Sandeep Sachdeva

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Can This Budget Create Jobs? | PB Fintech President Rajiv Gupta on Budget 2024 | NewsX: | PB Fintech President Rajiv Gupta on Budget 2024 | NewsX. 1.5K views · 6 hours ago #budget2024 #unionbudget #budget ...more. NewsX Live. 1.09M.

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Came across this interesting view on cutimes.com - 2025 Predictions for Credit Union Technology as per the FinTech Experts: 1. Data Strategy Finalization: Prioritizing strong data frameworks to offer personalized financial resources and build strategic priorities. 2. AI Utilization: Shifting AI from hype to actionable tactics for enhancing member service and boosting efficiencies. 3. Fintech Partnerships: Deepening collaborations with fintech providers for seamless integration and innovation. 4. Omnichannel Experiences: Ensuring seamless transitions between digital and in-branch experiences. 5. Cybersecurity: Strengthening defenses with advanced threat detection and secure identity verification processes. 6. Inclusivity and Accessibility: Continuing to break barriers for underserved members and diverse communities. #creditunions what's your topmost priority for 2025? #data #analytics #ai #quinte Quinte Financial Technologies Source - https://lnkd.in/gH-ehf-P

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Key Takeaways from CNBC's Article on Yotta and Synapse A troubling situation has emerged in the fintech world. Here are my key takeaways from the CNBC article on Yotta and Synapse: 1. Transparency & Oversight Issues: The Synapse bankruptcy has frozen 85,000 Yotta customer accounts containing $112 million. This highlights the risks when fintech startups partner with banks without adequate transparency and oversight. Customers are left unable to access their funds for paychecks, bills, and emergencies, causing significant harm. 2. Risks in Banking-as-a-Service: The "banking as a service" middleware model, while enabling fintech startups to launch quickly, carries hidden risks. Disputes between fintechs and partner banks can lead to fund access issues, posing operational, compliance, strategic, and reputational risks. 3. Increased Regulatory Scrutiny: Regulators will increase their scrutiny and may prompt further reviews of how fintechs and banks track and secure customer funds, establish capital and liquidity requirements for fintechs, and clarify lines of responsibility if partner relationships break down. With the appointment of former FDIC Chair Jelena McWilliams as trustee over Synapse’s bankruptcy, there is hope for a solution and the release of funds to customers. Here are some thoughts about risk mitigation for financial institutions to consider:  1. Robust Fund Tracking Systems: Implement systems to track customer funds and regularly reconcile ledgers between partners. 2. Regulatory Compliance and Risk Assessments: Understand and adhere to regulatory guidelines with regular audits and assessments to identify and address gaps. 3. Contingency Plans: Develop contingency plans for partner disputes, technical failures, or regulatory changes to mitigate risks and ensure customer well-being. What is your exit strategy, and how will it impact customers/consumers in the event of disputes or failures? No system is entirely risk-free, but proactive measures can significantly reduce the impact of crises. #Ncontracts #Fintech #Banking #Regulation #ConsumerProtection #bankingasaservice #BAAS

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There has been a tremendous amount of news on Bilt Rewards partnership with Wells Fargo. Here is my take: Credit card issuance is an extremely competitive game, when Bilt went to market to seek a banking relationship, some banks leaned in and others leaned out. Wells Fargo leaned in because the opportunity is tremendous and with the appropriate calculation around mortgage conversion, plus % spent on rent vs. other, the partnership could be massive. There are many comparables of co-branded credit cards being hugely successful, so this structure/deal was not completely out of the ordinary. Bilt executed amazingly well and reached 1+ million customers in 18 months. GTM is always challenging, no matter what. Wells Fargo is now losing $10M+ a month and the partnership will end in 2029. The Bilt team is not stupid. They realize the partnership was unfairly struck and will need to figure out how to provide incremental value to Wells Fargo and/or another bank. Prediction: Their customer base will continue to scale and as it does, they will help Wells Fargo cross-sell additional services. Bilt will easily hit 5+ million rent-paying customers, of which a large percentage of them will purchase a home. This “mortgage pipeline” is extremely valuable and needs additional time to play-out. It will certainly become an attractive way for banks to originate mortgages. However, it will be very challenging to drive an increase of spend on the Bilt card within other areas of spend. Is the mortgage origination business sufficient for Bilt to grow into their valuation? What else is needed from their business model to be successful? It’ll be super interesting to follow closely, now that the cat is out of the hat!

