How Fintech Can Revolutionize Your Personal Finances

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 platform, MyVest empowers firms and advisors to deliver personalized portfolios at scale. The company’s services automate portfolio management, including model management, tax-aware rebalancing, and trade order management, plus has services like operations and reporting. 

Because its customers range from traditional advisor-driven firms to newer tech-driven startups, MyVest's offerings cover a broader demographic than other fintechs, according to Honikman.

“Some of our customers are more geared towards the affluent and HNW customer while many fintechs cater to millennials, so there's a bit of a difference in capabilities there," Honikman said.

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.

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