Simple Innovation Change sat down with Dee Choubey to discuss how MoneyLion is bringing back the same trust and relationship that many millennial's parents had with their bank branch representatives in the 1970s and 80s---but using artificial intelligence and all on your mobile! Chris from SIC asked some pretty solid questions and Dee followed with equally insightful answers about the quest to build a new new consumer brand that actual helps consumers improve their financial well-being.
CL: Diwakar, thanks for taking the time to speak with S.I.C today. You have worked across some of the largest financial institutions, from Goldman Sachs, to Citi and Barclays. Why leave the world of high finance to pursue the startup path? DC: It’s interesting how I ended up here. By working for the largest financial institutions I had a front row seat to the evolution of consumer finance during the credit crisis and the aftermath. Inside Wall Street I witnessed the effects of Dodd Frank and Basel III, two pieces of legislation that were put in place to curb risky bank behavior, but that also led large banks to shy away from interacting with consumers all together.