Matthew Tomaszewicz

Nice quick video by 11:FS on the challenges and opportunities facing credit unions. The ground credit unions occupy on the banking battlefield is under attack. With big banks approaching on one side and digital challengers on the other, the time for credit unions to act is now. Watch this: https://lnkd.in/eMEWVf8D At Backbase, we believe that credit unions have a very important role to play and can act from an area of strength with the trust they have from the local communities they serve and the members they have. By playing to these strengths, their purpose, tailored to their segments and enhanced with the right balance between human and digital - they can be highly successful. if you want to understand more, please see how we help Navy Federal Credit Union (the largest Credit Union in the world) achieve just this here: https://lnkd.in/etakqgnm

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I had to chuckle about the comment in today's Fortune Term Sheet from a VC saying platform teams are BS. With Chatham House rules, we don't know the context behind the hot take, but my guess is whomever said it is secretly jealous they can't offer these kinds of services to their investments. Maybe that's why you believe the "most valuable support is often simply having access to the partners." Entrepreneurs, if you're not going to have access to the partners at a firm, don't take the money. Since capital is still relatively accessible, find a VC that is going to give you their time and money. Some of a VC's time may come from a broader team of experts they've hired to help you out. These platform / value-add services are not a replacement for doing the work yourself, but I don't know any entrepreneurs who would turn down the offer of more hands to help out, or guidance from operator who has "been there, done that." Would love to hear from founders and portfolio companies if you think platform services from your VCs are worthless. https://lnkd.in/gepWTQ2m

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Catching up on a busy week of fintech news: 1.) Footprint raises a Series A. The combination of identity verification and vaulting/authentication is hard to sell but highly differentiated. 2.) Walmart breaks up with Capital One. The problem with classic co-brand credit card partnerships is the incentive to push cards on every customer, whether or not they are the right fit. Walmart now has an opportunity to take a more tailored approach. 3.) Frich raises a seed round. Social media is wrecking the relationship between money and happiness. Can anonymous financial benchmarking help fix it? https://lnkd.in/gqh9m4y4

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"Some Credit Unions are a generation away from being obsolete." Woah, ... that was a surprising statement. Thanks to our good friend Mark Chandler, we got to spend a wonderful night on the water in San Diego as part of the Origence's LendingTech conference. Tom Orman was sharing his thoughts on Credit Union and FinTech partnerships. Tom explained that over 25+ years in the Credit Union space, things have accelerated to change rapidly, especially post-Covid. For an outsider to the Credit Union industry like me, it's easy to assume that all Credit Unions are the same. That's far from true as I've learned over the last 4+ years: There is a wide spectrum of Credit Unions: super innovative ones and then others who prefer doing things "the way they've always done it." A lot of what Tom said was in line with our observations summarized in the attached thought leadership piece. Key Points from Tom and my conversation that align with what we've learned about the industry: 🚀 Innovation Spectrum: Credit Unions range from highly innovative to those sticking to traditional methods. 📉 Digital Transformation Needs: Credit Unions must embrace digital transformation to stay relevant and competitive. 🔄 Change Management: Successful change requires top-down support and a willingness to break away from the "we've always done it this way" mentality. 📱 Member Experience: Enhancing digital onboarding and creating a seamless omnichannel experience is crucial. 🏦 Financial Health: Effective digital strategies can significantly reduce loan origination and member acquisition costs. 📈 Growth Goals: Ambitious Credit Unions with strong growth goals are more likely to embrace and benefit from technology. 🌟 Cross-Selling Opportunities: Credit Unions should leverage technology to cross-sell products and deepen member relationships. 🌍 Industry Challenges: Credit Unions face unique challenges, such as maintaining member loyalty in a digital age dominated by direct-to-consumer FinTech innovations. If I missed something, please leave a comment or ping me. Ending the week with a lot of gratitude for everything the Credit Union has given us and enthusiastic, excited and motivated to give back tenfold! None of what Clutch is doing would be possible without generous folks like Tom Orman, who share their insights and guide us through how to prioritize our technology efforts. Thank you, Tom, and everyone else who contributes to this ongoing journey of transforming the Credit Union industry. If you want to read on, take a look at the following Whitepaper: https://lnkd.in/d7NSjr2t

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🚀 **Transforming Borrower Experiences with Cutting-Edge Tech!** 🚀 🌟 Ready to discover how technology is revolutionizing the mortgage industry while keeping that personal touch? 🤝💻 Check out this fantastic article from HousingWire on how innovative tech is enhancing the borrower experience! 🔍🏡 **Key Takeaways:** 1️⃣ **Seamless Integration:** Advanced technology is streamlining processes, making home buying faster and more efficient. ⏱️🏡 2️⃣ **Personalized Touch:** Despite the digital transformation, borrowers still value human interaction and personalized guidance. 💬👥 3️⃣ **Enhanced Decision-Making:** Tech tools provide better data and insights, empowering borrowers to make informed decisions. 📊🔍 Don't miss out on how you can leverage these insights to stay ahead in the game! 🏆✨ 🔗 [Read the full article here!](https://lnkd.in/ejwyMNNb) #MortgageIndustry #TechInnovation #HomeBuying #DigitalTransformation #CustomerExperience #Fintech #RealEstate #HomeLoans #BorrowerExperience #PropTech #MortgageTech #HousingMarket #FutureOfFinance #CustomerSatisfaction #SmartHomeBuying #InnovationInFinance #TechTrends #HousingWire #RealEstateTech #HomebuyerTips 👍 Like | 🔄 Share | 💬 Comment

