September 28, 2021
Whoever acquires knowledge and does not practice it remembers him who plows his land and leaves it unknown ~ Sa’di Gulistan
What could possibly entice Rick Fiorito, a just-retired, financially secure, new Floridian, and renowned payments-guru to even consider leaving the beach for an opportunity to disrupt the financial services landscape? Rick, at least, let the dust settle from your recent industry-wide retirement announcement from Mastercard.
“Joining RIBBIT.ai as their COO is an opportunity I simply couldn’t miss,” Rick knowingly smiles.
RIBBIT, a poised, pioneering data provider and financial decisioning company is rocking the foundation of the financial world. Six months ago, RIBBIT shook up the lending space by dramatically changing and improving the methodology behind lending decisions. Their scientific formula, analyzing bank account activity, examines and connects thousands of complex data points to reveal a much deeper, broader, and more accurate picture of a consumer’s ability to purchase goods/services. RIBBIT’s bleeding-edge technology decreases fraud, promotes payment affordability for consumers and safeguards payment protection for lenders. More consumers are approved with a much higher percentage of payback. Fairness has finally arrived in the credit world.
Enriching RIBBIT’s executive team with Fiorito’s talents and decades of payments experience helps support their alternative data-driven model that is currently disrupting financial services. “RIBBIT is strategically positioned to channel the convergence of innovative data analytics, integration technology, and open banking to improve access to quality financial services,” Fiorito announces. He adds, “By harnessing the power of open banking and behavioral analytics, RIBBIT is driving financial wellness and economic growth.”
In the article, Disruptive Innovation by Alexander Twin, the transformation occurs when “innovation transforms expensive or highly sophisticated products or services—previously accessible to a high-end or more-skilled segment of consumers—to those that are more affordable and accessible to a broader population.”
Twin explains when a new service/product disrupts, it usually replaces or moves established competitors from their comfort zone. Twin comments that disruptive innovation “simplifies and makes more affordable products and services to undesirable or ignored markets. Established companies typically strive to improve their products and services for the profitable customer base largely ignoring the needs and desires of untapped segments.”
And yes, knock, knock, RIBBIT and Fiorito hear you!
In the financial services industry, disruptive innovation uses technology to reconfigure existing business foundations to better meet the needs of consumers, while creating value for service providers, banks, and lenders. The RIBBIT team says, “presenting our game-changing analysis to clients is an adrenalin rush because no one believes it until we prove it with our numbers.”
Former FactorTrust Founder/CEO, Greg Rable, Joins RIBBIT Board of Directors
OXFORD, Ohio, April 12, 2022 /PRNewswire/ — Today, RIBBIT Inc. announced the appointment of Greg Rable to the RIBBIT Board of Directors. As the former Founder/CEO of FactorTrust, since acquired by TransUnion in 2017, Greg brings over 25 years of management and strategy experience, combined with a history of building successful fintech and alternative data businesses for the consumer finance space. In his role, Mr. Rable is helping guide the RIBBIT leadership team and promote the growth of bank behavior data as a powerful and necessary predictive data solution.
Getting Real with Financial Inclusion
Financial inclusion matters not only because it promotes growth, but because it helps ensure prosperity ~ Sri Mulyani Indrawati
How arbitrary are the words ‘financial inclusion’; who’s in, who’s out and why is it so unfair? If a consumer is ‘in,’ there are financial opportunities for building a better life. If a person is ‘out,’ good luck with climbing out of a deep money pit. Today’s financial institutions think they are building a more inclusive process. However, many are still using information reflective of historical bias so if it didn’t work then, it ‘ain’t gonna work now’.
Why Interpretation of Data Matters
When a man gives you a rose, what you see may not be what he intends~ Patrick Rothfuss
Assessing information is the foundation of most of life’s important decisions. Mistakes are made when the data is unavailable, unclear, inaccurate, insufficient, immaterial, or unjust. How many people have suffered throughout history by poor decision-making? Like it or not, today’s world is data driven, hopefully an information mecca for making insightful, educated, proven and unbiased decisions. However, data is just that, information on a page, it becomes meaningful only when it is wisely analyzed and interpreted.