Fintech Takes

Fintech Recap: PFM's AI Moment, Super Apps, and the PACE Act

We kick things off with personal financial management, a category I've been following through three distinct generations. From Mint and Credit Karma to newer subscription tools, the core problem hasn’t changed; most folks don’t want to manage their money. Now, with OpenAI acquiring Hiro and Perplexity AI partnering with Plaid, PFM is shifting from dashboards to AI agent interfaces. But is this solving an information problem, or a behavior problem? Next, we get into the return of the fintech super app, using Bolt (the one-click checkout company that raised $355M at an $11B valuation) as the case study. Despite years of hype, we get into why super apps keep failing in America (where consumers are  happy to use multiple apps on their phone as long as each one’s great). Finally, we turn to the PACE Act, a proposed bill aimed at giving non-banks seeking access to Fed master accounts. It’s a more formal attempt to solve a long-standing infrastructure problem, but the requirements raise an obvious question: if fintechs still need to navigate state licensing and the Fed retains discretion, who would actually benefit? Plus, in our Can't Let It Gos: Kalshi and Polymarket are moving into crypto perpetual futures, a Mexican merchant applied dynamic currency conversion without asking (Jason won the chargeback), and Ryan Atwood's second career as a crypto skeptic. This episode is brought to you by Persona.  Persona is the identity verification platform trusted by fintech's fastest-growing teams, from YC-backed startups to publicly traded companies. Build your identity program with enterprise-grade tools, starting at $0 with Persona's Startup Program. Fintech Takes listeners can get a full free year through Persona’s Startup Program at withpersona.com/ftt [http://withpersona.com/ftt] Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ [https://workweek.com/brand/fintech-takes/]  And for more exclusive insider content, don’t forget to check out my YouTube page [https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos]. Follow Jason: Newsletter: https://fintechbusinessweekly.substack.com/ [https://fintechbusinessweekly.substack.com/] LinkedIn: https://www.linkedin.com/in/jasonmikula/ [https://www.linkedin.com/in/jasonmikula/]   Follow Alex:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos [https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos] LinkedIn: https://www.linkedin.com/in/alexhjohnson [https://www.linkedin.com/in/alexhjohnson] Twitter: https://www.twitter.com/AlexH_Johnson [https://www.twitter.com/AlexH_Johnson]

Fintech Takes x C&R presents Collections Conversations Ep 8: The AI Execution Gap

Welcome back to Collections Conversations, a new miniseries from Fintech Takes, sponsored by our friends at C&R Software. The series digs into how generative AI is reshaping debt collections; what it enables, what it complicates, and why it might finally force the industry to retire the word “collections” altogether. In Episode 8, I sit down again with Ed Wallen [https://www.linkedin.com/in/edwallen/], CEO of C&R Software, for a broader view of AI across the entire customer lifecycle. Ed's diagnosis on large bank AI adoption: leadership has made the commitment, but impact is limited. Models aren’t yet embedded into the workflows that drive day-to-day decisions. It's like having Google Maps open but still taking the route you know from memory. He calls it intelligence without execution. From there: why centralized AI teams keep falling short. (They’re not sitting with the collections agents or navigating the edge cases). Collections is exceptions at scale, and some of those exceptions will always require a human in the loop. We cover build vs. buy and how to vet AI-native vendors in a market where every company claims to be one.  Ed's advice: build the moat, not the model. This episode is brought to you by C&R Software.  More than just debt collection, C&R sets the global standard for AI-native, humanized credit management. They simplify the complex with end-to-end credit-risk lifecycle support, powered by automated workflows, AI-native intelligence, and real-time, data-driven decisioning. Learn more at https://hubs.ly/Q03Wl1DY0 [https://hubs.ly/Q03Wl1DY0]. Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ [https://workweek.com/brand/fintech-takes/] And for more exclusive insider content, don’t forget to check out my YouTube page [https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos]. Follow Alex:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos [https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos] LinkedIn: https://www.linkedin.com/in/alexhjohnson [https://www.linkedin.com/in/alexhjohnson] Twitter: https://www.twitter.com/AlexH_Johnson [https://www.twitter.com/AlexH_Johnson] Follow Ed: https://www.linkedin.com/in/edwallen/ [https://www.linkedin.com/in/edwallen/] Learn more about C&R Software here [https://hubs.ly/Q03Wl1DY0]: https://hubs.ly/Q03Wl1DY0 [https://hubs.ly/Q03Wl1DY0]