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Steve Hardgrave, originally from Southern California, has dedicated 13 years to improving affordable education in India through Varthana Finance, a Bengaluru-based #NBFC. #VarthanaFinance provides loans to small private #schools that lack existing banking relationships. These funds help schools expand classrooms, upgrade labs, and buy school buses. 🏫 Varthana collaborates with 2,000+ small private schools across 17 states, supporting them with #loans for essential infrastructure and expansion projects It has a portfolio of 11,000 schools in 14 states, primarily serving children from low-income families. The average loan size is Rs 35 lakh, with some as high as Rs 10 crore. by Sayan Sen 🔗 Read more on the link in our comments section 👇

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In light of recent trends showing a steady decline in debit card transactions while credit card usage remains robust, a critical question arises: Are debit cards becoming obsolete? As digital payments rapidly evolve, consumers increasingly gravitate toward UPI and credit options for convenience, rewards, and flexibility. Why might debit cards be less relevant by 2030? • UPI’s Reach and Innovation: UPI offers real-time, cost-effective transactions with growing security layers. With features like credit-on-UPI and the introduction of UPI Lite for micropayments, the need for traditional debit card transactions seems to lessen. • Credit Card Advantages: Credit cards provide reward programs, cashback, and EMI options, making them a preferred choice for consumers aiming to maximize benefits on spending. Should banks focus on UPI innovation over debit cards? In a world leaning toward UPI and digital credit solutions, there’s a huge opportunity for banks to channel resources toward creating next-gen UPI products. Imagine a future where consumers can seamlessly access micro-credit via UPI, use virtual cards for enhanced security, or manage instant P2P transactions without the friction of PINs. By 2030, we might see debit cards as a thing of the past, with UPI and credit solutions paving the way forward. https://lnkd.in/gbMuUaQ7

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For those of us waiting for the release of 1033, it appears we have some insight over what will be included. While the Consumer Financial Protection Bureau (CFPB) plans to release its final open banking rule today, details were provided in advance to American Banker. Here's a summary: The CFPB is releasing its final open banking rule, expanding its scope to include payment apps and other financial products. The rule, named after Section 1033 of Dodd-Frank, requires banks to safely share financial data on various accounts and products, including Apple Pay, Google Pay, PayPal, Zelle, and Venmo. It aims to increase competition, enhance consumer choice, and establish strong data security and privacy standards. Key aspects of the rule include prohibiting data harvesting, allowing some secondary uses of consumer-authorized data, and extending the compliance period for large banks to April 1, 2026. The CFPB emphasizes that consumers have the right to know what data is collected, where it's stored, with whom it's shared, and to revoke access at any time. The rule is expected to encourage the adoption of secure APIs and potentially reshape how consumers use their personal financial data. My thoughts: This final open banking rule will likely significantly impact banks by requiring them to safely share a broader range of financial data, including payment app information, with third parties. While this may increase competition and consumer choice, it also presents challenges for banks in terms of data security, potential liability for third-party breaches, and the need to implement costly oversight measures for Fintech companies accessing consumer data. If banks are to stay ahead of the curve, banks should focus on partnering with those Fintechs that have robust API infrastructures while enhancing their data security measures. Additionally, banks could consider partnering with Fintech companies to create innovative products and services that leverage open banking capabilities, potentially turning this regulatory challenge into a competitive advantage. #banking #1033 #CFPB #bankingindustry #payments #creditunions #fintech #financialistitutions

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I recently participated in an interesting panel discussion at Pay360 around the right level of friction in payments. I have shared my thoughts in this short article below about how Mastercard is leveraging data and the latest technology across AI and biometrics to reduce friction in transactions. #Mastercard #pay360 #payments

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Do you know about the positive impact on Credit Unions due to past economic trends? Listen to Kirk Kordeleski by simply completing the form to watch the full interview : [Link to the interview in the comment]. #creditunions Rajesh Patil #transformation

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🌟 During a recent Finextra TV interview, Narendra Mistry, CPTO for Universal Banking at Finastra, highlighted the need for banks to swiftly adapt to evolving technology and customer expectations. 🔎 He emphasized the importance of efficient core banking systems that foster innovation at scale and pace, while also navigating AI and data with a strategic focus on mindset and business services. Although lean systems, such as those used by neo and digital-only banks, are beneficial, long-term growth necessitates a clear vision, a robust organizational culture, and a wide range of capabilities. For established banks with existing infrastructures, symbiosis – deploying next-gen solutions alongside current ones – can facilitate the delivery of exceptional experiences, competitive advantage, and smooth transitions when needed. Watch the full interview here: FinextraTV: https://okt.to/wIf9hS

