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Global Fintech Interview with Timothy Rooney, President at Marygold & Co

Hi Timothy, please tell us about your fintech journey so far. 

Combining my career-long love of finance with a passion for innovation, I am so excited to be on this fintech journey! After spending many years building and launching new businesses for major corporations, leading Marygold & Co. into the digital future is a tremendous honor. The opportunity to take Marygold from concept to launch is extremely fulfilling! We are in beta testing now, and the feedback from our testers is thrilling as we look forward to launching in the Apple and Google app stores in the next few months. 

Could you share any two fintech applications/products which you consider as the best of the Marygold ideas to redefine the private banking experience?

At Marygold & Co., we aim to help clients think differently about managing their finances. Instead of thinking about products, they should be thinking about their financial goals. Our unique app teaches our clients the right questions to ask to achieve their financial goals — whether that’s buying a new home, going on vacation or a date night fund. Of course, we all have different plans and aspirations, so we start by asking the right questions. 

Instead of having one investment/brokerage account, we encourage our clients first to define their goals and then set up a Money Pool savings account for each goal. People can define as many goals as they want and create a Money Pool for each, gaining clarity on progress toward achieving each goal while streamlining and simplifying money management. 

Also Read: Global Fintech Interview with Lisa Loud, CEO & Co-founder at FLUIDEFI

Marygold & Co. has announced plans to release its app, which promises financial education, assistance and a platform to invest and save smartly from phone. What are your expectations? 

If you look overseas, this idea of using apps to provide all of your financial needs is much more prevalent. Europe and Asia are further along than the U.S. in this regard. But younger Americans see the value and ease of utilizing apps to meet their needs. The fintech business model is very efficient, utilizing cutting-edge technology, and we can pass those savings on to the end client. 

For Marygold & Co., an important goal is helping clients understand what information they should consider when making financial decisions. Consumer education is core to who we are as a company. At Marygold, we understand that if we ask the right questions, we’ll get better outcomes! Realizing the future of mobile banking will be a multiyear journey, we expect a gradual transition as people grow increasingly comfortable with managing their finances straight from their smartphones. Some of the helpful financial information will come straight from us, and some of it will involve teaching our clients the right questions to ask in any situation. 

How is AI and ML playing their role for the banking and financial services app?

AI and ML will be important to most Fintech providers. 

Utilizing the latest technology helps provide more robust data and information and often does so cost-efficiently. Greater utilization of machine learning means providing clients with the information they need to make good decisions — how they want to receive it. But there will always be a human component to helping people achieve their financial goals. Managing our financial lives is important to us all, whether we are just out of school or getting ready to retire. But the information we need to make good decisions at each stage of the financial journey changes. AI and ML unlock the ability to provide clients with the information they need, when they need it and in the manner they want to receive it. 

Could you talk about some of the other innovative fintech apps and platforms in the industry that according to you are set to be new game-changers for this niche? 

Most of the fintech apps I’ve looked at do excellent work. The fundamental business model of fintech allows for more cutting-edge products and services — at lower price points — ensuring the fintech pie will continue to grow. The old-school bank and brokerage firm business model does not allow traditional players to compete in the same manner, so fintechs will continue to take market share from these companies. 

Also Read: Global Fintech Interview with Cristina Ceban, Founder at Women Do Crypto

What tech are you using for customized money pool and automated funding for your clients?

We built the majority of our technology platform in-house. Agile engineering is important , so we built our state-of-the-art solutions from scratch. But we do work with a few excellent partners for custody and banking. The build vs. partner decision is important for every fintech. 

What are some of the biggest challenges you face when marketing your new fintech product and trying to better the overall customer experience for them? 

Much of our marketing will be through social media. Our content will initially focus on teaching and providing information that clients need to make good decisions to manage their financial lives. There will always be value in that. As a startup in the booming fintech space, perhaps the biggest challenge will be reaching the right audience with the right message. 

Also Read: Global Fintech Interview with Lorien Gamaroff, CEO at Centbee

What are some of the top FinTech trends you’re seeing get more attention in 2023? 

As I stated earlier, the fintech pie is growing, and for a good reason: The value provided by fintech companies is clear. One of the trends I’m excited about is to see people in their 40s, 50s and 60s discover the value of digital banking and working with fintech firms. This transition will take time since inertia is a powerful force in finance, but people will discover that they are getting more value, with much more client-friendly pricing, in the fintech space. We are in the early innings of that evolution, so it is exhilarating to see! 

Thank you, Timothy! That was fun and we hope to see you back on globalfintechseries.com soon.

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Real-Time Payments Demand Advanced Security Features

We live in an increasingly on-demand world. Electronic payment methods are quickly becoming the norm. It is leading to a new generation of users enjoying the convenience of instantly managing their money and payments on their phones or computers. Ordering your favorite products online, skipping the line at the store and immediately paying friends back for a night out has become second nature for many.

