In this episode of "Accrued," brought to you by LoanPro, hosts Tedd Huff and Colton Pond chat with Joyce Mehlman from ILX Consulting Group. Joyce shares her expertise in the financial services industry, focusing on the significant role that data and artificial intelligence play in finance today. She touches on the critical need for fintech companies to comply with existing regulations to succeed and the benefits of forming the right partnerships.
Joyce discusses the importance of selecting partners that offer flexibility and foster creativity rather than those who might hinder innovation. She explains that working with the right people can make or break a company's progress in the finance sector. The episode also covers the current trends in the lending and credit industries, such as the rise of specialized credit programs tailored to individual needs and the growing importance of personalizing financial services to better meet customer demands.
Moreover, Joyce emphasizes how essential it is for fintech startups to focus on securing funding and enhancing their marketing strategies, while relying on established tools and services for other business aspects. This helps in streamlining operations and cutting down on unnecessary expenses.
The discussion also highlights the increasing influence of real-time payment systems and open banking, which are setting new standards in the financial world. Joyce wraps up the conversation by stressing the need for continuous education and the integration of supportive partnerships to innovate and improve credit offerings effectively. This episode is a must-watch for anyone interested in the future of banking and finance.
Key Highlights:
"Watch Joyce Mehlman Reveal Fintech Secrets!"
Joyce Mehlman shares how fintech companies can thrive by using current tools rather than creating new ones, saving both time and money.
"The Real Story Behind Bank and Fintech Partnerships"
Discover how collaborations between banks and fintech companies are crucial for success, and what makes a partnership effective.
"Do You Know the Risks of Choosing the Wrong Tech Partner?"
Joyce discusses the risks of selecting tech partners that might stifle creativity and how the right ones can fuel success.
"Essential Advice for Fintech Startups!"
Key strategies for fintech startups on focusing their resources effectively to ensure growth and sustainability.
"Trends Shaping the Credit Industry Right Now!"
Explore the rise of niche credit programs and why personalizing these programs to customer needs is becoming more important.
"Joyce Mehlman Breaks Down AI’s Role in Fintech!"
Find out how artificial intelligence is currently used in the financial sector and its growing impact.
"How to Succeed in Fintech by Understanding Regulations"
Joyce emphasizes the importance of staying compliant with financial regulations and how it helps in fintech success.
"Secrets to Raising Capital and Marketing in Fintech"
Expert tips from Joyce Mehlman on how fintech companies can boost their capital and improve their marketing tactics.
"Future of Payments: Real-Time Transactions Explained!"
Joyce explains how real-time payment systems are changing the way businesses and customers interact.
"The Future of Financial Programs: What You Need to Know!"
Insights into the development of innovative financial programs and the importance of integrating educational and partnership resources.
Takeaways:
1️⃣ "Why Your Fintech Needs Compliance to Thrive!"
Compliance isn't just a hurdle; it's a necessity. Joyce Mehlman explains how following regulations can actually help fintechs grow and avoid legal troubles.
2️⃣ "Fintech Partnerships: The Good, The Bad, The Ugly!"
Find out what qualities make a great tech partner and which red flags could spell trouble for your fintech's future.
3️⃣ "Unlock the Secrets to Efficient Fintech Operations!"
Joyce breaks down why buying existing tools rather than building from scratch saves time and money, streamlining operations for better efficiency.
4️⃣ "Discover the Financial Trends That Matter Today!"
Dive into the discussion on how AI and open banking are influencing the current financial landscape, according to fintech expert Joyce Mehlman.
5️⃣ "Build or Buy? The Best Strategy for Fintech Tools Revealed!"
Joyce shares crucial advice on when fintechs should invest in new technology versus utilizing existing solutions, aiding strategic decision-making.
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Time Stamps:
00:14 The Evolution of Data in Fintech
00:35 AI and Regulation in the Financial Industry
00:54 The Critical Role of Compliance in Fintech Success
01:16 Partnerships and the Fintech Ecosystem
02:07 Navigating the Complexities of Fintech Innovation
05:16 Data Privacy and the Importance of Compliance
07:46 The Future of Fintech: Trends and Predictions
09:21 Building Strong Foundations in Fintech Partnerships
11:30 Choosing the Right Partners and Avoiding Pitfalls
14:25 The Importance of Transparency and Communication in Fintech
17:06 Effective Compliance Strategies in Fintech
22:03 The Challenge of Scaling in Fintech
25:32 Red Flags and Best Practices in Fintech Partnerships
26:40 Build vs. Buy: Strategic Decisions in Fintech Development
27:36 Revolutionizing E-commerce Customer Support with AI
28:19 Decoding the Buy vs. Build Dilemma in Business
29:17 The Art of Choosing the Right Partners
29:43 Identifying Good vs. Bad Partnerships
34:27 Navigating the Complex Landscape of Credit and Lending
40:25 Exploring Innovative Credit Programs
45:08 The Future of Finance: Trends and Predictions
50:59 Closing Thoughts and Future Directions
52:16 Disclaimer and Final Thoughts
This is a Production of Diamond D3, Media
ABOUT:
Joyce Mehlman: Joyce Mehlman is a highly experienced fintech consultant and owner of iLex Consulting Group with over 30 years of experience in the financial services industry. Having been in the fintech space for the last 16 years, Joyce has developed an in-depth understanding of the sector from both the bank's and fintech's perspectives. She has held a range of senior positions, including COO, SVP-Change Management, Director-Deposit Operations, and Head of Compliance and Operations at Douugh and Teampay, where she oversaw operations, compliance, AML, fraud, and third-party vendor management. Joyce's areas of expertise include fintech-related go-to-market support, banking operations, ACH, payments, debit card and rewards programs, private label banking, prepaid retail and insurance market, product implementation, system conversions, and risk management.
iLex: At iLEX Consulting Group, we understand that FinTechs are filling voids in traditional banking including improving accessibility; identifying and fulfilling currently unmet customer needs; developing innovative products; and providing banking solutions for the currently underserved.
Tedd Huff: Tedd Huff is the Co-Founder of Voalyre and the President and founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential.
Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments.
Colton Pond: Colton Pond is a seasoned marketing executive with a strong fintech and financial services background. In his latest role, Colton is the CMO for LoanPro's API-first lending platform, aiming to meet the increasing market demands. His track record includes a significant tenure at Truv, where he led the marketing team to achieve a 300% growth in year-over-year revenue. Colton has also held key marketing and sales positions at MX, Lucid, and HealthEquity, demonstrating his ability to drive success and innovation within the fintech sector.
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