MoneyLion CEO Dee Choubey, MyVest CEO Anton Honikman and Finicity's Vice President of Strategic Programs Lisa Kimball discussed how their companies fit into the transformation of personal finance Wednesday at the 2018 Benzinga Fintech Summit.

MoneyLion

MoneyLion provides loans of up $50,000 to 3.5 million members, Choubey said. This allows for the unique opportunity to learn about characteristics and behaviors of the 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.”

MyVest

As an enterprise wealth management product, MyVest powers personal capital investment profiles through assorted services and software. The company’s services includes trade and position reconciliation, corporate action processing and performance reporting on a specified platform and portfolio management suite.

Due to its involvement in personal capital, MyVest’s offerings represent a demographic disconnect in certain fintech spaces, Honikman said.

“Personal capital is more geared toward the affluent customer, and fintech in general is catered largely to millennials and there's a bit of a mismatch there."

Finicity

Finicity is using fintech to improve and simplify the process of obtaining and utilizing credit.

Finicity has developed more than 16,000 integrations with financial institutions to produce reports from up to 24 months of checking and savings account transaction records. These reports provide new insights into a person's creditworthiness on the basis of their financial behavior, according to Finicity.

“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.






View the article on Benzinga here.