloitte Kanye Mckinsey Accenture
Interview With Susan Park

Asian America: The Ken Fong Podcast

05:57 min | 4 d ago

Interview With Susan Park

"Or those of you who are foodies and I know if you don't consider yourself a food, do you like food? Some of our most popular episodes are when we bring on people who own restaurants or who are chefs and my guest today. Is kind of a combination. She's not a chef. She's married to a chef. This is Susan g young park, and she and her husband are the owners of a very unusual Taco place near the campus is called. I think I'm saying this right Revolucionario? Is that correct? Yes, it's a revolutionary on North African Tacos on. At one, four, three, six, West Jefferson, boulevard currently were only open on weekends, Saturdays, and Sundays for pick up orders only from noon till three, and actually I am a chef to learn more. Oh okay. Okay. Yeah. Well, you know, I definitely want to do a deep dive. Into, your establishment. But you know since we're recording this in early May and is still during the whole shutdown, and this is a restaurant I gotta ask you because we'll put this out relatively soon. This episode I have to ask you like, how has it been for you guys with the shutdown with the limited time that you're open. How's that going? It's been very, very asymmetric call. Because I also have. Started a nonprofit at the end of February and a lot of people keep asking me how I knew to start early with the Asian. American. Specific food. Bank. It's because I am an Asian American person. Who? WHO also owns also Asian American owner. And I. My restaurant is near USC SO I. Get to talk to a lot of. Asian, American, and Asian international students. So my restaurant very community driven. So. As an Asian American person business owner and somebody who speaks to Asian American students in Asian international students on a regular basis. You know I could feel the of sacks of you know, the the Wuhan Virus China virus. Right one international news broke in in December, and I can feel it affecting my business to I can feel it affecting my business, my in store business just tanked. I made it by with a lot of lot of catering more because they kept asking my customers helped me out catering orders than. And then a lot of a Chinese American students in particular in Chinese. International. Students who come to my restaurant. Started telling me. They just felt really anxious and they had a feeling of like just more isolated, and also I also do a lot of tenants advocacy work I've been in touch with CCD in. Chinatown. MOM since last year I helped him out occasionally with things at the request as I could see for myself, I mean. Koreatown didn't get hit that bad. Early, a chinatown business in Chinatown just tanked. You know at in December and January some restaurants. It was like ninety nine percent down the streets were empty. There's nobody. And then my friends from the San Gabriel Valley started reporting. The business was down in the San Gabriel Valley. And then it rolled into Korea town. So Koreatown was hit a little bit later. By declining sales and then in my restaurant to. So January usually means like a huge surge in business. And a lot of my customers are international students, not as Asian international students, but international students because my husband is also he's a French born Algerian Berber and Berbers indigent people to North Africa. So we also have a lot of European customers in African customers, and because we're North African Taco restaurant, we also have a lot of Mexican Latin next customers so very international. We hear a lot of news from everybody to because we're, I'm a owner operators on that restaurant every day that it's open. So I'm in touch with just. So many different communities. And just business was just was not picking up and beginning in January I started. Reducing, my restaurant hours drastically because it just wasn't worth it. It just wasn't worth it to old. You know just to get all that going and it was like this is not what any you know So then I started my food bank initiative I started I started my bag initiative before a stylish on nonprofit. Net Song early I. Think I met her Nebi. Rarity. A month after I had started my brown bags for all skid row initiative. Because wins, virus news broke of a mysterious virus mysterious You know that's a scare scare tactic. In China and it's highly infectious in know we live in a global village? and. Experts have been warning about pandemics for a long time and America wouldn't be prepared for one. So my first thought in January was to start my Brown Dad's for everyone initiative for skid row because in an era of pandemic, who do you want to help the most? I, I mean, who should you be healthy? It's the most vulnerable people were most exposed. Then it's going to be homeless in the House to people. And who are the poorest of the poor, the an housed I mean, it's the black residents. Elderly residents are skip Vo. So I, the Brown. Doctrines, round that for everyone initiative really took off fast because the idea was catchy. People could wrap their mind around like Paquito, Brown bag lunch. You know. So I, had neighborhood associations like four hundred members hanging. Why? Why can't all of us do like ten Brown bags? That's four thousand bomb. Gad's already

San Gabriel Valley Koreatown Business Owner USC Susan Wuhan Paquito GAD North Africa Korea Nebi America China
Cyber Safety, How to keep your identity protected using mindfulness and practical tactics

Core Confidence Life

07:11 min | 5 d ago

Cyber Safety, How to keep your identity protected using mindfulness and practical tactics

"How you doing Sandra? Hi. How are you doing? Thank you for having been your show. So, matty here. Right absolutely. So we're talking today about identity and cyber. Theft here. So give us a little bit idea on what that's about what does identity theft what is cyber theft? What does all that stuff? Of course? Let me start why I started. Niger, any may be. Definitely will get into into whether they cybersecurity are cybercrime or identity out. That okay with you. Sure. So I was returning a many many years ago I was returning from these things. Colombian. So I mean, the plane were landing in Miami and the pound announces that Homeland Security. Were boarding the plane. I course to ask for a handed to the to the agent and at the time I, head out these. It was relocated recently to the US. Ns I had my passport to the agents. then. He's next thing I know I'm the only one that being score of the plane by the two officers. And enthroning to the room you the. Famous rooms. that. Are In airports in I, don't know what's happening. Out. I'm about to connecting fighting my husband's waiting for Chico. So ten hours later and handed back my passport and is revoked. Few weeks later I mean Venezuela my native country and I'm trying to process my. Mom to processing again, you sign I had a lot of support from Maya Turks from my former employer journey. So we are in to again and. It was interesting officials. They kept asking me about China. Why we're doing China. China who is your contact? Like I never been in China. beating know what they were talking about. Some how when? S Model China go to hold of my information and was smuggling women into the US using my identity. Yes. So humid slate, you know everything I convinced, of course, a smuggler I gave my new visa and a back home two weeks later and returning from Euro my job requirement to travel a lot. And as we are going to. Control. I. Give My passport booth. I'm right back into that room. Because I have to. The, real me over and over that for six years. Yeah. So when I going everything was Chinese I. Mean it was really crazy at nobody wanted to travel with me a united in my almost wanted to travel with me. and. Finally. made the citizenship, my aspirin I changed my. Everything Courses Okay and at the time I was working tonight not. Having in the industry for over Twenty Years Community? It non no it was identity. It was not in the news. He was not like every day right now at breach or cyber drive or this or that. Back back in that day in that time, it wasn't so I couldn't make the connection. So few years later, I changed my career and I join cybersecurity cybersecurity? Area. Industry. And I realized what happened to me, and what happened you know when someone takes your identity with Tony, personage you for their gate. and. You know eat my corporate career I did that I? was very passionate about. Training and education awareness and Allison Park job that I enjoy the most. So I wanted to Redo it at a bigger scale as I left my corporate all by did your original question about what is at Know when stolen takes something from you. And wince when they break into your life, and that can be very dramatic experience and it can be for many reasons financial reasons it could be for. Someone inside your company that has. Either made a mistake or by attention. Jober that is you and ninety. Attack you could be for like in my case, there was a vying for for that criminal to have my identity so he can use it for him. So there are many life happens. It's It goes on all the time. We don't always hear about identity theft on the news I might do commercials about it. You know when the advertising different products, but it's something that a lot of us don't even really hear about. So how does that happen? How does someone? Get your information. So you can happen. Through many different things that can happen through your social media, it can happen through your email can happen through when you give out your credit card in a restaurant. It could happen when when when you ride formation with with a doctor. Often, office I mean, there are so many ways. Jury information can be obtained. We share a lot in social media share. Many different things. That are personal and that that is one thing that can use. Of you do that. You know sometimes we don't hear the news a lot about identity issue i. think we should do a because there's a new victim, every two seconds. A new victim I mean someone right now? has just being victim of identity DOPP and there's different decrease appointed. You know sometimes we someone let's say takes your credit car. And data charges in your credit card and probably most have had situation and the bank context you. Just have to get a new credit car. Scare of it. So it's a degree of identity theft is in the financial. Hesitation of identity theft, but it is. Your credit car on and bought things on your behalf. But it wasn't as faithful as many other situations are obviously. More were personnel or or moines more invasive.

China Theft Matty United States Sandra Niger Aspirin Miami Chico Venezuela Allison Park Tony
Blockchain & Digitising Trade Finance  Insights from Contour

Insureblocks

05:38 min | 6 d ago

Blockchain & Digitising Trade Finance Insights from Contour

"Call. Thank you for joining us today. Could you please give us a quick introduction on yourself thank you lead and thank you for the opportunity to be here. Introduction of myself. I guess away sometimes they usually introduce myself as I've been SORTA DOING FINTECH for thirty years all in Asia. So I grew up in the states but came out to Asian in college and then stayed out here but. Thirty. Years of Fintech. So I've done about twenty years of thin. So I've been in in worked at various. Banks Bank of Boston Standard Charter deutchebanks on transaction banking trade finance and cash management, and then ten years of tax. So I've worked at I left banking a few times I left in two thousand during the DOT com days to work for a company called trade card, which later became gt nexus and set up the Asia operations and then I. Left. Banking again in in in two thousand sixteen to to work for for our three and and helped set up a lot of Asian operations for them and my my third startup now is is contour which started seven months ago. So yeah about thirty years of of Finn INTECH. Extensive. Indeed of an anti corporate and start up world. You've got it all. So Call as it is customary here at blogs could you please explain to our listeners? What is blockchain and how does it work? What is blockchain? Well, I I think I'll I'll go to the the level below and distributed ledger technology and really disturb alleged technology is is is an opportunity for instead of managing your data in one central database actually everyone having their data in their own database and so just to be ledger instead of breaking it up and and it's goes back to the way our three and quarter talk about it. Is You, know we we all should should own our own data. And then we there should be a protocol to share it and you shouldn't share it with everyone. And sharing with everyone is is traditional blockchain which be the broadcast method of of consensus, but instead a quarter. On distributed ledger technology basis manages data by having them Even everyone has a note everyone has their own database, but there's a protocol, the sheriff, and that's how. Quarter works, and that's actually what contours built on. And Great and I think it's important. You know the point you just made about. It was blockchain near sharing with everyone in whiz these legend technology you only sharing with the relevant parties because that's sometimes it's something that is misunderstood too often by people who are introduced to this world though thank you for that. They usually sort of say has also is is when I talk about traditional blockchain, Mus the broadcast method and I do it in in Taiwan to Taiwan fifty years ago you when you got when you got married, you didn't need to register to to get married. You you you just had a big dinner. You had a big new invited everyone in the village. To. Front of everyone the village said I'm marrying this woman and therefore everyone knew you're married you didn't have to register anything but the fact is that everyone knew it and then it became a fact and that actually sort of this is a consensus method in in in an old version. Indeed indeed. Thank you for that The. World Trade Organization estimates that between eighty percent and ninety percent of global trade relies on trade finance. Yet, there is a one point five, trillion dollar gap between the market demand and supply for trade finance something, which I'm sure was co Vina's has probably increased US instead. And KYC and am. L. Requirements remain the most cited barrier was high transaction fees and low credit ratings running up the top three SME's remain disproportionately affected by these and other bears experiencing a forty five percents rejection rate on proposals, which is much larger than than seventeen percent seen by multinational organizations. What are your views on these challenges? Again International Trade. It started out of minutes it's been going on for a long time. You always have this distrust deficit when you have a buyer and seller in in far off countries now that trust deficit is a little bit easier to manage now because you have the Internet and you can see people online and you can skype them and talk to them and Imagine what it was like when you you had to put money down for shipment that would come three months later and you didn't even know the person you only known by a letter right so obviously, it's gotten a lot better with with communications nowadays but I'm in the challenge is really for for SME's is is related to data right because a bank. Bank as a as a lender right as a facilitator of of credit. Is. Looking. To to not make a mistake banks don't really have to. A. Lot of banks goals is is not necessarily to make money but don't lose it. Right and they'll make mistakes on credit and it's very hard for SME's to have A. To have enough information or the information that they have is not sufficient to tick the boxes on a traditional credit scoring sheet, which which the banks us

Fintech SME United States Asia World Trade Organization Banks Bank Taiwan International Trade Finn Intech Boston Standard Charter A. To
"bank" Discussed on Bank-Fintech Fusion

