How Fintech is Transforming Banking
November 06, 2019
Keynote Presentation by Julie Stackhouse
In this video, Julie Stackhouse explores how technological innovations and fintech firms are reshaping banking, creating new opportunities, and posing new challenges. Stackhouse, retiring executive vice president and officer in charge of supervision at the St. Louis Fed, looks at:
- How new payment options made possible by financial technology are changing the way we handle transactions with friends, family and businesses.
- How technology is changing small-business lending.
- Ways in which artificial intelligence widens access to credit and enhances personalization of financial services.
- (13:07) - Why two companies created new credit and payment options: Even Responsible Finance Inc. came up with a new way for employees to get paycheck advances and Square created one for retailers to accept payments.
- (18:49) - At the heart of changes in financial services offerings is computing power, including cloud computing, data aggregation and artificial intelligence.
- (26:00) - To assess creditworthiness, fintech lenders have used “nontraditional” data—such as borrowers’ social media activity, education level and type of cell phone owned. Is the lending fair?
- (33:33) - Digital wallets: Who’s using and accepting payments from them, and how secure digital wallet payments are.
This popular lecture series addresses key issues and provides the opportunity to ask questions of Fed experts. Views expressed are not necessarily those of the St. Louis Fed or Federal Reserve System.
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