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🌟 During a recent Finextra TV interview, Narendra Mistry, CPTO for Universal Banking at Finastra, highlighted the need for banks to swiftly adapt to evolving technology and customer expectations. 🔎 He emphasized the importance of efficient core banking systems that foster innovation at scale and pace, while also navigating AI and data with a strategic focus on mindset and business services. Although lean systems, such as those used by neo and digital-only banks, are beneficial, long-term growth necessitates a clear vision, a robust organizational culture, and a wide range of capabilities. For established banks with existing infrastructures, symbiosis – deploying next-gen solutions alongside current ones – can facilitate the delivery of exceptional experiences, competitive advantage, and smooth transitions when needed. Watch the full interview here: https://okt.to/2gdBmj

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📢 I'm excited to share an inspiring episode of our Banking on Innovation podcast!🎙️FIS CTO Firdaus Bhathena joins Personetics' Jody Bhagat to discuss the transformation of banking; from facilitating simple transactions to becoming an integral part of customers' everyday lives. 👉 "It's not just developing the insight, but also how you then make it actionable so you know, at the moment, giving people the ability to act on it in a way that relates most to them." 📲 Please tune in to hear Firdaus share his forward-looking vision for the future of banking in this exclusive conversation with Jody.   Discover how FIS and Personetics are partnering to democratize financial guidance for all. For the podcast: https://lnkd.in/dwygxYux For a recap article: https://lnkd.in/dc4c5nAu #partnership #podcast #ai #artficificalintelligence #personalization #digitalbanking #mobilebanking #FIS #customerengagement

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📢 I'm excited to share an inspiring episode of our Banking on Innovation podcast!🎙️FIS CTO Firdaus Bhathena joins Personetics' Jody Bhagat to discuss the transformation of banking; from facilitating simple transactions to becoming an integral part of customers' everyday lives. 👉 "It's not just developing the insight, but also how you then make it actionable so you know, at the moment, giving people the ability to act on it in a way that relates most to them." 📲 Please tune in to hear Firdaus share his forward-looking vision for the future of banking in this exclusive conversation with Jody. Discover how FIS and Personetics are partnering to democratize financial guidance for all. For the podcast: https://lnkd.in/dwygxYux For a recap article: https://lnkd.in/dc4c5nAu #partnership #podcast #ai #artficificalintelligence #personalization #digitalbanking #mobilebanking #FIS #customerengagement

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I recently came across an insightful article in The Financial Brand that highlights some of the most innovative features in mobile banking today. I was particularly proud to see our very own Sonali Divilek, Head of Digital at Chase, being quoted on the incredible work we’re doing to push the boundaries of digital banking. Sonali shared some key insights that truly resonate with our mission: Customer-Centric Innovation: “Customers tell us they want to do much more than just transact in the app, and we are working to add insights and tools that help them make the most of their money and make their dreams possible.” This customer-first approach is at the heart of everything we do, ensuring our innovations are always aligned with user needs. Expanding Beyond Transactions: “We are making it easier to do more with Chase and across the products we offer, from booking travel and redeeming points to engaging with offers from merchants they love.” Our goal is to provide a holistic financial experience that goes beyond basic transactions, helping our customers manage their finances more effectively. Value of Personalized Financial Tools: Customers wanted more purposeful and actionable information around how to improve their credit scores. We took that feedback to improve the Chase Credit Journey® tool with the score improvement feature. Users set a score goal and receive a personalized improvement plan, provided by ExperianTM, with steps they can take to help improve their score. These insights highlight the importance of innovation, customer feedback and personalization in our digital strategy. By continuously evolving and enhancing our digital offerings, we aim to provide exceptional banking experiences that truly make a difference in our customers' lives. Kudos to Sonali and the entire team for their relentless dedication to pushing the envelope and setting new standards in digital banking! #DigitalBanking #DigitalTechnology

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Looking to elevate workflow efficiency? Shastic's AI-Workflow-Automation platform is what your credit union needs to revolutionize operational efficiency and member engagement. Why Choose Shastic? -Streamline Processes: Automate to save time and minimize errors to focus on high-value tasks. -Enhanced Member Experience: Deliver personalized, digital-first services that exceed member expectations. -Drive Efficiency and Growth: Leverage predictive analytics for data-driven decisions, enhancing your competitive edge. -Seamless Integration: Effortlessly connects to your existing systems in minutes with minimal IT lift. 🔍 Transformative Impact From loan processing to member services, witness a tangible improvement in productivity, satisfaction, and ROI. Join the leaders who are already redefining the credit union industry with Shastic. 🌐 Schedule Your Demo Today Don't just keep pace with technology—lead the charge. Request your Shastic demo today and take the first step toward a smarter, more responsive, and member-focused future. https://hubs.ly/Q02Py-7B0 #AI #workflowautomation #efficiency #automation #creditunion #banking #workflow

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