Bank-Fintech Fusion

13:26 min | 5 months ago

"bank" Discussed on Bank-Fintech Fusion

"To this episode of Bank Fintech Fusion. This is Phillip Ryan. Cg Catalyst. And I'm joined today by smile. Shy Of T. sobe based in Berlin which is better circles probably for open bank project which is one of the things he does. Smile will tell you a little bit about that. So is smile welcome. Hi thanks for having me Your Thank you for coming. So how did you get involved in financial services did you? Did you come from a technology background or is there something in particular that that brought you into the tech part of the world and also Let people know of what about in an Open Bank project share? Yeah So again thanks for the invite so. I'm me a chief operating officer at sober where Germany based company the company behind the bank project as much in we cheese a meeting open source. Api Management Solution or banks out. So we will we do this. We had incumbents banks Expose API's it's always. The guy worked with FINTECH companies around words and really. I think I get into that kind of Bible by chance I'm I'm an African. Didn't want to set in France and while I was in France I met with the founder and CEO of the back projects unregistered. And he was telling me. All about this You know crazy ideas. That was back in two thousand ten. So I think the words that you didn't really What wasn't think back then. And so he was telling me about all these crazy ideas of A. B. Is An opening up the banks and banks working with startups and Solan and so forth like listening to him very carefully. And saying this is crazy. This will never happen. I WANNA be participant that. That's that's somehow I got into this. I come from a technology background. I sold what technology can do had company doing. Api's before that. Sorry I really saw believed very strongly about the GNC's opened up by technology by API's and so on and yet you know the financial industry looked like it's very archaic in Slow Moving East so I think frost division or or one of the early drivers for bring forbidding. This was really like rookie. How we make this a little bit more technology Losing more modern I S and how can bank Leverage oldest new technologies out. There the first thing I remember with Simon. I think I met Simon in two thousand twelve or so when he had the the sort of. He's a musician right so he had the musically for your bank account In it's still around. It's still online in every people stumble onto in there. Like what is this but that was? I think it was an early demonstration of API. Yes so that was exactly so you know again. You know we're we're in two thousand ten two thousand eleven really banks do know bankers Do not understand what Napi is let alone open banking and so we were like really scratching our head. How do we explain this? You know in kind of in a way in an engaging way and as you said Simon is a musician. It guide but also musician composer and so we said okay. Why don't we do a singing back? So Rhino take your transaction bacon play abusive. Geno note out of it. So if money comes in it's a high pitched note south it's slow. It's not like a little bit of a conscience does a fun thing. It actually was done in a hacker. Thon over the weekend smell. Stop that so. That was nice in my souvenir missile from that area for sure. Yeah well actually you're right. People can still look at it at singing dot com. You can actually play out own. See how seeming dot com. Check it out. Yeah it's interesting that Api's the industry is finally coming around to API's and we'll talk about this more. But I read a trends piece. Five transferred twenty twenty and one of the trends was. Ap is like as if as if it's some thing you know coming from outer space. That's you know that it's not something that's operating all around us every second on the Internet so I think there's still a lack of familiarity in the industry with with API. Unfortunately but I know that's earlier mission is is Is Educating people not yeah absolutely and if you talk to some some folks at banks will tell you what we have is for years and to some extent. They're probably right. I mean Burnett As a as in interface between two software products has been around for years with his new. Today is that this is it's open. Api these are opium is our API's these are connection points between the bank. The legacy system an external provider in third party providers Phoenix or otherwise and opens up for -tunities. It OPENS UP IN CHALLENGES. And that's s very much new thing right. So what is the most important lesson that you've learned in your career whether whether it be your or her what what's what's the thing. That's maybe the biggest effector impact on you loud. That's a good one limiting excessive. Or I think I think what's really both for you know in a in a professional context and also maybe us no one. Is this idea of to empathy. I have empathy with regard to the other. I soon and we'll what is it like to be you. And this is kind of guiding principle that I tried to use nowadays and really trying to understand whether that's in front of you know Fainter Company. aband- a small bank bank etcetera eating. What is what's their reality in how they look at things and Yeah I think it opens out. Look more if over change eason in a shed lights blind spots. So that's a executed guiding principle. What is it like to be youth? I Yeah I think it's a I think in the world would be a better place if more people thought that way. And it's it's something that's missing so much in not just intact but really in every in every industry. I think no put ourselves right place if the other person enough right absolutely I think also in a commercial setting right like you know you can offer something which is a lot more on textual allies lot more relevant to your customer. You know or sisters giving your. It's the same thing to to try to provide the same thing to everyone right. What's the greatest challenge facing t? So being open bank project today greatest giants. I would say so talking next week. Eating sort of seasons right so when we were talking earlier how. Ol- started and I think the biggest challenge about fine was education was trying to explain what was yards banking. Cedric CETERA. Why it is important. I today we have. There's a lot more momentum as he said around these kids right so people are more interested in it wouldn't necessarily their eyes when you talk to them about API's. But because of I mean we're we're based in Germany rights in Europe. As you know there is this obviously to be a recognition music divorces all the banks to open data to prove their artists. And I think what I see as a big chinatown here is that people really stick or the financial institutions Stick to the natural eat regulation. Do not necessarily see the value or see how they can capture the value. You know yawns just compliance rates or how do we really realise potential banking so to me that's execute China's today so it's great that people aren't doing the is there if they're doing it just for the sake of Ignition just in the NEMATODE SCOPE of Rick Nation. That's not really our vision right. I think there is much much bigger opportunity to go beyond and that's on of another struggling today. But you've you've seen some great changes right. The regulation came about after. You guys were already doing your thing. So you've seen you've already seen in a way you've seen massive progress in the. Us is very far for all any of this kind of regulation. Oh yeah absolutely. I mean it's very different from two thousand ten. That's for sure I mean and to be honest with you like I mean we. You know we do. It will go this way. We knew early on that. You know it. It's kind of inevitable or for furnishings. Ibn expected to be that fast in that rig nation. We've got sean today. It's not just to in European Union. There's forty seven countries around the words that Maher of either have adopted open back near revelation or are considering it. I think this is you know. This isn't maxine Amazing how fast transit achieved. Ira globally in fortunately as you said countries but I don't know maybe teams in changing the future but but no APPS. It's it's it's radically different today. are changing but my point is you know it's it's also it can be regulations. Really good Very much in favor of that but it can also be trapped. You know if if what it does is just a enable banks to offered some. Api's no one wants to use. If you're I mean right so I think there are risk right. It's regulation is not going to solve everything. I think it's a great start. But it's definitely something that solve everything right in some banks of asked for delays in there are exceptions right to before they're going to comply hasn't happened or maybe that was in the UK. I was reading about right. Yeah no I mean it's it's it's it's happening it's happening everywhere on lays there. Are you know the not so reliable in the end? So it's you know there. There are challenges for sure and But you know that's why companies like like like others are in the market right really to to dispense of the challenges. That are confirmed the Boeing is deploying open. Api is no easy fit for sure. It's it's it's plenty of challenges to two with only Pi's are not created equal absolutely absolutely agree more. What a key to banks in. Fintech companies working together effectively and successfully. While I think first of all they need to understand what success means for both sides. I think like the discrepancy between expectations between the two I think is a is. A key of failure factor. That's read that way but I think what? Yeah typically what we see in the engagements we do and we worked with the likes of honor h received puberty In we have eleven thousand developers Fintech device around the word using API's to build financial applications and and to me. What's really important is to tap the right technology in place to have some sort of safe-space To borrow some of the of the lingo from a from among tech environment so I think having things like sandbox environments fintech competitions really safe safe spaces safe environment controlled environment where both the bank and Fintech and try the relationship. Risk-free is really important in I think above all what you also need is. is in alignment in culture between the two entities in some some form of sponsors. That can really take a leap of faith in the Fintech and make sure that things are happening is it really is more of a challenge for most banks than a technological one or is it is.

Bank Fintech Fusion Simon Fintech Germany Open Bank Berlin France Phillip Ryan chief operating officer founder and CEO Phoenix Solan GNC opium Napi Geno Europe European Union
"bank" Discussed on Bank-Fintech Fusion

Bank-Fintech Fusion

01:54 min | 5 months ago

"bank" Discussed on Bank-Fintech Fusion

"So like from a technology perspective when you think about what's happening with peer to peer financial services technology whether it's completely decentralized or semi decentralized or some other model what I find fascinating what find impressive. What I find amazing is that you have all of these people so excited about core banking like when I was a core banking technologists. Who wanted to talk about core banking like nobody? There was no interest in this space. Nobody was thinking about money movement. Nobody was thinking across order. Nobody was talking about. Kyc nobody was up against these problems and thinking about how to apply technology to solve these problems now. I think there are many people as I think we have seen. Some false starts and various various challenges in this space. But I think there's still. No I have a lot of enthusiasm or distributed decentralized financial services technology a lot of enthusiasm for Technology being disruptor. Basically you a new kind of new kinds of networks and new kinds of meshes and you trust relationships So you know again. I think it's still pretty early days but You know there's a lot of interesting stuff that could that could emerge there. I love hearing positive. Stuff partaking these days. The overall tenor is so so downbeat. But it's good good to hear Good to hear but the bright side. Chris thank you so much for joining us today. Phillip take traffic. Always good to talk to you. And thank you for listening if you enjoy this. Podcast subscribe on Apple podcasts. Or wherever you listen to your favorite podcasts and check out the links below will put links to all the stuff. Christie's working on or Josh Coho and thanks again..