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🤔 ❓ What is larger in the US? Credit card debt or home equity? 🏡 Home equity is by far larger, 30x! 💰 📈 The largest source of wealth in America is homeownership. HELOCs are blowing up right now. A few quick stats... - Home equity is at record highs, $30 Trillion - Homeowners sit on an average of $193K in available equity per household - Homeowners tend to get a new loan every 7-10 years 4 of 5 homeowners will get their HELOC from someone other than their original lender. ⚔ The great home equity battle is on! I hope you're well equipped for the fight.

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🔍 Gen AI and Mortgage Lending: All Hype or All Real? 🔍 🚀 Exciting times in the mortgage industry! Discover how Gen AI is revolutionizing mortgage lending with Francesco Paola from Mozaiq AI. 🚀 💡 Top Takeaways: 1️⃣ Efficiency Boost: Gen AI streamlines mortgage processes, reducing time and costs. ⏱️💰 2️⃣ Enhanced Accuracy: AI-driven insights ensure precise decision-making, minimizing errors. 📊✅ 3️⃣ Customer Experience: Improved interactions and faster approvals lead to happier clients. 😊🏡 🔗 Read More: Gen AI and Mortgage Lending https://lnkd.in/em-m7AV5 📢 Join the conversation! Follow my page for more insights and updates in the world of mortgage and technology! #MortgageLending #GenAI #AIRevolution #TechInnovation #FutureOfFinance #MortgageTech #AIinFinance #DigitalTransformation #Fintech #MachineLearning #HomeLoans #MortgageExperts #Innovation #CustomerExperience #BusinessGrowth #Efficiency #Accuracy #HappyClients #AITrends #TechSavvy #LoanProcessing

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Back from Vegas... it's a great place to visit and great place to leave! 3 observations out of the CU Leadership Convention : 1 🚀 - Business Lending is being discussed at the board level. Board chairpeople - of large and small CUs - wanted to talk business lending with us. SBA lending was mentioned many times. 2 🙈 - CUs are unaware of how niche online lenders like OnDeck, AmEx/Kabbage, Kapitus, Lendio, are affecting their business members. Many were shocked to hear that their rates start at nearly 30%. 3 ⚡ - You can always learn a new leadership lesson. Enjoyed hearing Jackie Joyner-Kersee talk about her journey and perseverance, Stephen M. R. Covey about leadership (loved put service before self-interest), and even a magician (Nash Fung) talk about finding your purpose with your profession. As a remote worked, it's always great to get to know your co-workers better! Look forward to following up with many new friends I met! Lenders Cooperative Loughlin Cleary #creditunions #businesslending #SBALending #loanorigination #LSP

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Ever wondered where the perfect balance between tranquility and innovation lies? For me, it’s Seattle. Unlike the Bay, Seattle has a more serene environment that’s perfect for focusing on building products and businesses. The city’s vibe encourages deep work and creative thinking, free from the overwhelming hustle. But let’s be honest, Seattle’s founder and investor communities aren’t as vibrant as those in SF. Yet, this city holds a special place in my heart – a blend of my love for startups and the charm of Seattle. I believe in Seattle’s potential and I’m on a mission to help ignite its startup community. From connecting with fellow founders to engaging investors, let’s come together to build something extraordinary here. Seattle has all the ingredients to be a startup hub – talent, innovation, and a supportive ecosystem. What it needs is a spark. Let’s be that spark.

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I have to say that I like the direction Valor PayTech is taking with their Android line. Check out my unboxing of the VP500 to get a closer look. #bryteuniversity #payments #valor #teambryte

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Alloy has officially entered the chat. 👏 Bloomberg reported this morning on the rise of #embedded #finance and how more banks are looking to offer these programs to their fintech partners to grow revenue and provide a better customer experience. But with these programs comes greater complexity and compliance challenges. Enter Alloy. https://lnkd.in/e5MJTEgk For more on how sponsor banks are evaluating their embedded finance programs, the risks and the rewards, check out the Bloomberg article and our full report on the State of Embedded Finance that just dropped today 👇 I am so proud of the entire Alloy Team for their dedication to helping our clients reduce fraud, ensure compliance and grow with confidence. Especially proud of our amazing Marketing Team for their hard work, with special shoutouts to Kelly Mayes, Kylee Sibilia, KJ McAlpin, Leah Wolff, Esther Zhan, and Jennifer Chew. Extremely grateful to work with each and every one of you. And we’re just getting started! #fintech #embeddedfinance #marketing

