EKMH Innovators Interview Series
An interview series spotlighting global tech influencers, disruptors, visionaries, and of course, innovators.
Hosted by Fintech Sandbox, Boston Fintech Week showcases collaborations within the broader fintech ecosystem and startup community. This year’s program, Fintech at Full Throttle: The Rapid Advance of Innovation, focuses on the rapidly accelerating pace of change in the fintech ecosystem, covering the gamut of the skyrocketing AI use and faster payments to climate change and fraud. How can we keep up with this high speed of digitization and manage potential risks?
In 2013 San Francisco-based Hatch started EY’s FinTech strategy from scratch to become a market leading force across Payments, Lending, WealthTech, InsurTech and Crypto. A respected leader driving strategic growth within the global Fintech ecosystem, Matt Hatch continues to seek nextgen cutting-edge sector innovation. This week Innovators catches up with the EY Partner, Americas FinTech Leader to learn more about a variety of issues facing the sector, including risk, fintech trends, payments, innovation, AI, cybersecurity and fraud. Hatch shares his contagious excitement of how at EY - a global company of 400K+ people - it’s still possible to be entrepreneurial. Our interview follows:
EKMH: As indicated by Boston Fintech Week 2024, Fintech at Full Throttle: The Rapid Advance of Innovation, innovation shows no signs of slowing down. How can the upcoming US election cycle affect/ignite/delay new initiatives and innovation?
Matt Hatch: The intersection of politics and innovation is always dynamic, especially in an election year. We've witnessed promising regulatory progress, such as the CFPB's Rule 1033, which is pivotal for consumer data rights. As we approach the election, the bipartisan support for increased regulation in the crypto space suggests that, regardless of the outcome, we can expect a continued emphasis on creating a secure and innovative financial landscape. This regulatory clarity could serve as a catalyst for new fintech initiatives, though we must stay vigilant to ensure that regulatory changes do not inadvertently stifle innovation.
EKMH: Which fintech trends do you anticipate and hope to see transform the ecosystem in 2025? 2030?
Matt Hatch: In the near term, I'm enthusiastic about the potential of digital identity technologies to revolutionize financial inclusion and wellness. Fintech has already brought about incremental improvements in cost-efficiency and user experience, and I believe the convergence of AI, open banking, crypto, and identity solutions will drive the next wave of significant change. Looking towards 2030, I expect to see large investments in modernizing legacy systems within established financial institutions and mature fintech firms. This transformation is essential for maintaining competitiveness and meeting the evolving needs of the market.
EKMH: How can companies utilize and incorporate AI and faster payments more reliably and efficiently into their anti-fraud and cybersecurity stratagem?
Matt Hatch: The arms race in cybersecurity is intensifying, with fraudsters and criminal organizations now deploying sophisticated AI to execute fraud through rapidly evolving variants. This underscores the necessity for companies to not only match but exceed the technological sophistication of these adversaries. By integrating advanced AI into our anti-fraud and cybersecurity frameworks, we can develop systems that are agile, predictive, and capable of distinguishing between legitimate customer behavior and the subtle anomalies indicative of fraudulent activity. In the realm of faster payments, where the speed of transactions can be both an asset and a liability, it's crucial that our defenses are proactive and capable of real-time detection and mitigation to protect against the irreversible consequences of fraud.
EKMH: You have held multiple roles throughout your 25+ year EY career. When reflecting upon your initial career expectations, what most surprises you?
Matt Hatch: Yes, I’ve enjoyed 25 very fast and fun years across tech and Financial Services. I suppose the greatest surprise is how entrepreneurial you can be in a large organization. We are 400,000 people globally, and yet I have always truly felt like an entrepreneur here. EY is continuously investing and focused on driving innovation and improving Financial Services via the FinTech community. We are proud of our 6+ years supporting the FinTech Sandbox in Boston and how we’ve been able to contribute to the success of this incredible community. I am also extremely proud of our ability to work with amazing and inspiring organizations that truly make an impact on our economy and the quality of financial service products available to everyone.
EKMH: Please share some lessons learned from your most spectacular failure(s) and/or most significant breakthrough(s). How have you benefited from failure and/or risks? How have these experiences shaped you to become a more effective leader?
Matt Hatch: The greatest learning moments in my career include failures: saying the wrong thing, learning from a lost proposal, or even once being asked to leave a client! I am always skeptical of anyone afraid of taking risks, or those who don’t showcase a willingness to fail and learn. I am happy to be proven wrong and am constantly trying to learn from everyone around me. My best advice: be bold, be creative, and be assertive – yet maintain your humility and willingness to compromise and learn from the outcomes you can achieve while working in a collaborative way.
EKMH: What advice do you have for college students hoping to find a job in fintech?
Matt Hatch: Networking, networking and more networking. We are more connected today than ever across this ecosystem. Be assertive and creative when finding ways to connect with companies you have a true connection with – both to their mission and the impact they are making. Make it personal and real. And don’t underestimate your experience: your awareness of the needs of the next generation of financial consumers is critical to how we build and shape the financial products of tomorrow.
*Disclaimer: The views and opinions expressed in this series are those of the interviewees and do not necessarily reflect the views or positions of any entities they represent.
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