Josh Coho Apple Christie Phillip Chris
"bank" Discussed on Bank-Fintech Fusion

Bank-Fintech Fusion

09:54 min | 6 months ago

"bank" Discussed on Bank-Fintech Fusion

"Absolutely so you know what are the. What are the things we needed to? Innovate industry versus potentially existing players was to bring a much newer approach and put them one technology stack on the industry which is sometimes difficult. Some legacy systems everything in our ecosystem is API I So we have an abstraction layer that we can put on top of any core operating system Importantly a code base is is unified. I'm so it's truly enterprise software so one CO base which goes across every single customer whether your bank at four hundred million or a credit union twenty billion you get the same code base for mantle and that means that every Wednesday you get an update from US forty updates last year instead of sort of the paradigm. You might see the industry of one or two ringing lottery updates ear and say what that lets us do is it. Lets US continue to stay extremely relevant and very cutting edge and that's the top of technology that is being used in industries outside of banking And needs to come to banking. How much of a challenge is it to work with the corners Is it a kind of one and done thing or is it a constant Struggle yes so there's no shying away from it. The expertise to into to interact with the core operating system is very unique and we do see a lot of INTEX. And you. Entrance into the market trying to obstruct away from that and not because it's difficult but it's required. It's just required. You can't innovate industry. Without a good understanding the core operating system they are entrenched. They're not going. Anywhere is an amazing alternatives. Right now for banks to switch in credit unions to switch off it and so you need to be able to integrate with him. We we built that capability from day. One so we have team members that built you know across team we've had Each engineers genes is one of the first five Technical highest at various operating systems. Like smicer vice it. Dna and to date. We've done over a dozen different core banking systems successfully. Integrative lives so it's a challenge. It's an area. You have to invest in and understand. It's not the sexiest area of the technology stack for our engineers to work on. But you have to own that and you have to understand that. That's a challenge and you have to be a safe pair hands there in bank customers understand nothing about it which is probably a good thing. Yes exactly yeah. We don't talk too much about strache lehrer. Api set in sort of bank sales conversations but sometimes with the technology effects. They get really excited about what it can do. What's the most important lesson you've learned in your in your brief career so far shore? I think you might career as as opposed to just walk in this industry. I think the thing that I learned my F- way back when using when I started my first company was and I think it serves me well today and mantle as an organization is we often get comfortable leaning on what we liked doing what we know how to end. That often isn't actually the thing you need to do to grow your business or with a client as I like the tangible example of my first company I my background is I. Wouldn't you know my Undergrad? Was in finance. Went to law school when I was an investment banker for a little while after college before I saw the light and became an entrepreneur and when I started my company I spent a Lotta time legal documents and financial models. Because that's what I knew. And that's what I thought was what made a difference in actually makes very little if any difference and what actually makes a difference as getty out in token customers and understanding what to build and solving problems them and bringing solutions and selling and delivering. And if that's the most important thing in the business then that's where you as you know. One of the more important people in the company in his is one of the founders needs to run to and make your own and it might be something that you're uncomfortable doing. Maybe no particularly good at but you need to get comfortable and you need to get good at it and so That was a personal growth thing for me and I think it also says mantle because just like you until we were talking in the last question about the core operating system. That's not something that you know. A normal one full stack engineer is wanting to understand typically wants to work on. But it's the unsexy thing that is not comfortable but it's the thing that makes a really big difference so maslow's an organization that runs towards us so with so many problems to choose from. How do you? How do you choose which problem? You're going tackle tackle next the customers. Tell us right and so we have to stay very close to customers you know. They know their problems best. We need to be good understanding and passing through what they're telling us. We often have individuals. Tell us and this is no fault of their own. Because this is how express it we have banks and credit unions? Come to US WITH THE SOLUTION. Not The problem. So it'd be like it'd be great if you built this right and that's good that's good feedback but even better than that is. I have this problem right. Because of the the solution that they jumped to embeds a whole bunch of assumptions of what is possible but we actually know a whole another set of things as possible and so if we have the underlying problem to start with we start with a blank piece of paper and other people necessarily might not because of just the paradigm the Bainian. And so it's listening. It's a lot of listening. It's a lot of asking leading. Questions is a lot of talk about what's happening now. What are you struggling with? Technology problems with non technology problems. Sometimes the biggest insights gained from conversations that have nothing to do with technology. Because the person doesn't even realize it technology insolvent right. What is the biggest challenge facing mantle? Right now yeah I'd say it's the way. The industry generally thinks about technology. I think for a long time and I certainly feel this in some of my conversations. Certainly sometimes don't that. The INDUSTRY VIEWS TECHNOLOGIES AND EXPENSE. Which makes absolute sense because on the piano you talking to a bank? Cfo It is on the expense lot. Reid it's reported to the FDIC is dot processing. It's an expense. Look how much I spent on this this this correct? That's right next to payroll and rent and utilities expense. It's an expense from an accounting contract. Bought if you think about technology in other industries a lot of the buying decision in technology is talking about it as a capital investment right and it's a lot of institutions look at investing technology. Just like they look investing in a new branch or new division or acquiring. Something I can spend a million dollars technology like it's been a million dollars on headcount I can spend a million dollars acquiring this business. I can spend a million dollars investing in marketing right. It's capital allocation and often the questions we get when people looking to purchase technology is expense questions not investment questions. What do I mean by that? It's going to cost me. How do I minimize the cost versus great? Once it cost me. How do I minimize cost? But also what is the expected return from the technology? Right if I if I go and buy a million dollars technology whether it's with mantle or anybody else how is my business economically going to be better off? Am I gonNA drive five hundred thousand dollars of cost efficiency? Am I going to increase by revenue growth or in this case deposit growth or asset growth or whatever it is an inner banking context? Am I going to increase that by X. percent next year? What is the economic return that I'm going to get all my economic investment and I think the banks understand that concept and opportunity costs and capital investment because they do these sort of calculations all the time with build a new branch of by a competitor or return money to their shareholders but in the Pasta? I haven't thought about technology that way. Because usually the options they have gotten never express or articulate to them. What they're expected returns should be right there at the expected. Return from all the technology that brought in the past and so when we come in and say well his the cost of that technology but he is the results that we would like you. To See or hear the efficiencies you should gain quantified. I think that that changes the paradigm and that movie me industry in that way to US thought Asking vestment questions expense questions I think is the really big thing holding back a lot of institutions from really innovating here and. Do you see a lot of disparity juicy some institutions. That are really looking at this in a more enlightened way exactly right and I would say the the people that are first over the wall and the fos- followers are asking the question. What's what's all the fuss about over here looking at it critically of course because you absolutely should look at it more in that way and I think that those that are potentially in that bucket who are a little bit more wait and see still thinking about it as an expense question. The proof is GonNa be in the pudding if enough institutions. Make these investments in Dr Ray over times which I think the of the world are etc You will see more and more. Do this. The The BB&T merger with Suntrust and the biggest rationale about one of the biggest rationales was taught cost efficiency and the ability to invest more in technology. That was the second one right. Billy do they literally Saudi. Jp Morgan and said they're spending billions of your technology. We need more at eleven billion or something exactly and by the white technology expenses. The fossils growing light on expenses in the industry right is doesn't expense reduction pushing the industry but technologies growing double digit category because banks are realizing that if they don't invest here they're GonNa see attrition in the customer base and so it's very topical.

mantle US Suntrust Jp Morgan smicer investment banker fos maslow engineer FDIC Dr Ray Billy Cfo Reid
"bank" Discussed on Bank-Fintech Fusion

Bank-Fintech Fusion

03:28 min | 6 months ago

"bank" Discussed on Bank-Fintech Fusion

"Catalyst and I'm here with Roush Patel Coo and co-founder of mantle. Welcome Raj thank you very much. Thanks FOR COMING UP. Tell us a bit about mantle and tell us so what drew you into financial services. You could have been anything in the world in here. You are working in Fintech. Why is that show yes so Mantle is an enterprise software company based in New York we exclusively bill technology full community regional banks and credit unions across the United States. We don't drive any of our revenue for money center banks. We don't drive any of their revenue from Fintech Fintech clients it is primarily full community and regional banks which is hopefully the owner of this. Podcast we really got drawn to the idea by setting off the bill to challenge your bank which is a very very popular Ford. There's there's a few of those those around and then we're still a few of those around in two thousand and sixteen when we kind of thought about this idea when we were investigating that one of the things we realized when we were looking at the landscape was that actually. You've got the Money Center. Banks that have the infrastructure and the resources to invest in technology. And you've got the NEO banks and the challenge of banks that are coming through and also really interesting technology and then you had the middle and who is getting squeezed in the middle it was community regional banks and credit unions in the United States Twenty five years ago they had six. They had The Money Citibank said sixteen percent of all deposits in the United States. Now that fifty nine percent. And where's that coming from? It's coming out of the community regional banks and it's going to those money centers in those banks and what's happening is that squeezing competition in the market is giving customers less choices and it's and it's and it's really hurting the industry and that's not a good thing for the country. Fewer those banks every day. There are a few of those banks every day and one of the primary reasons for that. Is The technology gap right? Because those banks and credit unions providing excellent service. They're providing more compelling products right whether or not being able to compete is on the technology side ninety six percent of all technology and community. Regional banks is outsourced. And unfortunately it's outsource all the gully and those players have been around since the sixties seventies and eighties. That's when they'll founded and there have necessarily an incentive to innovate because they've got a captive market and so we saw a really big options to bring the mindset of intact and banking backgrounds to that space and really helping provide a genuine alternative to the core providers and and hopefully help help really reinvigorating continue to grow the industry. Because we think that's a really good thing for the country in consumers and so what exactly is the product you're selling absolutely? We have a number of different products. Probably the one when most known for is our account opening sleep software so we started primarily in consumer accounting because that was an area where we saw a really big need only twenty percent of all banks and credit unions in the United States have account opening online right and obviously we know that the Internet is where the world does business. And so if you can't meet the customer where they are Econ hope to compete or retain those customers particularly for the millennial generation the newest generation. So we're all going to the big banks because that's where they absolutely right like forty. Five percent of millennials identify one of the big four one as their primary banking relationship so the next generation is literally walking out the door and going to those. And they're going to own them for life if community regional banks. They compete.

United States Fintech Fintech Mantle Money Center Fintech Roush Patel Coo Raj co-founder Catalyst Ford Citibank NEO New York
"bank" Discussed on The Score: Bank Robber Diaries

The Score: Bank Robber Diaries

02:38 min | 8 months ago

"bank" Discussed on The Score: Bank Robber Diaries

"<Silence> <SpeakerChange> no <Speech_Male> limit <Speech_Male> because it kind <Speech_Male> of sounds like you're doing it wrong. <Speech_Music_Male> <Speech_Male> <Speech_Male> I was doing <Speech_Male> wrong for you <Speech_Male> for me. <Speech_Male> <Speech_Male> Yeah it's interesting. <Speech_Male> I mean I love the question <Speech_Male> because it makes me realize <Speech_Male> <Speech_Male> I was <SpeakerChange> like me. <Speech_Male> I mean we already. Oh <Speech_Male> and every prisoner. Who <Speech_Male> would ever met would <Speech_Male> could talk? I <Speech_Male> wasn't like other guys <Speech_Male> court. <Speech_Male> Just I'm not <Speech_Male> I wasn't <Speech_Male> raised in <Speech_Male> the criminal milieu <Silence> so I didn't have the same same <Speech_Male> <Speech_Male> mom criminal. <Speech_Male> Bishen spend my <Silence> money that way you know <Speech_Male> I mean <Speech_Male> anywhere <SpeakerChange> like jewelry <Silence> <Speech_Male> closest I <Speech_Male> got to the kind of flamboyance <Speech_Male> was tassels <SpeakerChange> on my loafers <Speech_Male> <Speech_Male> <Speech_Male> <Speech_Male> decent <SpeakerChange> flight <Speech_Male> on my ties <Speech_Male> so joe. If you weren't in <Speech_Male> it for the Party or <Speech_Male> the women or the <Speech_Male> drugs I mean <Silence> what <SpeakerChange> was fun about <Speech_Male> it. <Speech_Male> Bank robbery was fun <Speech_Male> for me. For <Speech_Male> several reasons. <Speech_Male> One <Speech_Male> <SpeakerChange> was a fucking <Speech_Male> bank robber <Speech_Music_Male> <Speech_Male> to <Speech_Male> <SpeakerChange> bank. Inquiry <Speech_Male> was fun <Silence> for me <Speech_Male> in dark <Speech_Male> way <SpeakerChange> because <Speech_Male> I got to <Silence> be <Speech_Male> <SpeakerChange> <Speech_Male> I got to <Speech_Male> express my power. <Speech_Male> You know the the thing thing <Speech_Male> that happened and bank <Speech_Male> robbery the alchemy <Speech_Male> and there were eye changed <Speech_Male> the molecules in the room <Speech_Music_Male> between me <Speech_Music_Male> and somebody <Speech_Music_Male> and I may I <Speech_Music_Male> could like they became <Speech_Music_Male> like my puppet. <Speech_Music_Male> I can make make <Speech_Music_Male> him do it. All that <Speech_Music_Male> kind of power <Speech_Music_Male> was super <Speech_Male> fulfilling. <Speech_Music_Male> <Advertisement> That's one of <Speech_Music_Male> the reasons I loved <Speech_Music_Male> being a bank robber <Speech_Music_Male> and so <Speech_Male> whether I bought <Speech_Male> you know nice clothes IOS <Speech_Music_Male> or motorcycles <Speech_Male> and cars and spend a lot <Speech_Male> of money at the end of the <Speech_Music_Male> day the <Speech_Male> one thing that was super <Speech_Music_Male> fulfilling was <Speech_Music_Male> I made that Shit <Speech_Music_Male> happen <Speech_Music_Male> and when I went to bed <Speech_Music_Male> and not unlike I'm Bagai <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> and being that <Speech_Music_Male> <Advertisement> guy being <Speech_Music_Male> him fucking <Speech_Music_Male> fulfilling <Speech_Male> so everything <Speech_Male> after that is <Speech_Male> incidental. <Speech_Male> Well it's bonus <Speech_Male> to the thing <Speech_Male> if I can <Speech_Male> if I know <Speech_Male> that facilitate <Speech_Male> ten close friends <Speech_Male> happiness because they <Speech_Male> come back from the Stevie wonder <Speech_Male> concert and <Speech_Male> it was fucking religious <Speech_Male> for them. That's <Speech_Male> fantastic. I <Speech_Male> love being able to <Speech_Male> be that guy to <Speech_Male> who has the money <Speech_Male> to spend <Speech_Male> on friends to <Speech_Male> facilitate that <Speech_Male> right but I <Speech_Male> also <Speech_Male> have this way <Speech_Male> where I have this rage agent. <Speech_Male> I'm thinking if I can <Speech_Male> get paid for a coup. <Speech_Male> I need to express <Speech_Male> this rage. <Speech_Male> I can't keep stabbing <Speech_Male> my dad to feel <Speech_Male> what I WANNA feel. <Speech_Music_Male> That felt <Speech_Music_Male> great that <Speech_Music_Male> powerful title. <Speech_Music_Male> <Advertisement> I want to <Speech_Music_Male> <Advertisement> have that move <Speech_Music_Male> <Advertisement> out of me still <Speech_Music_Male> <Advertisement> and <Speech_Music_Male> <Advertisement> and then I found <Speech_Music_Male> <Advertisement> this way to get paid to do <Speech_Music_Male> <Advertisement> and so it was perfect. <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> You express the rage <Speech_Music_Male> <Advertisement> they give you any anyway <Speech_Music_Male> <Advertisement> and only orico <Speech_Music_Male> leaving. That's <Speech_Music_Male> that was it. Yeah <Music>

