How embedded finance is changing the future of fintechTech Talks Daily: Why Fintech Should Embrace Transparency
Canopy HQ
Industry Insights
· By Elise Cox
Canopy Servicing CEO, Matt Bivons recently sat down with Neil C. Hughes, host of The Tech Talks Daily Podcast, to discuss embedded finance, convertible credit solutions, and transparency in fintech.
How Matt went from building websites in 6th grade to founding a fintech company
The interview kicked off with Matt telling us a bit about his childhood and the journey to founding Canopy. Like many kids whose teenage years paralleled the rise of the World Wide Web, he was fascinated by the possibilities of living in a digital world. As adult engineers at Yahoo and Altavista put in late hours building the first Internet search engines, Matt’s 11-year-old self was working equally hard mastering HTML.
The importance of transparency in fintech
As a leading advocate for transparency in fintech, Matt discussed the real-world implications of the lack of transparency in lending products today. He shared some of the potential advantages of embracing transparency for borrowers and financial institutions.
"When we think about transparency, we’re thinking about putting more control into your hands, which means that you actually understand your finances. "
How transparency can make BNPL safer
In the interview, Neil asked how credit providers can make alternative credit options like Buy Now Pay Later safe for consumers.
Matt cited the power of transparency and real-time data.
"I really love this quote from Dr. Maya Angelou."
Listen to the interview as he explains further.
The shortcomings of commoditized lending products
Most credit and lending products sold today are commodities. There is very little to differentiate one from another, except perhaps rewards programs. The reason for this is infrastructure.
Legacy infrastructure can be an iron-clad constraint on credit and lending program providers. “It’s not that people don’t want different types of products,” Matt said. “They do.”
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We believe in building technology that helps facilitate better life experiences. Financial products have largely been the same, lacking transparency and control. Canopy is built for developers to launch and service financial products in the most flexible way.
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