Even Staff

2016-03-16

These 4 Trends Are Changing The Way We Pay

  While banks have generally been the center of concerns over the disruptive potential of alternative finance, the credit card industry is also facing a huge amount of pressure from innovative and disruptive technology. Here’s a look at four trends that are threatening the status quo in the credit business.

 

Data is king

 

Credit card companies have collected data on their customers for years, but with new apps and online AltFi services popping up constantly, data collection and data interpretation will likely play a huge role in separating the winners from the losers in coming years. In an intensely competitive environment, efficiency becomes even more important, and customer data is the key to providing customized products and services. The more detailed the data collection can be, the less money and opportunity slips through the cracks. One of the ways certain online lenders have been able to offer customers lower interest rates on loans is by incorporating alternative data, such as college degrees, rather than just FICO scores into their algorithms.

 

Internet of Things

 

Let’s face it: the Internet is no longer about sitting down at a computer. Connected devices and wearables are taking over the world, including the field of finance. Swiping physical credit cards could soon be a thing of the past, as well as the security risk of lost or stolen cards. This trend also ties into the data collection trend because the connected world can provide critical information about when and where customers spend money and can even facilitate or completely automate financial transactions. In addition, the Internet of Things allows for location-based promotions. Imagine receiving a text notification involving an airline miles promotion as soon as you walk in the airport. This example is just one of the countless ways the Internet of Things has and will change the financial world.

 

Digital payment options

 

The mobile payment industry is a $1 trillion industry and could soon make up two-thirds of all purchases. Apple Pay is perhaps the most visible new digital payment option, but Google, Verizon, Amazon, Facebook and other surprising players have also stepped into the digital payment game in recent years. In addition to digital payment platforms, cryptocurrencies like Bitcoin offer another payment option, as well as a potential investment alternative to volatile and politically-vulnerable sovereign currencies. Once again, these innovations are not about matching the traditional credit card payment experience, they are about discovering a completely better way to pay.

 

Cybersecurity

 

Finally, identity theft has become one of the biggest global financial threats, making cybersecurity a top priority in finance.  U.S. credit card companies finally adopted “chip and PIN” technology that goes a long way in the prevention of card skimming, but innovations such as MasterCard’s biometric payment card make fraud nearly impossible. In fact, researchers at Red Hat also recently declared Apple Pay “more secure than your cards.”

 

Takeaway

 

The finance industry has been swept up by an unprecedented wave of innovation in recent years, and it’s still too early to predict where the AltFi revolution will eventually take over the credit card business. However, one thing seems certain in this new financial environment: no matter what, the customers will come out on top.

Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content

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Even features the industry’s largest multi-carrier, all-digital life insurance marketplace New York, New York – August 16, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced the launch of Haven Term and Haven Simple on its life insurance marketplace platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   With the addition of Haven Term and Haven Simple, Even has further expanded its extensive network of premium life insurance offerings, strengthening its position as the industry’s largest multi-carrier, all-digital life insurance marketplace. Haven Life, which offers Haven Term and Haven Simple, and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is known for its customer-centric approach and for its commitment to making life insurance more affordable and accessible. Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife.   “In these uncertain times, the majority of U.S. adults want the financial security of high-quality life insurance, but are often dissuaded by the complex application process and need to complete an in-person medical exam,” said Phill Rosen, Founder and CEO of Even Financial. “Haven Life’s groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. 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"On the heels of introducing even more affordable pricing for the Haven Term product, our partnership with Even Financial allows us to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency.”    Even entered the life insurance industry in 2020 through its acquisition of LeapLife, a leading insurtech and licenced life insurance agency. Since that acquisition, Even has worked with its large network of channel partners to make the process of getting personalized life insurance fast, easy, and accessible for consumers. In addition to Haven Term and Haven Simple, products offered by leading insurance companies including Lincoln Financial Group, Pacific Life, and Mutual of Omaha are available through LeapLife, Even’s life insurance platform. Companies such as TransUnion and Lantern by SoFi rely on Even’s embedded finance marketplaces to power 100% digital personalized life insurance policy quotes for their customers, with live agent support.   Even has continued its rapid growth trajectory in 2021 by reaching over $3 billion in consumer credit issued through its API and expanding its platform to over 800 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.   About Even Financial   Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (such as SoFi) and channel partners (such as TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.   About Haven Life Insurance Agency   Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer. Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY), and California (DTC-CA), and other states, it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.    Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Term is available through Haven Life Insurance Agency, LLC (Haven Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual.   Please note that issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.   MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of June 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies.   Media Contact media@evenfinancial.com    
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