"bank" Discussed on The Score: Bank Robber Diaries

The Score: Bank Robber Diaries

02:11 min | 8 months ago

"bank" Discussed on The Score: Bank Robber Diaries

"You know the thing is when people who asked me about Oh your bank spend would you spend it on. I think. Watch too many fucking rap videos. I think I think I had all this bleeding advocate jewelry. I had fucking fucking Lamborghinis and on a bunch of you know women at the beach and parties. I wasn't that dude man what I would do stuff like I would get ten tickets to Stevie wonder concert in. Give it to my friends and say go party. Here's money or maybe I'd go to dinner. I with them and take them to such a civic would just go. We'd have a party eat. Eat and I would just pay for it. All it was it was just dinner. It's not I was buying everyone rings and I look I just worn. I suits that. Are there that were tailor-made thousand dollar suits our two hundred and fifty dollar loafers. I would spend hundreds and hundreds of dollars to go. You know. It's been a thousand dollars to go play golf all day. Two rounds of Golf. But that's not sexy. That's that's Bro. Stuff the bro stuff is not sexy. I'm sorry says I'm you know what I I mean like. I don't have like friends. Who would rob banks and then go get high and then they would go to a hotel and their night would end up really crazy? You know there would be fighting's shootings stabbings and and prostitutes and an all sorts of craziness mine. Non of that man. The the thing I was doing was just trying to like get a lot of money so I didn't have to feel like I was poor. That's the thing it was all all about. I can pay my way. I don't have to worry about money so when I would get a bill. I was excited that I got to go to get my checkbook and and I can pay that bill right away I got I came home. There was my cable bill. Pay To write off. Because I didn't want anybody holding anything over me so like I would get twenty thousand dollars under my bed get low like then maybe down to fifteen. It's time to go rob again because I felt like check. Check it like that fifteen could be gone next week so I. That's how I was living like that. I mean when you think back about when you think back on the time that you were robbing banks do you feel like you.

rob banks Golf Stevie
"bank" Discussed on The Score: Bank Robber Diaries

The Score: Bank Robber Diaries

03:55 min | 8 months ago

"bank" Discussed on The Score: Bank Robber Diaries

"So what was going on around Joe as he was robbing banks. What did his friends and family feel? Let's ask as you know. There's a lot of darkness and the stories we try to get some of the some of the fun stuff to do. You remember some fun things that Joe used to do. Oh Yeah Yeah Joe. Joe Is an Avid Golfer. Although he he was pretty bad at this is Joe's brother Paul again but he also had his own personal Taylor in San Marino. He had old. Yeah Yeah there's all guy fuel he would go there tailor made suits and Hiba. You know joy pretty healthy taste as far as you know wanting nice things so he would go the Taylor and and have his suits made tailor-made and then he would buy you know that night. Maybe he would he would go out and have dinner where he would buy. Food for everybody. It would be for like ten twelve people. You'd pick up his jacket. It'd be like no big deal. I'll pick up a check kind of restaurants Nice restaurants too man. I'm talking it out. I'm talking about Kasit down menu before ordering wind bordering to thirty four course meals and it's a few hundred bucks. Joe had had a love for things that were nice. This is Josephine W Okada but he was also very generous so despite the fact that he got the money illegally he would spend it on whoever he was hanging out with and there was no oh restricting it or anything like that. He had a black bag and he had loads and loads of money in this bag and they were all like like singles. Fives tens and twenties. And you know if I asked to borrow money he would just give me open up the bag and he'd give me like a stack of one hundred dollars but it'd be all in one incident or five even Jimmy. Oh five I'd say hey. Blanket abroad fifty bikes and he would say. I hear most people who are making salads in a restaurant aren't going going off the way golfing missing shifts. Here's an Heffernan who we heard from an episode. One she worked with Joe while he was robbing so it seemed like he led this other life. But I wasn't part of that other life fewer jobs front he I guess was buying friends. I don't know what he thought he was doing without but he got out of. I guess it would have been the city jail. And and he talked about how he was turning turning over a new leaf. Something like I don't WanNa do that again. which turned out to not be true? He would drive nice cars. It was a lifestyle for him. It wasn't just I'm Robbie banks if is like I'm robbing banks but I'm also living a life that I've always wanted to live. There was a party I went to once the men were playing poker and Joe was sitting there and he was smoking a cigar. WHO's drinking thinking? And his girlfriend was sitting Bob or something and sitting on he was a king. I had the feeling of like this is where this is Joe's comfort place or anything. Joe You wanted to do joe dead. It was living a life that whatever he wanted to do he would do. Money was no factor at I. I guess would be the best way to put it because if he wanted to go to concert. You just go rob a bank and go to that concert if Joe wanted to go to Vegas and hand out hundreds of dollars to everybody who was going with them and that's what he did he would just go rob banks that day and then he'd give everybody a few hundred dollars you know if if he wanted. Take everybody out. Because it was someone's birthday you would go rob a bank and he would take everybody out for dinner. That's it was it. It was a cycle that kind kind of continued to do for I guess eighteen months or whatever however long he robbed.

Joe You Joe Taylor Robbie banks Jimmy Kasit Hiba Josephine W Okada San Marino Vegas poker Bob Paul
"bank" Discussed on The Score: Bank Robber Diaries

The Score: Bank Robber Diaries

01:42 min | 8 months ago

"bank" Discussed on The Score: Bank Robber Diaries

"Uh what fuck and I I call the Fuck Avenue Carson. Oh you can't let it idle. Gee just need to make a move that you're fine fine. I was like okay so whatever I ended up getting right back a couple of hours later to the thing and I put water in it and the traffic. It opened up and I was able to go home in that night. I get a call for late at night. I get a call from an excellent ahead in San Diego County jail and he says We doing any work down here today. I said Yeah Yeah Man. He says you're all over the TV on crime stoppers. They think you're Pakistani. And they think you live. You WanNa say all all right good to know good enough so those two guys had me in the back seat of the car. They saw my face. I came to the door. I looked got them you know. Hey thank you appreciate it. Whatever the next morning these guys come into work and like we're looking for this mail? He robbed four banks today. Have you seen anything of you have any information you let us know and I wanted to those cops say we gotta go. Tell Him we I say keep your mouth shut up. Tell anybody that we have this kind of car. And we drove him to get away. Yeah happening right. I mean that's an interesting. What do they do? What do they do? I guess is going to be that. They'd didn't tell anyone about it. I think that's a good guess. Aw We'll be right. Back.

San Diego County
"bank" Discussed on The Score: Bank Robber Diaries

The Score: Bank Robber Diaries

11:06 min | 8 months ago

"bank" Discussed on The Score: Bank Robber Diaries

"What's the most you've ever got out of one thing and it was the savings and loan and I'm wearing a for Dora trenchcoat. It's raining out so I look goofy but I don't look completely Lee Lee out of line. I mean. Let's not like summer hot summer day with door and trenchcoat you kind of understand. But I walked in walked to the manager's desk in the lobby I tell her we have a bomb. I have a gun. tickner default she opens the door. No problem grabs a key gets up and starts walking me across the the lobby totally compliant. She calls the woman behind the counter. And you know. She's like whatever Linda me at the wall and then say okay and so she starts walking into the vault walk. We're walking across the lobby manager on with opens up the door. lets us into the back closes the door. And now we're all three in front of this vault door. They league open the door. They step inside. I stem side with them. The two women are now opening a second door so they both neither key to unlock that. Now now once they get in the and you know Kinda push him involved to get in there. Now we're involved and Right as you walk in right in front of you it. It looks like a library index card box at the cart. Cat The old school. He'll old school catalog character. That when you pull them out really long they're really You know small little on files. But I'm guessing this one's not filled with library booknotes money it's deep and it's long and it's filled with rows of money so there's twenties and tens and fives once thing is I just reach and I started taking all the money and I could see what I'm getting. I'm getting all the money as as soon as done in. This goes fast I look over. Threaten him again. Don't turn around Modena's county one hundred. Whatever I go step out that door now I? I tried to go to the door that I had been led into by the manager into the teller teller station. It's locked era key so I got it hop to because the counter to get into the lobby to get out the bank. Fortunately for me. There's a small counter off to the right one for handicapped. So you're sitting there at wheelchair you can do your work where you're sitting down and so I have to step on a cherished up on that jump off into the lobby and I look around and if people looking at me I'm you you know I'm a guy jumping over counter And I remember when I saw the movie public enemies with Johnny. Depp is one bad. SEC puts this is hand on the counter and he hops over it. He's hopping over small fence. Start Seeing hotel and his coats coming over. He's wearing the door and I was was like man that looks sexiest. Bugging like I did that. But dorothy a trenchcoat like that dude right and but I remember looking at the thinking that it's fucking cool and I didn't actually put my hand on hop over stepped over but it had the same feel like you know when everyone looks over me. They know okay so bats going on disguise walking out of here. He looks at us with menace and he gauges everything assesses. We're all right and they walk out of here fast. So they know I just robbed a place is the bank and start running. I get to my car. I drive away and You know I'm far enough away to pull over 'cause the thing you know I got a lot of money. I wonder how much I got. You know I'm not going to drive. Forty five minutes home in our home to find out how much money I'm going to find out. As soon as I feel safe I pull over. I counted thirty. Two thousand plus. Yeah biggest haul. How did it feel after getting that much money? You're so good and I love your home with as a stupid question. Kevin's laughing too. Take care we'll be right back. partout based guys finish first. ooh Okay sure. We're on the five going north out of San Diego North San Diego County driving home. I just robbed four banks in San Diego like fifty thousand dollars a year over fifty thousand dollars on me and fanny pack in the back seat and get to a point where I'm driving and I could Z.. Far ahead like I could see part of the freeway winding there and it was all red lights and I quickly came to a stop. It was parking parking lot we stopped we stopped and then was it and you were inching forward at a crazy. My new rate could not understand why maybe it was around in this part of I five coming between San Diego and La. This is Camp Pendleton. So there's nowhere to get off the freeway exit ramps. There's just like there's nothing nothing there's just three way and you're stuck on and you're stuck on it for like five miles or something like that There's there's nothing you can do. I'm thinking they're looking for me. They clearly decided that I rob banks and they're shut down the field ahead so like okay. Okay I get how this works so I don't know exactly what I'm GonNa do Kinda panicking but pretty soon. The decision is taken from me. Because is my car starts overheating. And I what so I- inch inch Ngoga. Let me go get through. Let me get I gotta go off the right so I get off the right and on this lane right here and so I- partly car. Maybe Brian you're actually and then I start going to call boxes here. There's a callback here. I start going to call mocks because I think Oh cool. I'll just stay here. I'll have a truck come and pick me up and take me out of here. A tow truck so that sign and the further further back. The signs are all block a big exit crossing the closed down the call boxes home like these smart pastor man they like they made sure they took that option Russian away from me so I can't do that right so And there's a police officer. I could see on the side side of the road way far behind his nights going on coming at me and when he he comes up to me so now it's a now we've pulled with over kind of like you pulled over and he come. He drives a next to me and I put on the most like oh sorry kind of like inconveniencing. Hey My cars over here and he just looks at me just calls me and says if there wasn't an accident up ahead I will take you in right now. Don't you dare get on this like screaming at me. He's just so pissed and he thinks I'm trying to get over and I'm like my car overheated. And he he doesn't WanNa hear he takes off. So that's when I get out of my car and I put the money money around my waist and I start walking off this offramp here so I walked down this offramp down here at the bottom of the offramp. His Car Park waving everyone in there is the Kabul. Just scold him I walk up to him and say sorry about my car. But it overheated and he could see that you know clearly. I wasn't trying to get over and I don't have my car care. I said is there gase. Sure something there he goes. No you gotta go under the freeway hair and go back where you came from three mile four miles back. There's a gas station all right. Thanks really trying to do the lake. I'm a college kid and fucked up and you're the authority and I apologize. And he was like you know he actually was nice about it and again I'm that away a new thing over there and you'll be all right so I go onto the freeway and I saw walking out the onramp and I don't care because I got away good. I'm getting away I got I got I'm Gonna I'm going this way and then I six startled by and I turn around and there's a highway patrol car right pulling up to me. What are you doing? I said well that guy. You're officer down there your your buddy whenever he He told my car heard overheat. I'm like all bumbling I he told me that that I could go this way. 'cause I don't know. My car overheated just panicking like pretending like just so scared. Everyone's everyone's authority and again the backseat. We'll take you there. That's a really goes. Yeah yeah thanks I hop in the back and all all happy about it and And so we started taking off in other cops and they have to figure out you know who I am. They're suspicious and they have to ask. What are you doing? Where do you come from? I said well you know I met this girl at USC we're at a party and she She lived down here so I came down here for two or three Eh. You know how that happens when I have plenty it was enough. Had to get the hell out of there and then like all of a sudden this misogyny that unlike leaning into us us man you get it men women just working there. There wears out whatever they got that and then all of a sudden they just calm down. Yeah Yeah we get it Lee and all of a sudden. We're Bros rose in that car because we're all I get women you know. They're all the office up. Everything was that point and I said he He the officer told me that there've been some accident or something back in and then they share with me that there's officers who shot and there. There's a crash officer crashed and the Guy Crash and then they say you know but the bad guy we got the bad guy and I said well what about the officer. I started eating into a citizen. I care about you guys. What about him is he all right? Oh yeah he's going to be financed. Does he have a family really. Lean on the capacity for the COP thing so that he liked me and they do they like me we pull over. There's a restaurant back there a couple miles back. I said you know what you're saying with the rest of we'll take it a gas car and he didn't tell me me that it overheats so just leave me here. I'm going to make him come down to get it. I said you know I'm fine right here. I'm good the bathroom and everything like all right so I say they pull over and try to get out. There's no handles the backseat sound. Like handles back and pretend like I've never been back. Oh please this garbage for fifty thousand dollars my my Carrying fifty thousand dollars. I mean and they say oh yeah we gotta let your art so they let let me out and the the you know the cop in the passenger seat gets outlets me out and then they rolled back in. He rose a window down on said date. Thank you officers appreciate. You guys is giving me this right and they were friendly to me like I'm we could take us from John. Thanks anyway and they drove off..

