More Startups Should Launch in Bank Niches like Subprime Lending, Says TrueAccord CEO Ohad Samet [VIDEO]

More startups should launch in the “niche” areas of banking that incumbent institutions have started avoiding, Ohad Samet, co-founder and chief executive officer for TrueAccord, told attendees of the 2018 Bank Innovation conference.

“It’s actually not very common for a startup to be started in subprime lending, debt collection—those areas that frankly require a lot of regulation and minutiae,” Samet said, during a presentation at the conference where he spoke of the increasing need and use of artificial intelligence in financial services.

Startups, said Samet, have a unique opportunity as banks and other incumbent financial services are moving out of “niche services,” leaving consumer gaps for younger players—especially those with AI and machine learning technology skills—to fill.

Samet explains as much in the video below:

This video is sponsored by White Clarke Group.