Co-founder and CEO Ted Mekonnen and EI Capital President Lloyd Sams represented EveryIncome at the 2019 Milken Institute Global Conference, “Driving Shared Prosperity,” in Los Angeles.
The conference attracted more than 4,000 leaders in business, government, science, philanthropy and the arts from more than 60 nations — to pursue solutions to the world’s critical political, economic, and health challenges.
Here are some of the key highlights from the event, via EveryIncome’s social media channels:
From the “Financial Health through Technology” panel: Overdraft fees are a $35B/year revenue source for banks. A struggling family with $20k of income may pay $1200/year in overdraft and check cashing fees.
The United States does not have an open API on banking data that could be used for apps to warn of looming overdrafts. A financial revolution is coming with ApplePay, T-Mobile Money and soon Amazon offering accounts more attractive than banks. AI will play an increasing role in guiding consumers to financial health.
Follow EveryIncome on Twitter at @EveryIncome for more insights like these, plus the latest on our new platform in 2019!