The Historical Roots of Stablecoins

Welcome back to the Fintech Takes podcast. I'm Alex Johnson, joined by Mike Hsu, former Acting Comptroller of the Currency. I recently crossed paths with Mike at the Bank of North Dakota's fintech and stablecoin event in Fargo, where he led a 90-minute session on stablecoins from a policymaker's perspective. It was so impressive I wanted an interactive version for the podcast. In this episode, we trace the historical lineage of stablecoins from free banking before the Civil War, through the Eurodollar market, money market funds, Satoshi Nakamoto's white paper, and Facebook's Libra announcement … all the way up to the GENIUS Act.  All regulation is path-dependent. To understand why policymakers react the way they do to stablecoins, you have to understand what shaped them. Mike’s reading (and listening) recommendations from the episode: * Bank Notes and Shinplasters by Joshua R. Greenberg: https://www.pennpress.org/9780812252248/bank-notes-and-shinplasters/ [https://www.pennpress.org/9780812252248/bank-notes-and-shinplasters/] * Ways and Means by Roger Lowenstein: https://rogerlowenstein.com/ways-and-meanshttps://bookshop.org/p/books/ways-and-means-lincoln-and-his-cabinet-and-the-financing-of-the-civil-war-roger-lowenstein/317ffa9e260a1186 * "Are Banks Special?" by E. Gerald Corrigan (Minneapolis Fed, 1982): https://www.bu.edu/econ/files/2012/01/Corrigan-Are-Banks-Special_main-text.pdf [https://www.bu.edu/econ/files/2012/01/Corrigan-Are-Banks-Special_main-text.pdf] * Odd Lots, “The Hidden History of Eurodollars, Part 1: Cold War Origins:” https://omny.fm/shows/odd-lots/the-hidden-history-of-eurodollars-part-1-cold-war [https://omny.fm/shows/odd-lots/the-hidden-history-of-eurodollars-part-1-cold-war] * Satoshi Nakamoto's Bitcoin white paper: https://bitcoin.org/bitcoin.pdf [https://bitcoin.org/bitcoin.pdf] * Facebook’s Libra: https://en.wikipedia.org/wiki/Diem_(digital_currency) [https://en.wikipedia.org/wiki/Diem_(digital_currency)]  * Circle's Arc litepaper: https://arcnetwork.xyz/litepaper [https://arcnetwork.xyz/litepaper] * Boom: Bubbles and the End of Stagnation by Byrne Hobart and Tobias Huber: https://press.stripe.com/boom [https://press.stripe.com/boom] This episode is brought to you by Persona.  Persona is the identity verification platform trusted by fintech's fastest-growing teams, from YC-backed startups to publicly traded companies. Build your identity program with enterprise-grade tools, starting at $0 with Persona's Startup Program. Fintech Takes listeners can get a full free year through Persona’s Startup Program at withpersona.com/ftt [http://withpersona.com/ftt] Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ [https://workweek.com/brand/fintech-takes/] And for more exclusive insider content, don’t forget to check out my YouTube page [https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos]. Follow Mike: LinkedIn: https://www.linkedin.com/in/michael-hsu-992257347/ [https://www.linkedin.com/in/michael-hsu-992257347/]   Follow Alex Johnson:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos [https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos] LinkedIn: https://www.linkedin.com/in/alexhjohnson [https://www.linkedin.com/in/alexhjohnson] X: https://www.twitter.com/AlexH_Johnson [https://www.twitter.com/AlexH_Johnson]

Fintech Takes x C&R presents Collections Conversations Episode 7: Collections Without Borders

