In this episode from the Accrued series, presented by LoanPro, hosts Tedd Huff and Colton Pond sit down with Raktim Mitra, the Chief Lending Officer from Varo Bank. They dive into how AI is changing the game in financial technology, especially in fraud detection and credit services.

Raktim explains how important it is to use different types of data, like transaction data and customer behavior data, to make better credit decisions. He also talks about the role of relationship data in understanding customers and offering personalized services.

The discussion covers the challenges of serving underserved markets. Many Americans have poor credit scores or no credit history, making it hard for them to access banking services. Raktim shares how technology can help provide timely access to credit for these people.

LoanPro - As default rates continue to rise and margins compress in lending, financial organizations are searching for solutions that combine operational efficiency with innovation. Look no further, as LoanPro allows lenders to enhance their origination, servicing, collections, and payments using the foundation of a modern lending core. Check out loanpro.io to learn how 600+ financial organizations have modernized their tech stack with LoanPro.

Avertisment

Personalization and efficiency are key themes in the conversation. Raktim believes financial products must be tailored to meet individual needs, not just when customers sign up but throughout their entire experience. He explains how modern tech can help banks and lenders offer more personalized services, like adjusting payment dates based on customer behavior or offering installment loans for big purchases.

The hosts and Raktim also talk about the importance of following regulations in banking. Compliance with rules like KYC (Know Your Customer) and AML (Anti-Money Laundering) is crucial for safety and customer trust. Raktim points out that doing the right thing for customers often aligns with these rules.

Looking to the future, Raktim sees financial products evolving based on what customers need. He expects more companies to use advanced technology to improve how they serve customers and keep up with market demands. This episode is packed with valuable insights for anyone interested in lending, credit, and how technology is shaping the future of banking.

Tune in to learn more about these exciting topics and hear Raktim's expert advice on staying competitive in the fast-paced world of financial technology.

Remember to subscribe, like, and visit fintechconfidential.com for more episodes that dive into the world of Fintech, Banking, Lending and beyond.

CheckAlt: a game-changer in the financial world: ClearingWorks. Simplify your financial management with a one-stop solution for all your AR needs and with a single login. Intrigued? Visithttps://clearingworks.com to schedule your demo today.

Key Highlights:

• AI Takes Over Banking!

  AI is used in banking today. Learn how it helps with things like credit services and fraud detection. Discover how banks use AI to understand and serve their customers better.

• Unlocking Customer Secrets!

  The power of relationship data. Find out how banks use information from their customers to provide personalized services and make better decisions.

• Cracking the Code of Credit!

  The importance of alternative credit data. See how transaction data, customer behavior, and payroll data help make accurate credit decisions.

• Banks Vs. Bad Credit!

  Many Americans struggle with poor credit scores. They discuss how technology can help these underserved markets get the credit they need.

• The Tech Behind Your Bank!

  Modern tech stacks are changing banking. They explain how these systems help banks launch new products quickly and stay competitive.

• Personalized Banking for All!

  Learn how banks tailor services to meet individual customer needs, from signup to everyday interactions.

• Banking Rules You Need to Know!

  Compliance with banking regulations like KYC and AML is crucial. Raktim discusses how following these rules helps banks maintain safety and trust.

• The Future of Financial Services!

  Predictions on how financial products will change based on customer needs. Find out what he expects for the future of banking and lending.

• Efficient Banking Explained!

  Combining operational efficiency with customer satisfaction. See how banks can provide quick, personalized services without cutting corners.

• How AI Improves Banking!

  Discover how AI helps banks run simulations and analyses. They explain how these tools help banks make better decisions and offer better services.

Under: Transform Your Merchant Applications with Under. The Under platform revolutionizes the way ISOs handle merchant applications, offering a seamless transition to digital forms. Say goodbye to outdated processes and hello to efficiency. Discover the future of financial applications at https://under.io/ftc

Takeaways:

Five essential items that we dive into.

1️⃣ Stop Fraud with AI!

Learn how AI can protect your finances. Discover the latest methods banks use to detect and prevent fraud, ensuring your money stays safe.

2️⃣ Use Payroll Data Smartly!

Understand how payroll data can help you get better loan offers. See how providing accurate payroll information can improve your credit options.

3️⃣ Get Loans Fast!

Find out how modern technology speeds up loan approvals. Learn the steps banks take to quickly process and approve your loan applications.