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Hey Product fans! 👋 This week’s 🌮 Product Tapas is served. What’s on the menu today? 🧑‍🍳 📰 Not Boring - Buckle up for another packed week of news. Zoom's CEO has a vision for clones in meetings, and we're on the cusp of Apple's WWDC event with iOS 18 updates and potential OpenAI deals. Spotify is shaking things up with a new UK music-only subscription tier, and AI continues to dominate with Nvidia and AMD integrating AI features into gaming laptops. Plus, Google’s NotebookLM expands globally, and Coda introduces an enterprise AI platform. From Instagram's unskippable ads to Discord's gaming refocus, and Perplexity and ElevenLabs launching exciting new tools, there’s plenty more too. ⌚️ Time-Saving Tools & GPTs - Are GPTs dead? Maybe not, but let us know if you find any standouts as it feels like things have dried up a bit here. Meanwhile, explore our curated tools this week: Hanabi for REST APIs, buglab for bug detection, Airnotes for smarter note-taking, Layerpath for product demos, timeOS for productivity, Formshare for AI forms, and Exante for contract management. 🍔 Blog Bites - Essential reads for product teams this week include a case study on Canva’s use of scarcity and identity biases for hype-building, Peter Ramsay's UX insights, and Kelley Gordon’s breakdown of design systems vs. style guides. Plus, check out Atlassian's 25 AI prompts to make product managers' lives easier, covering everything from customer feedback analysis to predictive forecasting. 🎙️ Pod Shots - Still on the Canva theme we cover the latest Lenny’s Podcast episode featuring Cameron Adams, their co-founder and CPO. Learn about Canva's unique culture, product management strategies, and growth tactics. Discover how Canva grew larger than Figma, Miro, and Webflow combined, achieving $2.3 billion in ARR and maintaining profitability for seven years 💥. Get the full lowdown and sign up for the weekly newsletter here 👉 https://lnkd.in/eQkJGdqG

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Always great to hear #FIs using our product and helping us on an incredible journey! How are you reducing the friction in your lending processes for BOTH your borrowers and back office/underwriting team? #loanorigination #LOS #banks #communitybanks #creditunions

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The wait is finally over! you can manage private mortgages in RealtiWeb!! Call us for a quick demo so we can show you how simple it is to manage private mortgages. No extra cost!!! Another added feature provided by LDD!!!

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Costco has everything .. and now with a side of ads. Now the question is .. which will cost more - the Costco hotdog or a CPM? Costco is building out an ad network built on its trove of loyalty membership data, using its 10 million Canadian household members’ shopping habits and past purchases to power targeted advertising on and off its website. The wholesale retailer is still testing such capabilities, and it’s fielding offers from potential ad-tech vendors, but the move signals that the third-largest retailer in the could become a formidable player in the already deeply fragmented retail media space. With Canadian retail media players like Triangle Media, Advance/Loblaw, Best Buy Ads, and Walmart Connect already established in the ad-tech mall… media buyers and advertisers will be busy shoppers in 2024. https://lnkd.in/gmPXgHcV

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Quick true story. My first experience being breached was While working at mortgage fintech giant loanDepot. Our systems, including payment systems, were down for two weeks!! UNACCEPTABLE AND AVOIDABLE! My now partner has been constantly telling me that loanDepot would have been back up and running that very same day or the next. I brushed it off, as in my mind I’m thinking, how do you think you’re going to be able to do something this fintech giant hasn’t already implemented. After a deep dive into the advanced cybersecurity systems my partner was referencing, I was in disbelief to what I discovered. Sure enough, with CyberUSA, loanDepot would have had full business continuity, 0 day down time, ransom coverage with an assigned negotiator and more… just WOW! 😯 Not to mention the hundreds of thousands they’d save by rearranging their entire cybersecurity infrastructure with the click of a button. Unreal. So my question to loanDepot , and all my colleagues who are bussines owners is…. Are you guys ready for a data breach? If you hesitated on your response, send me a message to book a demo and find out how you can assure yourselves a data breach won’t disable your company like it did LoanDepot, Mr. Cooper and many other mortgage companies alike. Ever. #cyberusa #cybersecurity #cyberfit

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We’re fortunate to be signing deals with bank partners that appreciate our business model and sensitivity to risk while a lot of other people are getting turned down. Given what happened with Synapse / Evolve -- I’d really be surprised, for example, to find a sponsor bank that will partner with a new consumer banking app. With the compliance risk in consumer it’s just not going to happen. Dots (YC S21) is an enterprise embedded payouts tool, meaning the fraud and AML risk we’re exposed to is extremely low – our direct customers are commercial. We rigorously KYB each of them, and they control the outbound flow of funds from their Dots operating account. End customers have been KYC’d or KYB’d both by us and the receiving financial institution or app. Lots of controls in place. The pitch Dots makes to potential partners’ compliance teams, in a nutshell: - There’s a clear value to embedded payouts for both enterprise and end customers that’s easy to understand - There’s a shared incentive for robust risk and compliance practices and, following that, more customers and higher payout volume - Funds are safe and it’s easy for us to stay compliant because the risk of payout fraud is low, especially with commercial clients. - Payouts where both parties are known are just lower risk than payments because we KYC and KYB both ends #fintech #compliance

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