Welcome back to Collections Conversations, a miniseries from Fintech Takes, sponsored by our friends at C&R Software. The series digs into how generative AI is reshaping debt collections: what it enables, what it complicates, and why it may force the industry to retire the word "collections" altogether. In this episode, I sit down with Chris Smith [https://www.linkedin.com/in/chrisismith/], VP of Product at C&R Software to discuss what goes on in collections around the rest of the world.  I spend almost all my time looking at the U.S. market, and Chris is exactly the right person to tell me what I'm missing. We start with why innovation in collections tends to be powered by friction. Markets without reliable infrastructure had no choice but to go digital fast (the U.S. had no particular urgency). From there, we get into regulation. The U.K.'s Consumer Duty asks banks to prove that every customer interaction produces the right outcome (with data). That mindset goes further than most U.S. lenders would expect. One U.K. bank ran NPS scores across every customer touchpoint, and the highest score came from collections. On AI, Chris compares a U.S. and South African bank he spoke with in the same week, finding radically different appetites for autonomous AI in collections. We close on Chris's slightly controversial prediction: in the most progressive global markets, collections as a category may not exist in five years. This episode is brought to you by C&R Software.  More than just debt collection, C&R sets the global standard for AI-native, humanized credit management. They simplify the complex with end-to-end credit-risk lifecycle support, powered by automated workflows, AI-native intelligence, and real-time, data-driven decisioning. Learn more at https://hubs.ly/Q03Wl1DY0 [https://hubs.ly/Q03Wl1DY0]. Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ [https://workweek.com/brand/fintech-takes/] And for more exclusive insider content, don’t forget to check out my YouTube page [https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos]. Follow Alex:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos [https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos] LinkedIn: https://www.linkedin.com/in/alexhjohnson [https://www.linkedin.com/in/alexhjohnson] Twitter: https://www.twitter.com/AlexH_Johnson [https://www.twitter.com/AlexH_Johnson] Follow Chris: https://www.linkedin.com/in/chrisismith/ [https://www.linkedin.com/in/chrisismith/] Learn more about C&R Software here [https://hubs.ly/Q03Wl1DY0]: https://hubs.ly/Q03Wl1DY0 [https://hubs.ly/Q03Wl1DY0]

Facing Credit: The Credit Score After FICO

Welcome back to the Fintech Takes podcast. I'm Alex Johnson, joined by Rich Franks (a fintech advisor and consultant with 20+ years in credit risk across both the bank and fintech sides), for a new episode of Facing Credit. This one's about credit scoring. And it’s about why the market has changed more in the last year than in the prior 30. The FICO monopoly has cracked. Federal regulators opened the mortgage market to competing scores. Cashflow underwriting arrived with roughly 30% predictive lift over traditional bureau data. Block built a proprietary score from Cash App transaction data, and plans to sell it to third-party lenders. Plus, a new generation of cashflow scoring companies (including Prism, Plaid's LendScore, Nova Credit, Pave, and CloutScore) are all competing in the market for a top spot. Rich and I dig into: * Why even 80% conversion on the bank account linking step still kills a lending funnel, and what it takes to solve friction * Why FICO's cashflow answer had an architectural problem, and why lenders started looking elsewhere * The fair lending risks hidden inside merchant-level transaction data * What makes Block's Cash App Score innovative, and the game theory question it raises if large depositories start thinking the same way Tune in for Rich's take on where the cashflow scoring market consolidates, what the end of FICO's de facto monopoly means for lenders and consumers, and whether AI resolves or accelerates the fragmentation. This episode is brought to you by Persona.  Persona is the identity verification platform trusted by fintech's fastest-growing teams, from YC-backed startups to publicly traded companies. Build your identity program with enterprise-grade tools, starting at $0 with Persona's Startup Program. Fintech Takes listeners can get a full free year through Persona’s Startup Program at withpersona.com/ftt [http://withpersona.com/ftt] Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ [https://workweek.com/brand/fintech-takes/] And for more exclusive insider content, don’t forget to check out my YouTube page [https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos]. Follow Rich: LinkedIn: https://www.linkedin.com/in/richfranks/ [https://www.linkedin.com/in/richfranks/] Follow Alex Johnson:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos [https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos] LinkedIn: https://www.linkedin.com/in/alexhjohnson [https://www.linkedin.com/in/alexhjohnson] X: https://www.twitter.com/AlexH_Johnson [https://www.twitter.com/AlexH_Johnson]