FinTech LIVE New York Q&A: Paula Grieco, Commonwealth

Join us on 17 June for FinTech LIVE New York, a must-attend virtual event for those looking to stay ahead in the fast-paced financial technology industry. 

The event promises to explore the latest trends, technologies and challenges shaping the future of financial technology in North America. 

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Paula Grieco, Senior Vice President at Commonwealth

Paula is a Senior Vice President at Commonwealth, a national nonprofit building financial security and opportunity for financially vulnerable people through innovation and partnerships. 

Her work applies emerging technology to narrow the wealth divide, spur emergency savings, improve financial access, develop inclusive investing products and help low- and moderate-income workers (LMI) build wealth.

She is responsible for leading relationships and marketing strategy with large and strategic business development partners, including the BlackRock Foundation, JP Morgan Chase, MetLife Foundation and the Nasdaq Foundation. 

Overseeing projects in emerging technology and inclusive investing, she works with financial services firms and fintechs like Posh.AI, Ellevest, Public and Stash.  

Paula draws on deep experience and a successful track record of building early- and mid-stage social impact, technology and consulting organisations and teams. She has a particular specialisation in leading and building teams in startup and high-growth stages as well as organisations entering a new market or innovation phase.

Here we speak to Paula ahead of FinTech LIVE New York, where she will be taking part in the AI in FinTech panel.

What inspired you to get involved in the event?

At Commonwealth, we believe financial AI holds significant promise and potential to transform financial security, particularly for those living on low to moderate incomes (LMI). 

AI can power innovation in ways that improve financial opportunity for every household. As advancements in AI accelerate, we are at a pivotal juncture. This is a critical time to consider solutions that bring more people into the financial system.

FinTech LIVE offers an opportunity to address those shaping the financial system, from financial services leaders to fintech entrepreneurs to social impact innovators. 

This audience can have a major impact on advancing financial security through their thoughtful design and development of AI technologies. I’m looking forward to engaging with them on this topic.

Provide an overview of what your panel will focus on.

This session will explore the transformative role AI can play in the financial technology sector, particularly in its ability to provide customised financial support at scale. 

Commonwealth’s research on AI in finance has provided valuable insights into the needs and wants of banking customers living on LMI, highlighting their banking preferences, concerns, and desires for expanded tool capabilities. 

It provides a foundation for thinking through broader applications of AI in finance to best support the financial health of this population.

One objective of the Commonwealth’s Emerging Tech for All (ETA) work is to provide actionable guidance to financial service providers on how AI can support the financial security of US workers earning LMI. 

I’ll be sharing some of the key learnings from this groundbreaking research.

What do you hope to achieve through the event?

AI can shape the future of people’s financial lives in ways that will be with us for decades. 

It promises to improve financial security and opportunity in new and exciting ways. But AI also carries new risks if its benefits are distributed unevenly. 

It’s critical that innovation in this area considers the technology’s promise and impact on all consumers. We want to ensure that the needs of people living on lower incomes are understood, visible, introduced into relevant conversations, and integrated into solutions. 

This will be critical to building a more equitable financial system and ensuring that these advances benefit everyone.

AI has the capacity to improve financial security and opportunity by offering capabilities that have not traditionally been available. 

For instance, we have seen consistent interest and a demand for more advanced chatbots that can provide personalised financial insights and assist with banking actions that build financial health, such as credit building, budgeting, and debt management.

Customers largely view chatbots as positive tools for improving their financial well-being. Our data showed that 57% of respondents said using chatbots improved their financial situation. 

There is a major opportunity for financial service providers to serve this untapped consumer segment, benefiting both financially vulnerable people and their businesses.

I’m encouraged by Commonwealth’s findings in this area and excited to share what we’ve learned through the course of our research.

What emerging trends do you believe will shape the future of fintech over the next decade?

I believe Gen AI is the most exciting technology to track in the financial sector.

We know conversational AI can improve access for households living on LMI. These households are nearly twice as likely to want to bank through in-person interactions, yet they have significantly lower access rates to local bank branches. 

Conversational AI can provide the personalised and context-sensitive support these customers seek in a way that has never before been possible.

Gen AI represents the next evolution in conversational AI support. It offers this same personalised engagement at a level that much more closely approximates advanced human support than the decision-tree structure of today’s financial chatbots.

Gen AI has mainly been focused on back-office applications, where it can support customer service agents. The key to driving its development is by continuing to identify those opportunities where generative AI can provide personalised financial support at scale. 

Our research, for instance, indicates that there is a demand for more nuanced, complex, and action-oriented chatbots that can perform tasks like applying for credit or loans, opening and closing accounts, and providing product recommendations or education. 

We also see opportunities for co-pilots and personal assistants to act almost as financial coaches that can provide comprehensive guidance tailored to an individual’s needs. 

That said, concerns about privacy and security remain barriers to engagement. Building trust will be especially important for the broader adoption of Gen AI. 

The accuracy and usefulness of the information and data provided are also imperative. 

Commonwealth has developed a resource for financial organisations serving LMI populations, which offers design guidance around earning trust as well as driving engagement, improving accessibility and increasing value.

Networking opportunities

Beyond insights, FinTech LIVE New York is an excellent platform for networking opportunities with industry experts and peers via the Brella platform. 

Whether you attend one of our events in person or virtually, Brella helps you stay up-to-date with the event agenda and network seamlessly with participants.

Don’t miss your chance to be part of this fintech event. Get your FREE virtual ticket now and take your fintech strategy to the next level.

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