In this episode from the Accrued series, presented by LoanPro, hosts Tedd Huff and Colton Pond sit down with Raktim Mitra, the Chief Lending Officer from Varo Bank. They dive into how AI is changing the game in financial technology, especially in fraud detection and credit services. Raktim explains how important it is to use different types of data, like transaction data and customer behavior data, to make better credit decisions. He also talks about the role of relationship data in understanding customers and offering personalized services. The discussion covers the challenges of serving underserved markets. Many Americans have poor credit scores or no credit history, making it hard for them to access banking services. Raktim shares how technology can help provide timely access to credit for these people. Personalization and efficiency are key themes in the conversation. Raktim believes financial products must be tailored to meet individual needs, not just when customers sign up but throughout their entire experience. He explains how modern tech can help banks and lenders offer more personalized services, like adjusting payment dates based on customer behavior or offering installment loans for big purchases. The hosts and Raktim also talk about the importance of following regulations in banking. Compliance with rules like KYC (Know Your Customer) and AML (Anti-Money Laundering) is crucial for safety and customer trust. Raktim points out that doing the right thing for customers often aligns with these rules. Looking to the future, Raktim sees financial products evolving based on what customers need. He expects more companies to use advanced technology to improve how they serve customers and keep up with market demands. This episode is packed with valuable insights for anyone interested in lending, credit, and how technology is shaping the future of banking. Tune in to learn more about these exciting topics and hear Raktim's expert advice on staying competitive in the fast-paced world of financial technology. Key HighlightsAI Takes Over Banking! Raktim Mitra shares how AI is used in banking today. Learn how it helps with things like credit services and fraud detection. Discover how banks use AI to understand and serve their customers better. Unlocking Customer Secrets! Raktim talks about the power of relationship data. Find out how banks use information from their customers to provide personalized services and make better decisions. Cracking the Code of Credit! Raktim explains the importance of alternative credit data. See how transaction data, customer behavior, and payroll data help make accurate credit decisions. Banks Vs. Bad Credit! Many Americans struggle with poor credit scores. Raktim discusses how technology can help these underserved markets get the credit they need. The Tech Behind Your Bank! Modern tech stacks are changing banking. Raktim shows how these systems help banks launch new products quickly and stay competitive. Personalized Banking for All! Raktim believes in personalization at every step. Learn how banks tailor services to meet individual customer needs, from signup to everyday interactions. Banking Rules You Need to Know! Compliance with banking regulations like KYC and AML is crucial. Raktim discusses how following these rules helps banks maintain safety and trust. The Future of Financial Services! Raktim predicts how financial products will change based on customer needs. Find out what he expects for the future of banking and lending. Efficient Banking Explained! Raktim talks about combining operational efficiency with customer satisfaction. See how banks can provide quick, personalized services