Evolution of Fintech
During the 20th century, this industry served financial companies to help them operate more efficiently
What is the technology industry?
This P2P payment app was essentially the first nationally known fintech company
What is Venmo?
Without Plaid’s Auth product, it can take this long to connect a bank account for payments
What is 2-3 days?
These are small sums of money that are transferred online, from one financial account to another to verify an account for ACH. This typically results in massive user drop-off rates and is something Plaid helps eliminate.
What are micro deposits?
By expanding this type of ecosystem, Plaid is able to provide more choices for consumers to better manage their financial lives and make money management easier.
What is the financial ecosystem?
During this year, NASDAQ invented the IPO and electronic trading systems
What was 1971?
This budgeting tool introduced the public to the concept of Personal Financial Management
What is Mint?
Plaid’s belief is that financial data is owned by the ______
Consumer
Plaid’s Balance product helps reduce these types of fees, which occur when money is withdrawn from a bank account and the available balance goes below zero.
What are overdraft fees?
These are two examples of how Plaid enables consumers to have control over what financial data is shared and with whom it’s shared with
What is the Plaid Portal at my.plaid.com and the Account Selection feature in Link?
These companies are often associated with being ____ to traditional retail banking
What are challengers?
This outdated money transferring system allowed consumers to transfer money between banks without the need for a paper check and goes by the initials ACH
What is the automated clearing house?
In 2018, Plaid signed its first data access agreement with this major bank, paving the way for cooperation with the banks
What is Chase Bank?
This act occurs when a person types inaccurately by striking two keys at the same time with one finger.
What is fat-fingering?
This Plaid team helps build trusted relationships with financial institutions to ensure financial access for all consumers
What is the financial access team?
This term is used to describe the future of fintech and the idea that every company will be a fintech company
What is Embedded Finance?
This growing segment of “banks” include companies like Chime, Varo, and Revolut are classified as this
What are challenger or neobanks
When Plaid launched its connections to financial institutions, the only connection it had was to this financial institution
What is Amex?
Plaid’s Asset product returns a consolidated view of assets across accounts, in addition to historical bank transaction data. This eliminates the need for the manual upload of these types of statements in the lending industry.
What are bank statements?
Unlike this Plaid competitor, Plaid has never, and will never, sell consumer data.
What is Yoodle?
In the 1950’s, Diner’s Club was the first to introduce this payment method as an alternative to paper money
What is the credit card?
This regulation passed in response to the 2008 stock market crash paved the way for consumer financial data access and created the CFPB
What is Dodd-Frank
Plaid averages this many connections to apps and platforms per day
What is 400-500k?
ACH processing fees are typically 1/10th the cost of this other payment method
What are credit card payments?
Plaid believes that data access is a right for consumers, and that financial institutions and other data sources should provide a seamless way to facilitate this type of data access.
What is consumer-permissioned data access?