Real-time payments (RTP) allow the immediate transfer of funds. Unlike traditional automated clearing house (ACH) transactions which can take days to process. Or same-day ACH transactions that still take several hours. The RTP network is a separate and new infrastructure built for the digital age. RTP network payments clear and settle individually in seconds with immediate finality. The technological innovations enabling real-time payments are shaking up the payments industry. However these bold new solutions require advanced security features to protect against ever-evolving scammers attempting to compromise accounts and steal money before the victim knows what happened.

Unlike ACH, which supports “push” and “pull” transactions, RTP only supports push transactions. You cannot debit or pull from another person’s account via RTP. It is ultimately up to the payer to initiate a push payment to the requestor. Which eliminates the exposure to fraudsters “pulling” money from your account. However, if a scammer compromises your account, they could “push” money out of it. It is underscoring the importance of protecting account access with modern technologies like biometric and multifactor authentication.

SECURITY IS LIFE

Secure digital payments are the backbone of everyday life. As more and more people use digital devices to make payments, these transactions must be protected from these bad actors. Criminals are evolving their methods to conduct more sophisticated attacks. And financial institutions continue to see many breaches resulting in the loss of valuable customer data. In a world where people make payments in real time, financial institutions must ensure that their processing systems are up to the task.

Identity Fraud

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Photo by Dom J on Pexels.com

According to security experts, it’s safe to assume that nearly every adult in America and millions of children have been breached at least once. That is based on the massive breaches and the compromise of trillions of records in the last few years.

Identity fraud awareness and protection is vital in this digital payments age. From breached credentials and stolen credit or debit card numbers to fraudsters opening a new account using your stolen identifying information or pretending to be someone you know to steal your money. Compromised information, including card numbers, date of birth, Social Security numbers and passwords, is unfortunately easily purchased on the dark web. And social engineering schemes are around every corner of the internet. Along with the convenience of real-time payments, we must demand enhanced security to protect against these sophisticated impersonations. So that we’re not real-time scammed out of our money.

You have to assume the worst and assume your information has been exposed.

HERE ARE SOME TIPS FOR PROTECTING YOURSELF:
  1. Use unique passwords for every online account. If there is a breach of one of your accounts, this won’t expose any others. Use a password manager to keep track.
  2. Monitor your accounts regularly and report any suspicious transactions.  
  3. Use financial applications that provide enhanced security features. For instance biometric login, freeze or unfreeze account capabilities, transaction alerts and other customized security features that you control for your individual use.
  4. Don’t click on links in email or text messages unless you are 100% certain who it is from and why they are directing you to a link. Only log into your accounts directly via the secure website or application associated with your account.
  5. Be cautious of any direct contact claiming to be a government official, bank representative or law enforcement instructing you to pay money. Hang up and contact that company, agency or office directly.

What Fintechs Can Do to Protect Consumers

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Photo by Mike B on Pexels.com

Facing modern-day cybercrime is a complex challenge that financial institutions face on multiple fronts. By adopting advanced transaction monitoring and account security technologies, fintechs can block fraudsters from accessing accounts and detect suspicious activities quickly and with greater accuracy.

AI technologies and machine learning algorithms can process and analyze millions of transactions at machine speed, uncovering trends that reveal fraudulent activity in real time. When fraud is suspected, the AI and ML models flag suspicious transactions for further investigation or reject them entirely. These technological advances can also assess the likelihood of fraud, enabling investigators to focus on the most promising instances. 

While it’s impossible to predict when a cyberattack will occur, banks and fintechs should be ready for the challenge of blocking these attacks at the gate. And ultimately protecting their customers. In the face of relentless attacks, customers will demand enhanced protection of their accounts coupled with the convenience of real-time payments.

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FinTech Interview with Timothy Rooney, President at Marygold & Co.

The Fintech space is using technology to democratize financial services. Find out how MaryGold & Co. is thrusting this democratization even further!

Technological advancements will continue because of AI and ML, as with many other industries.  The key is to use innovation to improve the client experience and bring down the cost.

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Timothy Rooney, President at Marygold & Co

1. Kindly brief us about yourself and your journey as the President at Marygold & Co.
I am part of the founding team at Marygold. Marigold & Co. was incorporated in 2019, but corporate development began in 2020. I was hired to create, launch and manage the investment company for Marygold, which we call Marygold Advisory Services.

2. Please share with us your source of inspiration for venturing into the Fintech space.
Large corporations in the U.S. are not keeping up with technological innovation, and they are falling behind. The Fintech space is using technology to democratize financial services.

3. Brief us about Marygold & Co. and give us an overview of its standout services. 
We’ll start with one: our Money Pools concept. Instead of just having one bank or brokerage account, we encourage our clients to define all the goals they are saving for with individual Money Pools for each savings goal. This way the client always knows how close they are to meeting that individual financial goal.