officer Lee Lee San Diego San Diego North San Diego Coun Linda Modena old school Camp Pendleton Depp SEC Johnny dorothy I Kevin Brian John USC
"bank" Discussed on The Score: Bank Robber Diaries

The Score: Bank Robber Diaries

07:10 min | 8 months ago

"bank" Discussed on The Score: Bank Robber Diaries

"Josie. Easiest bankrupt. The easiest Banca robbed I was actually in a mall not like an indoor mall walking. Plus I'm all for me. I am is an Orange County somewhere I walk walk in and it's super tiny. I mean the the lobbyists so small that basically there's two or three talent Max and then to the left left in the lobby is a little patch of carpet and one little tiny desk there for the manager of somebody. That's it is a little birth barely nothing bank and when I walk in no customers no manager. There's just two women in their in their stools talking to each other head sideways. Talking talking to each other I walk in. They look at me. I look around and this is most peculiar bank ever walked. And it's almost like it's pretending to be Abaga so skinny so narrow tiny little cute lobby and these two women are looking at me and I'm looking at them and I say yeah you know what this is a robbery Jim. You're are walking up to there. Were like yeah. This is what this is just it was really peculiar and they just start they look at me and just just like I said and I give maybe my. I don't have to do much persuade them. Let's do this and they just putting the money up and putting the money up so I'm over here at this Taylor and I'm dumping money my bag. I'm going to Wer bag. Oh you put some more money we get that. I just collect the money and I leave the second other easiest robbery it was one teller was a banker walked in and before I could finish my real. She started giving me the money like even. You didn't even ask for the money. She didn't even ask for big bills I number. She starts giving me the big bills. I and there was a moment where I was like man. You might want to slow down. I thought if if anyone looks at these this camera afterwards. They're going to know that you gave me that money way. Too Fast and like without question without resistance. I wasn't even done. They're going to think think we're in cahoots. That's where I thought like It was that easy and I think I I almost felt like after when I was trying to figure out what was that. Why did that happen like that? That was just too frickin easy. I thought you know. Maybe her boyfriend told her. Hey Man. I'm sitting Sammy on this afternoon. You know and he's a Mexican astronaut just giving him and we can make out that way and so she thought I was. Sammy came in and she thought she thought someone else's rougher wasn't inside job sort of just wrong guy right just a guy who was outside of the inside now but that's what it felt like. Almost like she knock wink. Wink nudge nudge. Here's the money. Thanks for coming in to make it. Looks like a robbery home that night. She's like where's my cut or Sammy comes in our later tries to robber and the FBI. Are there eh resident. Go down to San Diego and I decided that I'm going to rob a bunch of banks and one day get off freeway parking. I the corner of a bank parking can lot. But that's not the bank. I'M GONNA ROB A walk past this bank because the bank I WanNa rob was actually down. There is a shrubbery and then there was an incline incline or decline into another parking lot where there was a bank. Those two banks right next to each other next to each other but there are different levels and a small hill. You with US crazy shrubbery And so you had to kind of run down the road through the shrubbery to get down there big bank and that was a strange bank. Thank because when I walked in is it just opened. There was one of those things I always like to rub early and clearly I was the first customer. There's only one person in that bank and and she was over here on this side at a desk talking to somebody and she looks at me and I hear her say well. I got a customer and I realized that's my teller. She's out here in the lobby talking to somebody somebody in the phone the phone talking so there's only her and me in there right so when she's done she's Kinda far from me. You know. Couple of desks down on the lobby. You know far from me so she gets off the phone own and she now has to like walk further away from me to get to a door on my far left over there to get to the inside the teller station and so I walk up to the teller station should little sure woman and she starts walking to me. PASTEL PESTO station to an understanding watching. This think like going on a journey and so she's coming to me and you know she's walking. I'm watching her still. Nobody walking in from the outside Science Dylan Oh customers walking in still whatever and robber. I miss like fucking Robert. Give me the money now. I just like to make you pull the gun you know. Let's do this and she is so angry at me. She is so pest. Well I meant you had to walk doc. Halfway around the block get robbed like and The woman is resisting every way imaginable. Symbol I'm trying to the big bill. She's give me the once. I'm telling her you know what if any way she can resist resisting and a mad and it shows you one thing as much as I want to terrorize people. If they don't WANNA be terrorized they're not going to be terrorist and I'm not jumping over the counter. I'm not gonNA shoot him. I'm not going to pistol whip them. I have to rely on persuasive enough with my rage to get them to do it. And this one for whatever reason she wasn't doesn't persuaded committed super hard for me and I could tell I wasn't even getting too much money so I leave. They're mad mocking across the parking lot. pissed off walk doc into this motherfucker submarine clucking to fill walking across the parking lot. And I'm passing this bank on the way to my car. This is the first bank I passed to get to this back. Take my fuck it and walk in there and even though the cops are on the way with all this rage knowing that I got no money. Pretty sure I've thumbed through and realized man I may have only got twelve hundred bucks you know little chump change and fucking long and hard to get that chump change. I got played. I Walk in there and rob that bank to uh and I walk out and get away on this because I was mad mad. It was a funky banker remand so like it all of them are not all about you know look at me man pristine will fucking forge my way and got what I want and Aw Now woman wasn't having that she was I may have been too nice on the way journey to be as she's like a fake. A fraud Rod.

robbery Sammy Banca Orange County Josie. San Diego US FBI Taylor Abaga fraud Jim Robert
"bank" Discussed on The Score: Bank Robber Diaries

The Score: Bank Robber Diaries

03:52 min | 8 months ago

"bank" Discussed on The Score: Bank Robber Diaries

"Scene baby is a getaway driver and so the doctor and bank grabbers are getting not to go rob a post office crime. By the way I wanted to commit when I was in prison. So going into the post office and you're going to see a woman Who in the movie? She panicked. She really somebody's going on. She goes and GETS THE GUARD FOR THE POST office. And the big O.. Sloppy dudek shows up as the guard is me so we are going to watch. Let's see what happens here. Okay that's a cool the way glasses go on in that in that dark part And then the street. Oh this is she sees high. I remember you and he she looks at them and goes wait. What are you doing? He's like no no no go ahead like right now. Don't go in Hindi shakes and she goes. Oh Shit. She runs the other way. And he's now looking. Are they coming out of their coming coming in. Here she comes. You bringing a big off of that guy the soccer and say what the Hell is going on his gun he needs. And what are you doing here. This associate who's here they come. I turn Blam I pull my gun and boom. I get blown away a twice final at dignity. I'm through with money. They get in the car. Babies like what did you do. You're not supposed to kill anyone. He says drive Dr Dr DR Congo go and babies like we said to go this. Okay you kill Joe lawyer prepared to buy. Yes to o Spoiler Alert I just want her a little bit and we can see you in the frame here playing a security regard the iron. How did how did this happen? How did you come to be a security guard and baby driver? I wrote an essay years ago. For McSweeney CAU-. Aw how I chose my bank robbery getaways on and this thing is all music seems almost like a musical. It's better than the music on fact. It's it's a choreography a to a bank robbery corey out movie. Choreographed to music So He's in a music Edgar's enter music. He read my say and he produces contact me and say hey we have a guy riding getaway movie. Would you talk to them and I say yes and it ends up being Edgar we become friends or two thousand eleven. He works on the script and consulted with me on the script and He would send me scenes and say you know this is legitimate like is this how criminals act is this and I would tell him you know you want this character to be this shock collar the Nesia ways in which if this is a shock collar. He's not GonNa let certain people be able to say this to him because because that would be a threat to his thing and then you have to have the shock collar actually have to do other things like explain the explain this to butch it up more you know like to give it. It's it's criminal chops. You know like feel authentic. So there's that and then of course the bank robbery stuff I could talk about what was in there however play out I said something once he said. Did you play music on the way to a bank and I said no man the craziest of my head was the music or something like that. So one of the characters actors says something to that effect play music play music on the way way anyway Gary Music He created fantastic characters and and Now I was like okay. You want them to do this. Here's how you do it in. This is how you make them as realistic as possible for works for movie and in to to pull off the story.

Edgar Sloppy dudek robbery Gary Music Dr DR Congo McSweeney soccer Joe
"bank" Discussed on Bank-Fintech Fusion

