The rise of fintech exposure extends beyond corporate innovation and business technology developments. The future of fintech also consists of personal financing tools and platforms to allow for simplicity and efficiency in the space.
MoneyLion CEO Dee Choubey, MyVest CEO Anton Honikman and Finicity Vice President of Strategic Programs, Lisa Kimball, discussed Wednesday at the 2018 Benzinga Fintech Summit how their companies fit into the transformation of personal finance.
MoneyLion provides loans of up $50,000 to 3.5 million members, Choubey said. This process allows for the unique opportunity to learn about characteristics and behaviors of over 40 million Americans who utilize the service.
“We can see lots of patterns in the American demographic and are able to provide AI powered recommendations to users,” Choubey said. “Financial stress doesn’t discriminate based on how much money you make. The average family will have surpluses throughout the year, but when there is a deficit, that’s where we come in and help with loans.”
As an enterprise wealth management product, MyVest powers personal capital investment profiles through assorted services and software. The company’s services includes Trade & Position Reconciliation, Corporate Action Processing and Performance Reporting on a specified platform and portfolio management suite.
Because of its involvement in personal capital, MyVest’s offerings represent a disconnect of demographic in certain fintech spaces, according to Honikman.
“Personal capital is more geared towards the affluent customer and fintech in general is catered largely to millennials and there’s a bit of a mismatch there,” Honikman said.
For individuals with a thin or poor credit file, companies like Finicity have taken steps to improve and simplify the process of obtaining and utilizing credit.
According to Kimball, Finicity facilitates over 16,000 financial institutions in detailed data sourcing through compiled reports from checking and savings account transaction records. These reports, which generally span over the course of a few years, determine creditworthiness in potential applicants.
“Our focus is partially geared at providing credit access for those who have thin or poor credit files and also with developing partnerships. There are advantages, most significantly for millennials,” Kimball said.