4. What are the core values on which the company is formed and how is it introducing secure ways to send, receive, spend, save, and invest with no banking fees or minimum balance requirements?
Providing ‘white glove’ service is central to everything we do. If you’re familiar with the concept of the Private Bank operation for wealthy customers in large banks, our goal is to give all of our clients the private banking experience regardless of how much money they have in their Marygold account. We work with cutting-edge companies to provide a secure environment, and we use the latest technology, so we do not need to charge banking fees.

5. Being a thought leader, how do you plan to strategically fulfill Marygold & Co.’s mission and vision?
We have had this vision for many years to provide a high-touch experience in managing the financial lives of clients cost-effectively. We just needed the technology to catch-up to the vision.

6. In your opinion, how beneficial is it to align technological advancements like AI and ML with the finance industry?

Technological advancements will continue because of AI and ML, as with many other industries. The key is to use innovation to improve the client experience and bring down the cost.

7. How has the integration of these technologies transformed the face of the finance industry?
Regarding AI and ML, we have just scratched the surface.

8. Having an extensive experience of 30 years, we would like to know how the finance industry has disrupted traditional financing to a new generation of financial innovation.
The innovation we are starting to see in the fintech space is the most dramatic innovation I have experienced, but the large banks and brokerage firms don’t have the incentive to change their models. Smaller and more nimble firms in the fintech space will continue to be the drivers.

9. What advice would you give budding entrepreneurs and leaders aspiring to venture into the fintech niche?
We are still in the early stages, so just start!

10. How do you envision scaling both–Marygold & Co.’s and your growth curve in the year 2023?
We are in beta testing now and will be launching soon. We don’t worry about scaling, we just focus on giving our clients the best experience possible! Everything else will take care of itself. 

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Marygold & Co. taps veteran financial services executive Timothy M. Rooney as new president.

Rooney will utilize his visionary leadership to help the company pioneer the burgeoning digital financial sector as it completes the development of and introduces its innovative mobile banking app.

DENVER, Jan. 23, 2023 (GLOBE NEWSWIRE) — Marygold & Co., a fintech company that seeks to offer a secure way to send, receive, spend and save money through a customizable mobile banking and financial services app, today announced Timothy M. Rooney as its new president.

Timothy Rooney joined the team to create and lead Marygold & Co. Advisory Services, LLC, a registered investment advisor. In his new role as president, he will drive Marygold & Co.’s vision and strategy, passionately help clients reach their goals and spearhead the launch and growth of the full-service financial app.  

“I am humbled and honored to be leading Marygold & Co. as we prepare to introduce what we believe will be the most innovative financial services app on the market,” Rooney said. “The Fintech sector is using cutting-edge technology to simplify our financial needs. Our new app will truly enable clients to simplify and organize their financial lives in a secure manner, all on their phone.” 

Rooney is a global leader in financial services with over 20 years of experience building and launching successful mutual funds, exchange-traded funds, retirement plans and other financial service organizations and products. 

Having previously led the strategy team for Pacific Life Insurance Company and served as the vice president of product development for Nationwide Investment Management Group, Rooney’s career path combines his love of finance with a passion for innovation. He earned his master’s degree in finance from the Leonard N. Stern School of Business at New York University and a bachelor’s degree in finance from Baruch College.

“Timothy is a visionary leader with experience, drive and motivation for success. He has been intimately involved with the development of the app from the beginning, and his behind-the-scenes knowledge puts him in the ideal position to lead the organization and assume the role of president as our mobile banking app enters beta testing and we near the finish line,” said Nicholas Gerber, CEO of The Marygold Companies.

The Marygold & Co. app has been in development and is currently in beta testing. With more than 10,000 potential users on a waitlist to download and use the app, some of its unique features include:

  • Convenient and secure “PayAnyone™” capability.  
  • Customizable savings goals through interest-bearing FDIC-insured accounts without banking fees or minimum requirements. 
  • Money Pools investing, with diversified portfolios in accordance with user-selected goals and time-based objectives. 

For more information about how to sign up for the Marygold & Co.waiting list, please visit marygoldandco.com.

About The Marygold Companies, Inc.

The Marygold Companies, Inc., which changed its name from Concierge Technologies, Inc. in March 2022, was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products, under the trade names USCF Investments, Tiger Financial & Asset Management Limited, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the U.S., New Zealand, U.K., and Canada. For more information, visit www.themarygoldcompanies.com. 

About Marygold & Co.

Marygold & Co., a wholly owned subsidiary of The Marygold Companies, was established in the U.S. in 2019 as a development stage company that today is nearing completion of an innovative fintech mobile banking app. Offices are in Denver, Colorado. For more information, visit https://marygoldandco.com/.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may” “will,” “could,” “should” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including, but not limited to, completing the development and launch of the Company’s fintech mobile banking app, involve significant risks and uncertainties that could cause actual results to differ materially from the expected results and, consequently, should not be relied upon as predictions of future events. These forward-looking statements, including the factors disclosed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 28, 2022, and in the Company’s other filings with the Securities and Exchange Commission, are not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.

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