Bank-Fintech Fusion

12:47 min | 9 months ago

"bank" Discussed on Bank-Fintech Fusion

"And we're upstairs from the chaos. That is money. Twenty twenty so welcome. Seth a filled great to be with you. So so you could have done anything in the world. Seth and you chose to do a financial services what what drew you to it. was there a particular problem or issue. that you thought you could solve. Or what was the attraction so I actually came into the financial services world Through a pretty roundabout way. I actually started out my career as a strategy edgy consultant in the airline industry Interestingly enough and I used to consult for For Airlines my I had the privilege legit actually negotiating aircraft purchase contracts. For a long time I bought about twenty billion dollars worth of airplanes which was a lot of fun? That job Bob Had Me traveling around the world Doing doing a lot of interesting Work for that industry and then I my first foray into financial services was I moved over to American Express and I led their global airline strategy group and so worked with business leaders across the various business units at Amex. If you know anything about Amex they do a lot in the travel space. They have a large travel agency. They're huge merchant acquirer for airlines And so they wanted someone who really understood that industry and so I kind of got to bring my airline expertise to Amex and they taught me about financial services. And so I got a good broad view about the issue or side in the merchant acquiring side at Amex Amax The problem that I set out to solve I think having grown up in the Airline industry from professionally really The airline businesses ultimately. It's a network business and actually payments Eh. Financial Services is also a network business And so I think there are some really interesting parallels That that were at play that just made things kind of click for me And made a lot of sense since And I think for me now at green dot you know we're able to read I think an inflection point of being able to transform how people receive financial services and how people do banking and. I think it's just really exciting. I heard a fascinating statistic about airlines. Recently we that the value of their rewards programs exceeds the market caps of the airlines themselves which just struck me as amazing. That is pretty impressive. I'd say that was was more true about ten years ago Since consolidation happened in the airline industry their profit margins have gone up a a lot But that certainly was true for a long time. So you're saying I'm ten years out of date what's permission Asian sticks around long time. What's the most important lesson you've learned in your career either Since you've been in financial services or or before this isn't really A financial services specific lesson for me but I will say in particular in the last couple of years I used to think that business. This was about who had the best strategy who had the best tactics and that was. What made you win? And I'm realizing now At this stage of my crew that actually business is a war for talent. The best people the best talent wins and the best companies can attract the best talent and the best talent executes the best strategies in the best possible way and so For me that realization it has been a real A tiffany for me of just how I think about building a team how I think about What we do as a company and it really is about? How do I get the best players on my team working with me? What's the biggest challenge facing green in dot right now? We're going to get into a little later. All the stuff that you're doing I would say Our biggest challenge is one around education so greenhouse been around for twenty years there's we really create our founders Steve Street Was the the the innovative mind that created the whole concept of the reloadable debit card which took a bank account and turn it into a consumer products. You could buy off the shelf and that was our core business for a long time. Our big challenge is one on education of helping people understand that while that is still an important part of our business and we still sell a lot of cards at at retailers Taylor's like Walmart and CVs and Walgreens we have this new business called banking as a service and it's an increasingly important part of what we do And it's really exciting. You know we have a tremendous partners like Uber That just announced a year a further expansion of that partnership Apple into it it stash and so the the B. Two B. Aspect of creating custom banking programs. is really unique It's really neat. Part of what we do. And it's really exciting and I think people who have followed green dot a who know green dot as Prepaid cards hang on J. Hooks. There's still that education challenge for us to say. Well that is. Yes we do that but we also do this other another thing. That is really exciting. is changing the landscape of banking right now. Green dot is maybe the preeminent example of a bank working within tax six. What is the key to working with Fintech effectively slots? That's an interesting question. I think there's a lot to it I think fundamentally fundamentally it's about Understanding we agreed are pretty unique in that we started out as a tech company. We were founded as the Tech Company and a program manager and then we bought a bank And so it's pretty unique. We have the tech DNA and and so we speak tech versus other banks that Are In this space. You know they were always banks and so it it's harder it's not in their DNA to work at the speed of tech to do things like rapid prototyping into you know the tech ethos of fail fast and and move on and break things. That's just not being agile being agile. That's that's just not a a a typical bank approach And so you know it's really important that we we really Honor our tech DNA and we bring that to bear with our partners. And I think it creates a really productive relationship between us and our partners so you know I think the key What makes an effective partnership is a really good understanding of each partner and understanding their needs? And once you've decided you're going to partner with a particular company and I'm sure there's a long process leading up to that. What what determines success how do you? How do you in Fintech arrive at a decision about what will make this partnership successful? We pride ourselves in creating products that meet strategic goals for our partners and each partner has its own specific goal that they're looking for so for example Blooberg which we were just talking about it but you know the driver card product. The driver count product is really the purpose of that product is actually to drive loyalty not and retention For their drivers they really make a fantastic experience for them. You look into it. For example we have the the The turbo herbal card. You know it was really about turning that relationship from once a year at tax time relationship into something that would last year round. It'll it'll be an engaging ongoing touch point with that user and you look at stash is about adding a new a whole new set of services his to round out a financial picture for stash users and to create this you know fantastically engaging new product for them and so each partnership has its own reason for being in the metrics. That are you know whether it's driving loyalty driving engagement driving retention those they tend to be the the the key things that are important for them so green dot is a technology company. As you mentioned. That's that's in its DNA. What currently we developing technology do you think has the most potential to benefit either? Financial Services is a space or or you guys in particular what are you. What are you keeping your eye on I? Do you think we are just scratching the surface on AI That probably you could probably give that answer that same answer in twenty different industries But I think it is going to be particularly relevant for For Financial Services. I think it's GonNa have implications around customer service. It's GonNa have implications around fraud. Risk Management Every area of our lives in fact rate is gonNA play an incredible incredible role. Yeah totally totally agree So that's probably the the the the area that has tremendous upside opportunity. So Green Dot is taking the stage today with multiple partners. We're here at money. Twenty twenty and I think you're involved in building those relationships have how do you go about building and maintaining those relationships with With companies companies. What does that? What does that process look like? Well it's a long process. It's a lot patience. Lots of patience The Way I organize this is my team. I had the belief that there is significant value in having people in Business Development and what I do who have deep understanding of particular verticals and so I've got folks on my team that have deep understanding of the GIG economy platforms platforms. I have folks who are focused on investment advisor and wealth management. I have folks who are really thinking about the small business segment. It's an area area that we're you know we're very excited about. There's lots of opportunity there. So what does the process look like. It's a lot of you know going to conferences like this Sitting down meeting with people. You're listening and like really deeply listening to. What are the challenges that they face? What are the things that they're trying to achieve and and then thinking about our assets and capabilities and thinking about how can we put that together to create something that meets their goals You know I say it be. She is really about listening deeply understanding a need and then tying it back to a set of capabilities and assets that we have that can can then create something new for parts. It's it's it's really fun. You know my job is kind of like we get to create new businesses Mrs With partners that are really exciting. So it's a lot of fun so last question. You came out of a regulated industry the airline industry and now you're another regular industry but you're meeting with start. UPS that are maybe not as sophisticated around the compliance regulations aspect. How do you how do broach that topic and how do you? How do you work all that stuff out? I think you know particularly in Silicon Valley Yale. You mentioned that the you know their their philosophy is often move fast and break things And that's not a philosophy that regulators appreciate You know I think it's really just about being very open and very transparent and we sort of position ourselves as a guide you know we are the we've done this before. We've launched a lot of programs. We operate at scale and we can really be a trusted adviser to fintech startups that are looking to grow into these New Areas we've got great relationships regulators. you know we we stay up to date on on all of the regulatory environment And so I think it's really just about being that resource for our partners and helping them. Guide help guide them through the path. So thanks so much for taking the time today my pleasure anytime thanks for listening to thank fintech fusion trump..

Amex Twenty twenty For Airlines Seth Fintech Amex Amax Bob Apple Steve Street Silicon Valley Yale J. Hooks fraud
"bank" Discussed on Bank-Fintech Fusion

Bank-Fintech Fusion

07:59 min | 10 months ago

"bank" Discussed on Bank-Fintech Fusion

"Yeah can you tell me about what you're doing now with Embiid embiid Casey. I know you're in Kansas City. At the moment I think yet I am in Kansas City. Right now yeah we so basically like I mentioned earlier. Our initial products on was really focused on it. Just you know helping. People Reserve Financials but later on author finances so we weren't having any money so when someone's saving money through platform we're actually moving. It was just the track they have to. You know separately go into their anger cowboy move the money or maybe they will choose not to do that. And the and and so the next stage was to be able to actually turn those into real deposits into Pluto also got Bama like experience for saving money. That's not what we like to call it and it was NBC specifically with them to Moshen F. B. O. attacks on Pluto safe. I'm so is going to be. FDIC insured and our the goal is just make it really easy for people to stay from the note that game challenges our platform into their goals. I did this same CAL and so we're really really excited about that. Were hoping to see Masha within the next couple of months so. NB Casey has been very active in ecosystem lately. what conversations conversations if you have the feminine would have said to you about their interest in Fintech in what have you seen. I guess directly since you've been there. Yeah so Casey. I've never heard of that prior to the tax arts program when I met them and that's not surprising because they didn't really start getting big on scene until I just over a year ago or so something like that within the the past two years and I think what really stood out to me with that they were the first the first nudity bank to launch in accelerator program. And so they've really. He made a huge effort to get in tech world to meet as many tech companies and boundaries as possible understand how they can Arner with them and not not not only the Obviously want to get more to audits right Ebony. Bank does but they also genuine. The habit mission to approve the financial health the Americans so you know take a look at consideration thick website or they'll list out missions. They have around the end. Our conversation as with them wasn't just around. How do we increase audits? It was really around House Pluto into this changing mask wrapped in tech in terms of helping to improve the Financial Ashok Americans in and all the things I mentioned earlier about. Thanks struggles to understand our customers paint Eric. Few right now we're very refocused on upbeat AC- ran but you know in the future could be a potential ways for us to be able to work in closer Yelling Kudo onto more for evil and so everything would just rely. We've talked them in so we wanted to join because of their Michigan folks coach. Do they have a dedicated team. fintech engagement engagement team or is it. How does how does it? How does that structure your your engagement? Yeah so they do. They do I think it's a little bit informal. I don't want to speak for them but they so you have a team in Texas And specifically with Albacete Tech Program. That's kind of one of their primary vehicles engaging with startups on it's a program were they For the sixth startups. I'm to invest in Fifty grand each of focus is entirely on building out that partnership with the the bank and some of the companies are already had army shipped with Mike we already had partial Casey prior to joining this city in program and because he definitely is is released acidic in their strategy right. So you're you're very specific a about Gen Z.. So because you're dealing with college students the the industry as as a whole I think. Tends to lump millennials Gen Z.. Together but obviously you see a difference between them. Do you see a slightly older cohort as your potential customers as well or you really sticky to that to the College Age specifically. Yeah so opening. Our goal is to be able to grow our customers. Immerse College is kind of starting point. We will lead when you. That's Isis released dark matter to the action that you're taking more so than any the other other partner life stage from the universe from behavior standpoint are certainly universal or any national offices or anyone. That's looking for more approachable. approachable way to start managing your finances but just in terms of our ranting on our strategy reaching the details of products of the features that we have we I tried to focus on the coliseum. On example is that we have each. That's called up here comparison where our users can actually anonymously finances to. Did anyone else liked them. Even Saint Hollis Kansas. And that's an interesting behavior ship because the older generation are going to be a lot more hesitant in wanting wanting to even shared her finances. Even if it's anonymous there's a lot more concerned about that but This younger generation because they grew up in this world of social media inscribing all of that. They're actually a lot more social validation driven than anyone else ever been that we built that you're actually because abuser people were asking us. Hey like like I don't know what it means. When when I'm told that I spend an average of one hundred dollars on eating out each it is that is that good? You don't really have context. And so the whole point of this feature is that we give them that actual data that you never had access to the four. How benchmark thirty eight year out? Or maybe they see that they're doing the lot earned everyone else and they'll feel good about solveig. There's a lot of ways you that eight of a generally speaking more of a Gen Z.. Easier than it is of a colonial feature. How are you managing user feedback? How are you how are you? What are the feedback? Loops that you have set up to hear from customers. Yes yes so. We have in common our APP and so we will trigger up messages based on up their usage frequency to that just to ask for feedback. I'm at different points and so just try to automate as much as possible based on actions that you're taking and who they are. You mentioned earlier. That banks are our C. driven in a lot of cases their interests aren't aligned with users. How do you and other startups that? You've talked to in the FINTECH space. How Oh you view than working with banks is it? You want to drive them to build better products. Or how do you want that. Have you want that to work right. Now a lot of revenue for banks are GONNA come from sending all these fees everything right but there is this shift happening banks are realizing that the world is changing right. That's not customer for losing customers because of the business that they have and they're cautious adapted. The problem is that it's really difficult for me to suddenly shock streams and so in the way we see that is likely the world's changing they know that these practices at no Financially elaborate Costner's. I'm very well aware of it with a against infrastructure screen. That already had they are run. A business it GONNA make a lot of money. And those startups provide a mediary for that to achieve that without having to do with all south and so for us like yes. No thanks for this huge generation of consumers which I think is really important I think on a broader level. You know we specifically are working with A. We're not working with the Big Bang. We're not working. The American Revolution was empty. Casey of which is a community right and so naturally Incentives are a little different communities. They certainly are more athletic and caring about customers. Financial Elton helping the community and out of the tradition. And so that's certainly a big arthit. Bank is South Waspy Harper World of where. It's almost like an anti bank and so it works really are harsh but that align with exactly what we're trying.

