Lucius DiPhillips

The recent Synapse collapse highlighted significant gaps in our financial systems. Access to deposits is the most basic and critical use case for most consumers. The new FDIC rules should prevent a repeat event and should ensure greater transparency (and access to funds) for consumers. With millions still affected, this proposal is a crucial step towards securing fintech-lender partnerships. #fintech #banking #regulation #FDIC #financialsecurity

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How does a global payments company go from outpacing industry growth trends to becoming the center of one of the largest financial scandals in history?    You’ll hear the firsthand account from the two insiders, including the whistleblower who exposed Wirecard's massive fraud while facing intense retaliation, legal threats and personal risks. Register now.

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Larry Pruss that also assumes the BNPL companies report to the bureaus. So, assuming they do, who's to say BNPL doesn't emerge as a negative signal in the scoring algorithms? I'll point to the counterintuitive yet well-known fact that revolving credit utilization around 15% is the peak contributor to a tradeline in FICO-like scores. I can rationalize the actuarial science around this; a zero balance and resultant absence of payments of course is an antipattern that doesn't prove the psychology of the customer. In other words, "does this person forget to click a button or write a check (what's that now?) once a month, irrespective of the amount?" I digress. My point here is: will BNPL emerge as a negative signal if it's correlative with an inability to obtain traditional credit? I'll counterpoint myself here too: will the ubiquity of Apple cause such a land rush of BNPL usage that it washes out any negative signal since it'll see utilization across the spectrum? Of course, there's a huge number of perfectly good banks and credit unions that ought to be lending money to their depositors, if only there were a way to make that interesting again...

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Is mouse movement a good measure of productivity? Checks my notepad I still use daily: no. The world of work is weird and there's always nuance in any situation. That said, companies need better measures for their people than just how much you move your mouse. Outcomes based measures like those recommended by experts like Brian Elliott are a great place to start. #work #workplace #technology

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Celebrating ten years since founding Female Founders Fund, we’re thrilled to announce a major milestone: the full return of Fund I. With notable exits such as Walmart’s acquisition of ELOQUII, Fiserv’s acquisition of BentoBox, and Maven Clinic’s recent $125M growth round, we’re seeing firsthand the power of women-led innovation. Being an early investor in Maven Clinic has shown us the transformative potential of female founders reshaping legacy industries like healthcare. Kate Ryder’s success story in building Maven into a category-defining business has become a beacon of inspiration for other female founders across all sectors. With this milestone, we’re proud to double down on our commitment to the next generation of female founders building tomorrow’s leading companies. As FFF investor Erin Harkless Moore, CFA of Pivotal Ventures put it, 'Female Founders Fund has shown that investing in women isn’t niche—it’s mainstream.' A special thanks to Allie Garfinkle at Fortune for covering our story! https://lnkd.in/ejTw7zWr

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We used to sell our product directly to Fintechs, but we realized that the community banks that sponsored them needed us just as much. Recently, regulators have doubled down on forcing sponsor banks to take accountability for the Fintechs that they partner with. This means getting closer to the data and really understanding what their partners are up to. They need to know when a Fintech has changed their model, their marketing, or even a decision on a scorecard. Moreover, they need to know that their compliance systems are working seamlessly 24/7. That was the inspiration for building our newest offering: The Control Center. Imagine a direct window into everything the fintech does with Socure to manage CIP, sanctions, fraud, etc. Sponsor banks will now be able to see every data element, the reasoning behind every decision, and an auditable trail of all the changes made. The Control Center gives them the ability to say to a regulator “Here’s how that Fintech made this decision according to our approved risk policy.” Sponsor banks: we’ve been powering your Fintechs for a decade, now you can have a direct connection.

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Here are my key takeaways from the second panel at the ”Resilience in the Ever-Changing Environment" conference at Nasdaq in #NY moderated by Kris Pederson who is leading the EY Center for Board Matters, featured industry luminaries like Bhawna Singh, Okta CTO, Mike O'Rourke, Head of Nasdaq AI & Emerging Technology, and Usman Sheikh; Partner & Chair of the Blockchain & FinTech Practice At Baker McKenzie They discussed product differentiation and M&A strategy in relations with emerging technologies such as #GenAI, #QuantumComputing, #Blockchain, #EdgeComputing; shaping the future of business and society, highlighting the importance for boards to be well-versed in such areas and to ask timely questions to ensure management has been considering these topics and making informed decisions. Boards should consider how generative AI can enhance productivity, improve customer experiences, and drive innovation, while ensuring it is used ethically. Boards should help establish ethical guardrails for AI usage, promote transparency, and address potential biases. They should collaborate with stakeholders to ensure AI aligns with societal values and ethical standards. Additionally, risk management around AI should include the following: AI Laws: Boards need to stay informed and proactive about the evolving legal landscape surrounding AI. This includes understanding compliance requirements, anticipating regulatory changes, and engaging with policymakers. Active engagement can help shape policies that balance innovation with ethical considerations. Ethical and Secure AI Deployment: As AI becomes more integral to business operations, ensuring its ethical use and securing AI systems are paramount. Companies should extend security measures to their entire data platform and pipeline and adhere to high standards of ethical AI practices, possibly under the guidance of specially formed committees. AI Innovation in the Wrong Hands: There is a significant risk of AI technology being misused by malicious actors. Boards should implement robust ethical guidelines to ensure their AI innovations are not misappropriated or used unethically. This involves careful vetting of partners and clients, as well as ongoing monitoring of AI deployments to detect and prevent misuse. Attack Protection / AI Security: As AI systems become more integrated into business operations, they become increasingly attractive targets for cyberattacks. Boards must prioritize AI security by investing in advanced security measures and conducting regular audits. This includes safeguarding AI algorithms, ensuring data integrity, and protecting the underlying infrastructure to prevent unauthorized access and attacks. #NasdaqResilience #TechInnovation #BoardGovernance #GenerativeAI #QuantumComputing #Blockchain #EdgeComputing #AIEthics #AIRegulation #BoardLeadership #BoardOversight #BoardResponsibilities #BoardOfDirectors

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