4️⃣ Understand Your Spending!

See how banks use your spending habits to offer better services. Discover how your day-to-day transactions can help tailor financial products to your needs.

5️⃣ Balance Efficiency and Safety!

Learn why banks need to be both fast and secure. Find out how financial institutions manage to stay efficient while following important safety regulations.

Links:

Raktim Mitra

Raktim’s LinkedIn Profile: https://www.linkedin.com/in/raktim-mitra-125a34116

Fintech Confidential

YouTube: https://fintechconfidential.com/watch

Podcast: https://fintechconfidential.com/listen

Notifications: https://fintechconfidential.com/access

LinkedIn: https://www.linkedin.com/company/fintechconfidential

Twitter: https://twitter.com/FTconfidential

Instagram: https://www.instagram.com/fintechconfidential

Facebook: https://www.facebook.com/fintechconfidential

HAWK:AI - HAWK:AI's game-changing approach to compliance. With real-time monitoring, adaptive learning, and advanced AI, it cuts false positives, simplifying your compliance efforts. Upgrade your surveillance with ease. Visit gethawkai.com for more intelligent, more effective compliance.

Time Stamps:

00:21 AI and FinTech: Current Use Cases

00:54 The Importance of Alternative Data in Lending

01:46 Compliance and Customer Experience in Banking

04:07 Introduction to Raktim Mitra and His Role at Varo Bank

06:54 Trends and Innovations in the Lending Market

09:50 Addressing Underserved Markets

14:52 The Role of Alternative Credit Data

21:34 Modern Tech Stacks and Personalization

25:20 The Future of AI in Financial Services

29:01 Harnessing AI for Scenario Analysis

30:04 AI in Customer Flexibility and Automation

31:24 Proactive Customer Service with AI

32:33 Personalization in Financial Services

37:11 The Future of Credit and Lending

43:25 Navigating Regulatory Challenges

51:08 Looking Ahead: The Future of Lending

58:00 Closing Thoughts and Final Remarks

This is a Production of Diamond D3, Media

What if you could ensure data privacy, governance, and compliance with just a few API calls? What if you could worry less about PCI requirements while improving privacy and security? How much more time would your team have to innovate truly?

Your days of choosing between data security and data usability are over. Whether you're just concerned with PCI compliance or need to go further to include CCPA, GDPR, SOC2, and beyond, Sky Flow has you covered. What if you could build fast but not break privacy? With SkyFlow, you can. Visit SkyFlowSecure.com today to learn how.

About the Guest:

Raktim Mitra: Raktim Mitra is a seasoned financial executive with over 15 years of experience in fintech and banking. As Chief Lending Officer at Varo Bank since 2022, he has played a key role in expanding the company’s lending business. His leadership in lending operations, credit risk strategy, and financial innovation spans prominent institutions like Carvana, and Goldman Sachs, where he led the decision science team for Apple Card.

Mitra’s career also includes roles at Lending Club, managing credit risk for small business and personal loans, and Discover Financial Services, leading a team handling credit lines for over 25 million cardmembers. Throughout his career, he has used data and technology to drive business growth while focusing on risk management and customer experience, earning him respect in the financial services industry.

About the Hosts:

Tedd Huff is the Co-Founder of Voalyre and the President & Founder of Diamond D3, a consultancy renowned for its expertise in global payments and marketing. With over two decades of experience in FinTech, Huff has played a pivotal role in shaping the industry through his contributions to various startups and established companies, focusing on growth, innovation, process improvements, and enhancing user experience in 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.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

Other Episodes you may like

Why we moved to Beehiiv

The Newsletter Platform Built for Growth

When we started the newsletter, there were SO many choices. But hasn’t been a publishing tool built to help us grow our publications as quickly and sustainably as possible, until now!

beehiiv was founded by some of the earliest employees of the Morning Brew, and they know what it takes to grow a newsletter from zero to millions.

It is an all-in-one publishing suite that comes with built-in growth tools, customization, and best-in-class analytics that actually move the needle - all in an easy-to-use interface.

We are excited to engage with you through — responsive audience polls (findout what you want to hear about most), custom referral programs( get rewarded for referring peple to the Fintech Confidential newsletter) , SEO-optimized webpages (makes it easy to find the content you are looking for) , and so much more.

If you have or are considering to starting a newsletter, there’s no better place to get started and no better time than now.

Try beehiiv absolutely free with no credit card required.