"bank" Discussed on Bank-Fintech Fusion

Bank-Fintech Fusion

07:59 min | 10 months ago

"bank" Discussed on Bank-Fintech Fusion

"Yeah can you tell me about what you're doing now with Embiid embiid Casey. I know you're in Kansas City. At the moment I think yet I am in Kansas City. Right now yeah we so basically like I mentioned earlier. Our initial products on was really focused on it. Just you know helping. People Reserve Financials but later on author finances so we weren't having any money so when someone's saving money through platform we're actually moving. It was just the track they have to. You know separately go into their anger cowboy move the money or maybe they will choose not to do that. And the and and so the next stage was to be able to actually turn those into real deposits into Pluto also got Bama like experience for saving money. That's not what we like to call it and it was NBC specifically with them to Moshen F. B. O. attacks on Pluto safe. I'm so is going to be. FDIC insured and our the goal is just make it really easy for people to stay from the note that game challenges our platform into their goals. I did this same CAL and so we're really really excited about that. Were hoping to see Masha within the next couple of months so. NB Casey has been very active in ecosystem lately. what conversations conversations if you have the feminine would have said to you about their interest in Fintech in what have you seen. I guess directly since you've been there. Yeah so Casey. I've never heard of that prior to the tax arts program when I met them and that's not surprising because they didn't really start getting big on scene until I just over a year ago or so something like that within the the past two years and I think what really stood out to me with that they were the first the first nudity bank to launch in accelerator program. And so they've really. He made a huge effort to get in tech world to meet as many tech companies and boundaries as possible understand how they can Arner with them and not not not only the Obviously want to get more to audits right Ebony. Bank does but they also genuine. The habit mission to approve the financial health the Americans. So you know. Take a look at consideration thick website or they'll list out Missions they have around the end. Our conversation as with them wasn't just around. How do we increase audits? It was really around House Pluto into this changing mask wrapped in tech in terms of helping to improve the Financial Ashok Americans in and all the things I mentioned earlier about. Thanks struggles to understand our customers paint Eric. Few right now we're very refocused on upbeat AC- ran but you know in the future could be a potential ways for us to be able to work in closer Yelling Kudo onto more. You're evil and so everything would just rely. We've talked them in so we wanted to join because of their Michigan folks coach. Do they have a dedicated team. fintech engagement engagement team or is it. How does how does it? How does that structure your your engagement? Yeah so they do. They do I think it's a little bit informal. I don't want to speak for them but they so you have a team in Texas And specifically with Albacete Tech Program. That's kind of one of their primary vehicles engaging with startups on it's a program were they For the sixth startups. I'm to invest in Fifty grand each of focus is entirely on building out that partnership with the the bank and some of the companies are already had army shipped with Mike we already had partial Casey prior to joining this city in program and because he definitely is is released acidic in their strategy right. So you're you're very specific a about Gen Z.. So because you're dealing with college students the the industry as as a whole I think. Tends to lump millennials Gen Z.. Together but obviously you see a difference between them. Do you see a slightly older cohort as your potential customers as well or you really sticky to that to the College Age specifically. Yeah so opening our goal is to be able to grow our customers merce. College is kind of starting point. We will lead when you. That's Isis released dark matter to the action that you're taking more so than any the other other partner life stage from the universe from behavior standpoint are certainly universal or any national offices or anyone. That's looking for more approachable. approachable way to start managing your finances but just in terms of our ranting on our strategy reaching the details of products of the features that we have we I tried to focus on the coliseum. On example is that we have each. That's called up here comparison where our users can actually anonymously finances to. Did anyone else liked them. Even Saint Hollis Kansas. And that's an interesting behavior ship because the older generation are going to be a lot more hesitant in wanting wanting to even shared her finances. Even if it's anonymous there's a lot more concerned about that but This younger generation because they grew up in this world of social media inscribing all of that. They're actually a lot more social validation driven than anyone else ever been that we built that you're actually because abuser people were asking us. Hey like like I don't know what it means. When when I'm told that I spend an average of one hundred dollars on eating out each it is that is that good? You don't really have context. And so the whole point of this feature is that we give them that actual data that you never had access to the four. How benchmark thirty eight year out? Or maybe they see that they're doing the lot earned everyone else and they'll feel good about solveig. There's a lot of ways you that eight of a generally speaking more of a Gen Z.. Easier than it is of a colonial feature. How are you managing user feedback? How are you how are you? What are the feedback? Loops that you have set up to hear from customers. Yes yes so. We have in common our APP and so we will trigger up messages based on up their usage frequency to that just to ask for feedback. I'm at different points and so just try to automate as much as possible based on actions that you're taking and who they are. You mentioned earlier. That banks are our C. driven in a lot of cases their interests aren't aligned with users. How do you and other startups that? You've talked to in the FINTECH space. How Oh you view than working with banks is it? You want to drive them to build better products. Or how do you want that. Have you want that to work right. Now a lot of revenue for banks are GONNA come from sending all these fees everything right but there is this shift happening banks are realizing that the world is changing right. That's not customer for losing customers because of the business that they have and they're cautious adapted. The problem is that it's really difficult for me to suddenly shock streams and so in the way we see that is likely the world's changing they know that these practices at no Financially elaborate Costner's. I'm very well aware of it with a against infrastructure screen. That already had they are run. A business it GONNA make a lot of money. And those startups provide a mediary for that to achieve that without having to do with all south and so for us like yes. No thanks for this huge generation of consumers which I think is really important I think on a broader level. You know we specifically are working with A. We're not working with the Big Bang. We're not working. The American Revolution was empty. Casey of which is a community right and so naturally Incentives are a little different communities. They certainly are more Apathetic and caring about customers financial. Elton helping the community and out of the tradition. And so that's certainly a big arthit. Bank is South Waspy Harper World of where. It's almost like an anti bank and so it works really are harsh but that align with exactly what we're trying.

"bank" Discussed on Bank-Fintech Fusion

Bank-Fintech Fusion

11:51 min | 10 months ago

"bank" Discussed on Bank-Fintech Fusion

"Good to have you here Tim. Absolutely so tell me briefly what problem Lem Pluto money is solving. Yeah you know. We are building banking platform death specifically going after serving generation Ecologie and the biggest biggest problem. That is John Generation as is financial inaction. It's basically that active doing nothing your finances and it's because they're really overwhelmed overwhelmed with their finances really stressed out or they have really busy lives and they can't find time to do it and really also that they're just not really any solutions out there on that are making it easy for them to take action and making money management approachable and so the question is how do we help his generation take the first steps towards. It's their financial goals and to get them to not make the same mistakes. That previous generation That's resolving do you have experienced firsthand experience agreeance with a trouble managing money. Is this out of a personal thing for you. Definitely so wanted to read to start. It was because when I was in college at Ucla. I ask some pretty good internships making pretty good money or a college student bought. I ended up spending all my paychecks and didn't save a seal San and gone credit credit card debt on top of the student that already in and I actually saved more money in high school in College. which is a very basing but you you know that that was a big driving factor into knee realizing what a big problem? This was my co-founder Susie. Tim Archie Officer. She also struggled with finances the same time but she had dropped out of seven different colleges or UCLA or financial reasons and when she got the UCLA She ended up successfully graduating but but also had to give up on her dreams of study abroad program in arseny which because she had a panic attack and realized she didn't have a savings account kind of cardinal. No idea media out. She was actually going to be with for that program. And so we got together and just realized that it wasn't just the problems that we rix air sing but let millions of other options were to ride just from talking to one hundred students but also a lot of secondary research at paints very alarming picture of just the State of college suit center finances. So do you think this is different for young people of this generation because of obviously we know about the the massive student debt burden invest. That's greater than previous generations is that the major differentiating factor. So that's part of it is. There's a lot of reasons why this generation Z.. Generation Z.. Is Ages eight to twenty or just for context. So they're already workforce millions are in college. I'm a big part of how they're different is environment that they grew up in the writing student. Debt is the part of it the generation Z.. Young adults and teenagers are growing up seeing the student. Debt crisis blow up incidental running back mind which is why they're actually trying to avoid getting incident as much as possible. They preferred that over credit for that reason. And so something that definitely undermined. There are in colleges trying to find alternative ways of education without Avondale payslip money other environmental factors would also be that they saw the great session Parents go through that. And maybe nate solder Struggled to find jobs after graduating college in so just generally speaking. The mindset generation has a lot more conservative and motivated around finances. They actually want to get ahead their financial goals meaning that they are cautiously trying to would say mistakes that other generations nations made because they know what negative pack from the life but the problem. Is that the solutions out. There are meeting the needs that they have. And so. That's why we that's why we're going to necessarily be designed to to to work and connect with this younger generation consumers on to to help them achieve what they want cheese. Why do you think banks aren't helping more with this problem or or just put differently? A syntech seems to be taking this on on mass. So you've got to stand out from a bunch of different APPS targeting young people but why do you think the the more mainstream of financial services is not doing the same. Yeah I think the first thing is that banks could care less about the financial health consumers when you're talking about their motive is to make a lot money and the other a lot of revenues. Come from Aden these overdraft in lending all that so just naturally those at revenue streams our alliance sooner financial also. That's very birthday intern. This specific demographic so banks actually do not all of them but there are banks that tried to capture the market ever going after all the students and you might be familiar with back in. I think the sometimes sometimes to thousands of even nineties banks were at all campuses just handing out free stuff to get people to to download their design for remained account Out On campus get credit cards etc.. Clearly see all the students because they know that they can get a college student as a customer during life stage are likely to stay with them for a long time right. Like I don't know about you but I know people that are in their thirties forties fifties sixties. Whatever that as the same Kappa they had in college is still there they might. It might not be there everyday. Cathy so happy. And probably I'm guessing a lot of them are doping knowing it But I think the problem in that they have spent a lot of money to our customers. And when you're talking about all the students it is true that they're not going to have as many assets as someone it might be in their late twenties early thirties forties right. They're just kind of starting out or becoming for Simon Volts. They're starting to be independent prefers time and so the time it takes to realize realized that. LTV Of that customer is you know it takes some time for that to happen and so when you take into account the cost of a big customer did not kind wait to get that value. It's the art went to reconcile right. And so that's why a lot of base end up China Okasan people that were assets or maybe people that are in a lot more debts right more more More likely to borrow money and all that and so what we're doing differently here was unique about that because no not a not a traditional additional financial institution weaken the fire osteen's its customers at much cheaper costs and at a much bigger scale to because our it's not banking Clue money to build a better bank. Bill clue money to solve real financial health problems that all students have and baking just happens to be a piece of that solution right and so when we approach universities were not going up to them. Hey we want to basically pay you. Millions of dollars that get cost of the customers is more like hey we we are on mission to help students become more financially healthy and that has value to the university ecosystem it improves retention rate. These the reason student will drop out of college for financial reasons You know it will also increase the success of students that graduated from college and increase the rate of nations alumni back so many benefits of financial health perspective and also university that we provide outside of just banking. So we're decide. No from mental leveler approaching is really different from a traditional institution. I do think it's encouraging that young people today see much more aware of their finances. And maybe it's the fact that they have a supercomputer in their pocket with their smartphone that they have access to these things. But I do think there's a lot more a win and also as you said goat not seeing your parents go through financial struggles. Do you remember yourself when you became aware of up money as a thing or something that needed to be managed rather than just something so you know passive in your life certainly on it was certainly do family right My family my parents are the grits and immigrated from Kaplon on Ninety S. My father has a classic to valley story on Cater earthy dollars pockets in started a computer company it really well was acquiring companies in the late eighties early. Two thousand into the economy crashed right and that that certainly center Amalie our downward spiral Arrow in and so growing up there was a lot of money that an education and you know sacrificing their own sauce for children which which I have a lot of probation for but they do things like even giving up on life insurance just to be able to fund education. I mean things like that right and it's just crazy to think about so really starting hitting me I think. Especially when advocate incision round college right and we have apt to zooming in on is my my sister was going to New York University or thousand pop choice for me. Ucla right and it's in state. And so I say a lot of money for my sister you're going to advocacy taper off. It costs is really expensive right and so just seeing the financial pressure that these decisions on parents certainly made me a lot more aware aware of just how hard money was to come by and I really started thinking about that. Is that shared at college. I honestly didn't really think about body Audie us for the first couple years of college in the sense of light. Yes I was always worry tonight enough money but I never really thought about getting edited or say but it wasn't wasn't really until I I literally realise like at one point rows like. Oh I'm making a lot of money to serve Inter Shits and in the end of the summer have my bank account. Nothing that was like. We're really like how did that happen right. And so you know for some people having earlier for some people as happens later you know. I think it's always it was released. Note that instance through internship or for me personally that was where the biggest trigger point where it should me to do something about it. Yeah I think there's a fleeing awareness that hits hits everyone at a different a different stage in life some some younger some some older so You so so puto graduated from techstars. Can you tell me a bit about that experience. Sure yeah we were part of the Barclays Accelerator Power Techstars at university last fall. It was an incredible incredible experience It was it wasn't until early. Twenty eighteen where we started thinking about making Weaver Started Budo acting twenty sixteen. We you're just really focus on financial health right and it was really a layer on October finances and we're using and we still are usually behavior science to change people's relationship with money but over time we quickly realize that. Make a real people's financially hater behavior we have to integrate donating and be in that cash cash flow in their day to day. Lives Otherwise you know. It's really easy to know. Shown things like show mission to them but to jeopardize the results is really difficult achieve achieve and so it kind of came timing program right arc. Liaises wanted to biggest player in tech in your city and advocates does this and and it was just an opportunity for us to really immerse ourselves more incident making role ended integral and to start understanding our banks odd because we weren't looking for our ships you know we were exploring white label solutions like Walla and all that we had also heard about on the path of being directed partner with banks which was our preference taught at Alpha for that it indeed was really helpful for that or Barclays is one of our actors in we were able to meet our current up a partner and because the bank up through the text for actually and so it certainly helped take cluedo to a whole `nother level..

