Artificially Intelligent with Sam Maule and Maia Bittner

What We Got Wrong in 2024!

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2345688/open_sms] Boy- did we get it wrong sometimes!    Failure is the best teacher.   So, Sam and Maia sat down in the MoneyPot Booth at Money20/20 in October and went over where they really missed the mark, and what it has taught them about what to look for in 2025.    This episode dives into the lessons learned in FinTech during 2024, exploring the unexpected challenges within the housing market, societal attitudes toward financial fraud, and the reality of AI in customer service.  • Reflecting on the surprising downturn of the housing market   • Discussing cultural shifts toward defrauding financial institutions   • Analyzing the repercussions of BaaS failures   • Critiquing the impact of AI on customer service experiences   • Considering the role of deepfakes in modern media and politics   • Addressing the stagnation of NFTs and missed opportunities for growth   Thank you for your support through the year! Connect with us on LinkedIn and Twitter to share your thoughts! Hosts: Sam Maule & Maia Bittner

Dissecting the Viral Chase ATM Glitch

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2345688/open_sms] What if you thought you found a loophole to get free money from ATMs, only to end up with a negative balance? Join us as we dissect a viral TikTok trend that had Chase Bank customers depositing fraudulent checks for quick withdrawals. Maia dives into how Chase later corrects these transactions, emphasizing the crucial role of identity verification and KYC (Know Your Customer) in online banking. We also tackle the unique challenges non-US residents face in accessing US-based bank accounts and the relentless efforts of banks to combat international fraud. Our conversation takes a nostalgic turn as we explore the transformation of human banking behavior over the years. From amusing misconceptions about ATM and teller services to the early days of credit card usage, we highlight how technological advancements have altered our financial interactions. Discover personal anecdotes that reveal the stark contrasts between high-trust and low-trust societies, setting the stage for a deeper look into a supposed glitch at Chase ATMs. In our final segment, we demystify the complexities of check fraud and the measures banks take to prevent it. Learn about the provisional access to funds, the stringent underwriting process, and the severe consequences of committing check fraud. We delve into how viral TikTok videos have influenced consumer behavior and the alarming rise in check fraud-related Suspicious Activity Reports since 2021. To wrap up, we explore the future of banking with AI, the concept of Net Interest Margin (NIM), and essential fintech metrics like LTV and churn rate. Tune in for an insightful discussion that spans from fraud prevention to customer acquisition strategies in the ever-evolving world of banking. Hosts: Sam Maule & Maia Bittner

Navigating KYC, KYB, and AML: Lessons from Mercury's Journey in Fintech Compliance

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2345688/open_sms] Can financial compliance be the key to a safer global economy, or is it a labyrinthine obstacle for startups? In this episode, we unravel the intricate world of KYC (Know Your Customer), KYB (Know Your Business), and AML (Anti-Money Laundering), using the recent developments with the digital banking startup Mercury as a springboard. We dissect the complexities behind sensational headlines, exploring the foundational importance of KYC in thwarting fraud and money laundering. Discover the historical journey of the term "money laundering," from its emergence during Watergate to its critical role in Reagan's war on drugs and post-9/11 global security efforts. This segment will give you a comprehensive understanding of the global initiatives aimed at preventing financial crimes and ensuring institutions don't inadvertently assist terrorists. Our conversation then shifts to the persistent challenges of identity verification and the inefficiencies plaguing current systems. We delve into the struggles faced by under-documented individuals and propose innovative solutions, including a startup idea leveraging gig economy workers for identity verification. Finally, we explore the KYB process and its implications for startups like Mercury, particularly the challenges of regulating international business dealings. Listen in as we share actionable insights on balancing compliance with business opportunities, emphasizing the crucial role of thorough verification processes in maintaining a robust and secure financial ecosystem. Hosts: Sam Maule & Maia Bittner

The age old question - Will the US ever have a superapp?

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2345688/open_sms] Curious about why superapps are struggling to make a splash in the U.S. market? Join us as we uncover the unique barriers and skeptical outlook surrounding their success. Discover how the high costs of customer acquisition in fintech are pushing companies towards the super app model as a solution to maximize revenue from their existing user base. Tune in as we share insights from the latest Finnovate conference and debate if a major retailer like Walmart has what it takes to defy the odds and thrive in this complex landscape. What makes the U.S. so different from regions where super apps have flourished? We examine the disparity between the enthusiasm of CEOs and the practical hurdles of implementing such apps stateside. From the lack of government support that has bolstered similar ventures in China and Dubai to the way the pandemic has altered consumer behavior with technologies like Apple Pay, we analyze whether these shifting market dynamics could pave the way for super apps in America. We also highlight the unique environments that have enabled super apps to excel abroad and why replicating that formula in the U.S. is not a straightforward task. Could Walmart be the game-changer in the fintech arena? With a vast and loyal customer base, a significant physical footprint, and strong strategic partnerships, we explore Walmart's potential to offer superior financial solutions. We delve into the importance of their grocery business, substantial e-commerce growth, and the challenges posed by cultural and talent gaps in tech and financial services. Drawing on insights from Jason Del Rey's book "Winter Sales: Amazon, Walmart and the Battle for Our Wallets," we discuss whether Walmart can overcome these obstacles to emerge as a leader in the super app space. Join us for this engaging exploration of the future of super apps in the U.S. and Walmart's potential role in shaping it. Hosts: Sam Maule & Maia Bittner

FedNow or FedLater?

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2345688/open_sms] How did a payment system from Japan in 1973 pave the way for the digital wallet in your pocket today? Join us as we uncover the fascinating history and rapid evolution of faster payment systems worldwide. We take you on a journey from Japan's groundbreaking Zenjin system to contemporary giants like the UK's Faster Payment System, Brazil's PIX, and India's UPI. Along the way, you'll hear my firsthand experiences from a recent FedNow feedback session in Utah, featuring insights from industry leaders like MX and Galileo.  Ever wondered why some transactions are instant while others take days? We break down the complexities of payment systems, diving into the mechanics of ACH, RTP, and the newly introduced FedNow. Learn about the crucial differences between push and pull payments and how banks manage the risks and fraud associated with each type. Through real-world examples, we emphasize the importance of maintaining a balance between transaction speed and security. Discover why certain transactions might seem slow but are actually designed to protect you from fraudsters who adapt quickly to new systems. Is FedNow poised to revolutionize the financial industry like Zelle or UPI? In our final discussion, we compare these two real-time payment platforms and debate FedNow's potential to become a game-changer. We invite you to share your thoughts and feedback via LinkedIn or Twitter, and suggest future topics you'd like us to cover. Don't miss this comprehensive exploration of faster payments, filled with intriguing anecdotes and expert insights. Thank you for tuning in, and we can't wait to hear from you on our next episode! Hosts: Sam Maule & Maia Bittner