"bank" Discussed on Bank-Fintech Fusion

Bank-Fintech Fusion

11:51 min | 10 months ago

"bank" Discussed on Bank-Fintech Fusion

"Good to have you here Tim. Absolutely so tell me briefly what problem Lem Pluto money is solving. Yeah you know. We are building banking platform death specifically going after serving generation Ecologie and the biggest biggest problem that this young generation as is financial inaction. It's basically that active doing nothing your finances and it's because they're really overwhelmed overwhelmed with their finances really stressed out or they have really busy lives and they can't find time to do it and really also that they're just not really any solutions out there on that are making it easy for them to take action and making money management approachable and so the question is how do we help his generation take the first steps towards. It's their financial goals and to get them to not make the same mistakes. That previous generation That's resolving do you have experienced firsthand experience agreeance with a trouble managing money. Is this out of a personal thing for you. Definitely so wanted to read to start. It was because when I was in college at Ucla. I ask some pretty good internships making pretty good money or a college student bought. I ended up spending all my paychecks and didn't save a seal San and gone credit credit card debt on top of the student that already in and I actually saved more money in high school in College. which is a very basing but you you know that that was a big driving factor into knee realizing what a big problem? This was my co-founder Susie. Tim Archie Officer. She also struggled with finances the same time but she had dropped out of seven different colleges or UCLA or financial reasons and when she got the UCLA She ended up successfully graduating but but also had to give up on her dreams of study abroad program in arseny which because she had a panic attack and realized she didn't have a savings account kind of cardinal. No idea media out. She was actually going to be with for that program. And so we got together and just realized that it wasn't just the problems that we rix air sing but led millions of thousands. Were to ride just from talking to one hundred students but also a lot of secondary research at paints very alarming picture of just the State of college suit center finances. So do you think this is different for young people of this generation because of obviously we know about the the massive student debt burden invest. That's greater than previous generations is that the major differentiating factor. So that's part of it is. There's a lot of reasons why this generation Z.. Generation Z.. Is Ages eight to twenty or just for context. So they're already workforce millions are in college. I'm a big part of how they're different is environment that they grew up in the writing student. Debt is the part of it the generation Z.. Young adults and teenagers are growing up seeing the student. Debt crisis blow up incidental running back mind which is why they're actually trying to avoid getting incident as much as possible. They preferred that over credit for that reason. And so something that definitely undermined. There are in colleges trying to find alternative ways of education without Avondale payslip money other environmental factors would also be that they saw the great session Parents go through that. And maybe nate solder Struggled to find jobs after graduating college in so just generally speaking. The mindset generation has a lot more conservative and motivated around finances. They actually want to get ahead their financial goals meaning that they are cautiously trying to would say mistakes that other generations nations made because they know what negative pack from the life but the problem. Is that the solutions out. There are meeting the needs that they have. And so. That's why we that's why we're going to necessarily be designed to to to work and connect with this younger generation consumers on to to help them achieve what they want cheese. Why do you think banks aren't helping more with this problem or or just put differently? A syntech seems to be taking this on on mass. So you've got to stand out from a bunch of different APPS targeting young people but why do you think the the more mainstream of financial services is not doing the same. Yeah I think the first thing is that banks could care less about financial health consumers when you're talking about their motive is to make a lot money and the other a lot of revenues come from Aden these overdraft in lending all that so just naturally those at revenue streams our alliance sooner financial also. That's very birthday intern. This specific demographic so banks actually do not all of them but there are banks that tried to capture the market ever going after all the students and you might be familiar with back in. I think the sometimes sometimes to thousands of even nineties banks were at all campuses just handing out free stuff to get people to to download their design for remained account Out On campus get credit cards etc.. Clearly see all the students because they know that they can get a college student as a customer during life stage are likely to stay with them for a long time right. Like I don't know about you but I know people that are in their thirties forties fifties sixties. Whatever that as the same Kappa they had in college is still there they might. It might not be there everyday. Cathy so happy. And probably I'm guessing a lot of them are doping knowing it But I think the problem in that they have spent a lot of money to our customers. And when you're talking about all the students it is true that they're not going to have as many assets as someone it might be in their late twenties early thirties forties right. They're just kind of starting out or becoming for Simon Volts. They're starting to be independent prefers time and so the time it takes to realize realized that. LTV Of that customer is you know it takes some time for that to happen and so when you take into account the cost of a big customer did not kind wait to get that value. It's the art went to reconcile right. And so that's why a lot of base end up China Okasan people that were assets or maybe people that are in a lot more debts right more more More likely to borrow money and all that and so what we're doing differently here was unique about that because no not a not a traditional traditional financial weaken the fire osteen's customers at much cheaper costs and at a much bigger scale to because our it's not banking Clue money to build a better bank. Bill clue money to solve real financial health problems that all students have and baking just happens to be a piece of that solution right and so when we approach universities were not going up to them. Hey we want to basically pay you. Millions of dollars that get cost of the customers is more like hey we we are on mission to help students become more financially healthy and that has value to the university ecosystem. It improves attention rate. These the reason student will drop out of college for financial reasons You know it will also increase the success of students that graduated from college and increase the rate of nations alumni back so many benefits of financial health perspective and also university that we provide outside of just banking. So we're decide. No from mental leveler approaching is really different from a traditional institution. I do think it's encouraging that young people today see much more aware of their finances. And maybe it's the fact that they have a supercomputer in their pocket with their smartphone that they have access to these things. But I do think there's a lot more a win and also as you said goat not seeing your parents go through financial struggles. Do you remember yourself when you became aware of up money as a thing or something that needed to be managed rather than just something so you know passive in your life certainly on it was certainly do family right My family my parents are the grits and immigrated from Kaplon on Ninety S. My father has a classic to valley story on Cater earthy dollars pockets in started a computer company it really well was acquiring companies in the late eighties early. Two thousand into the economy crashed right and that that certainly center Amalie our downward spiral Arrow in and so growing up there was a lot of money that an education and you know sacrificing their own sauce for children which which I have a lot of probation for but they do things like even giving up on life insurance just to be able to fund education. I mean things like that right and it's just crazy to think about so really starting hitting me I think. Especially when advocate incision round college right and we have apt to zooming in on is my my sister was going to New York University or thousand pop choice for me. Ucla right and it's in state. And so I say a lot of money for my sister you're going to advocacy taper off. It costs is really expensive right and so just seeing the financial pressure that these decisions on parents certainly made me a lot more aware aware of just how hard money was to come by and I really started thinking about that. Is that shared at college. I honestly didn't really think about body Audie us for the first couple years of college in the sense of light. Yes I was always worry tonight enough money but I never really thought about getting edited or say but it wasn't wasn't really until I I literally realise like at one point rows like. Oh I'm making a lot of money to serve Inter Shits and in the end of the summer have my bank account. Nothing that was like. We're really like how did that happen right. And so you know for some people having earlier for some people as happens later you know. I think it's always it was released. Note that instance through internship or for me personally that was where the biggest trigger point where it should me to do something about it. Yeah I think there's a fleeing awareness that hits hits everyone at a different a different stage in life some some younger some some older so You so so puto graduated from techstars. Can you tell me a bit about that experience. Sure yeah we were part of the Barclays Accelerator Power Techstars at university last fall. It was an incredible incredible experience It was it wasn't until early. Twenty eighteen where we started thinking about making Weaver Started Budo acting twenty sixteen. We you're just really focus on financial health right and it was really a layer on October finances and we're using and we still are usually behavior science to change people's relationship with money but over time we quickly realize that. Make a real people's finance Louis Hater behavior. We have to integrate donating and be in that cash cash flow in their day to day. Lives Otherwise you know. It's really easy to know. Shown things like show mission to them but to jeopardize the results is really difficult achieve achieve and so it kind of came timing program right arc. Liaises wanted to biggest player in tech in your city and advocates does this and and it was not for us to really immerse ourselves more incident making role ended integral and to start understanding our banks odd because we weren't looking for our ships. You know we were exploring white label solutions like Walla and all that we had also heard about on the path of being directed partner with banks which was our preference taught at Alpha for that it indeed was really helpful for that or Barclays is one of our actors in we were able to meet our current up a partner and because the bank up through the text for actually and so it certainly helped take cluedo to a whole `nother level..

"bank" Discussed on The Bank Account

The Bank Account

06:18 min | 2 years ago

"bank" Discussed on The Bank Account

"Halfway. I think this will be one of our first upsets we have to cut out a big middle piece new to laughing. I thought it was going to be coughing from the cold picked up. So that's that's a really good. I will say kind of a few tips for anyone looking to do a future Ragnar be prepared to laugh. There will be a lot of laughter. But also kind of plan ahead as to when you were going to consumed food, and when you were going to sleep you need to do both of those things during the event, even if you are like me running every four hours or just continuously. It seemed probably as as sores my legs were at the end, and they were sore. It was more recovery for the thirty six hours of of being up an active and kind of always ready for the next run but not necessarily eating because I was always about to go run again. Yeah. There is a limitation to the amount of energy. You can get from energy gills energy, choose in energy waffles. Eventually, you feel like you're gonna energy vomit. And sort of where I was at the end to really glad to just have burger. So anyway, a lot of fun as an event well, and we weren't doing it just for fun or just for business development, although we achieve both of those things as well. But we were also doing it to raise money for a great organization Fraser center. You wanna talk a little bit more about our efforts there. Yeah. That was just again, a really special part of it for me. That's an organization. Our firm has been involved with for a very long time back to its founding, and we decided to to get together and contribute some money or raise the money to contribute as part of the Ragnar, and thanks to our firm, and every single Bank that was involved we were able to raise over non thousand dollars for Frazier with money still coming in. I'm optimistic. We're actually still going to going to get ten thousand and that's just huge and. Again, a great reflection not only on on our for for being willing to contribute to charities like that. But again, all of the banks involved being so generous and so willing to participate in that. It was a great thing to see and Johnson you and take an opportunity to go ahead. And explain the Frazier center a little bit more. Absolutely the Frazier center again, as I mentioned as has been around a long time right near Decatur in Atlanta at said tucked into a beautiful part of a forest there on a great campus, and it provides services for people of of all types ability of ability and disability, including an adult program that works with adults primarily with certain mental and developmental handicaps and gets them into the community again with a goal on inclusion and then a great children's program as well again, very inclusive environment and. When that we're very fortunate to be able to support and support very enthusiastically. So it's a great organization. Now, again, we promised a little bit of banking. So we can fit this into a banking podcast. One of the more interesting things that I read and you put out a tweet about it. Rob was an article in American banker by Hillary burns on a particular Bank. That is undertaking strategy forming a new Bank in a neighboring state, and that's going to to cause them to be a multi Bank holding company, which as you noted in in the tweet is a trend that most banks have moved away from deer. Call stop your head. What the data was showing terms of numbers of Bank holding companies kind of directional trend there that would have required more preparation for this podcast than I had intended. But the numbers are stark. I mean, it is my recollection is we've cut by more than two-thirds the number of banks in a multi Bank, holding company structure, and where they now tend to exist. It tends to be. Two maybe three charters often. It's a trust company and the Bank charter a full service Bank. Charter or you know, a another limited purpose Bank to go with it as opposed to ten years ago. It was not uncommon to find holding companies with four five six twenty thirty independent full service independent, but full service, Bank charters under them and that approach and kind of the the regulatory difficulties that go with that have faded away because of the regulatory difficulties have faded away. Absolutely. And and with that Lenny maybe just covered the the benefits of having multiple commercial banks housed in separate charters underneath the same holding company. I think the perception is. It provides more autonomy for each independent Bank musk gestion based on what I've seen with clients is there is a way to provide that Tommy at the local level without having separate charters any thoughts on that. What you've seen? No, I agree. I mean, I think there are some look there are some multi Bank holding companies that have been multi Bank holding companies for decades and it works for them. Now query whether it will continue to work for them or whether they be able to do even better without them. But it is hard to identify a tangible actual benefit to the multiple Bank. Charter especially now, as we do have a branching across state lines kind of greater flexibility

multi Bank Bank Bank charter Bank musk Frazier center Ragnar Frazier Fraser center Johnson Tommy Hillary burns Rob Lenny Decatur Atlanta thirty six hours thousand dollars four hours