Ken Hart, CEO and Founder at Snowdrop Solutions: “AI can play a crucial role in fraud detection and prevention”

If your bank offers digital services that feel stuck in the Stone Age – by which we meant the 20th century – then you might just nod your head when you read the polite yet damning words of Ken Hart, CEO & Founder at Snowdrop Solutions.

Traditional finance and banking companies, he says, should “build best-in-class services rather than fall for the empty promise of a can-do platform that delivers a mediocre experience across a wide range of services”. Ouch.

And, rather than try and do everything themselves (poorly), they should “prioritise their limited resources and leverage best practices from rival banks and even from other sectors if they wish to roll out new services quickly”.

It’s true that Ken has some skin in the game. (For staid bankers out there who aren’t down with the kids, that means that Snowdrop Solutions is selling products and services to help.) However, he builds a compelling case. And let’s face it, unless you’re with a challenger bank his words are likely to resonate.

Luckily, things are changing. Here’s our full interview with Ken to reveal exactly how.

Could you please introduce yourself to our audience and share how you ended up working in fintech?

I’m Ken Hart, CEO and Founder of Snowdrop Solutions. I have over 25 years of experience working in leading tech companies (including roles at Netscape, Yahoo!, and Webraska) which allowed me to witness first-hand the transformative power of technology.

In 2013, I founded Snowdrop Solutions to create compelling customer experiences through location-based and data-enrichment services. We started in the UK in the travel and real estate sectors then expanded into financial services across Europe, the Middle East and Southeast Asia. By leveraging location intelligence and maps, we helped them optimise how they presented valuable information to their customers.

Based in London, we had a front-row seat to witness the disruptive changes unfolding within financial institutions starting with early customers like Monzo, Starling and Monese. We saw the impact that a clean, transparent user experience can have on established industries, so we partnered with Visa Europe and others to scale up and work across Europe in the financial service sector.

From these early steps, Snowdrop created its flagship product for advanced transaction data enrichment. Known as MRS API™, our technology is powered by Google Cloud and Maps. Today, MRS is deployed at over 40 financial service companies managing nearly 1 billion banking transactions across over 200 countries and territories. MRS enables digital and traditional banks to offer a more transparent experience that shows consumers where they spend their money. This enriched experience also reduces consumer anxiety, thereby lowering customer query calls and reducing operating costs whilst boosting user engagement and loyalty.

What do you think traditional finance and banking companies can learn from disruptors in the fintech space?

Traditional finance and banking companies must learn to embrace digital, transparent experiences. If they don’t, new rivals will increasingly gain market share – especially as customers find alternative cards when travelling abroad for work or pleasure.

Traditional banks must also learn to leverage existing off-the-shelf solutions rather than try to build everything in-house themselves. In the age of generative artificial intelligence, retail banks need to prioritise their limited resources and leverage best practices from rival banks and even from other sectors if they wish to roll out new services quickly.

Secondly, traditional finance and banking companies should also build best-in-class services rather than fall for the empty promise of a can-do platform that delivers a mediocre experience across a wide range of services. Instead, banks should push for integration and data sharing across trusted vendors who have strong financial backing and can work across countries and regions.

Finally, our experience shows that Fintech disruptors are not only innovators but also adept collaborators, leveraging strategic partnerships to boost their solutions quickly and effectively. Such agile partnerships enable the disruptors to stay ahead of the pack and scale across different regions and sectors. These Fintech disruptors build and use strategic partnerships to innovate and expand their reach. This creates complementary expertise, aligned resources, and the benefits of the network effect to grow quickly without diminishing the quality of service.


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In what ways is artificial intelligence impacting the fintech sector?

Artificial intelligence (or “AI”) is profoundly changing the fintech sector by introducing smarter solutions across various aspects of finance. Firstly, AI enables highly intuitive experiences for users by analysing their behaviours and preferences, allowing fintech companies to tailor products and services to individual needs.

For example, AI can play a crucial role in fraud detection and prevention. Through advanced algorithms, suspicious patterns in transaction data are identified quickly, helping mitigate fraud risks and protect users’ financial assets.

At Snowdrop, we use the latest AI from Google to power customer services such as customer support chatbots and AI-powered virtual assistants in the banking and travel sectors. Our MRS API product, for example, uses AI to find additional attributes about merchants so a user can better understand their spending insights and patterns. This means a consumer can ask “where was that romantic Italian restaurant I went to in Paris last month?” and the chatbot will be able to show on a map the merchant name, logo and even a copy of the receipt if captured by the user.

In short, AI when specifically targeted and used responsibly in conjunction with other datasets and verifiable resources enables companies like Snowdrop to create a much wider range of additional insights and services across the globe.

Which geographical hubs around the world are leading the charge when it comes to fintech innovation?

London has been the epicentre of this change starting in 2017 with the onset of the first challenger banks. Today, other financial hubs are emerging such as Dubai, Singapore and elsewhere like in Latin America where other challenger banks have grown substantially.


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How does your company differ from its direct competitors in the fintech space?

Our strength lies in delivering unmatched accuracy through unique matching algorithms that cut through variations in merchant names, locations, and details. This precision empowers users with clear, actionable insights into their spending.

In line with our commitment to innovation, we continually enhance our products to address the dynamic needs of our clientele. We recently upgraded our MRS API with the power of Gemini, Google’s advanced Machine Learning platform. This enhancement delivers more precise transaction categorisation, empowering users with an enhanced view of their finances.

To ensure this enhanced user experience, we leverage strategic partnerships with industry leaders like Google Cloud and Maps, Visa Europe, and PwC Middle East. This includes seamless Google Maps integration for unparalleled location accuracy and Visa Europe’s extensive global reach. Our collaboration with PwC Middle East ensures deep regional financial expertise. This dedication to partnerships underscores our commitment to excellence.

What advice do you have for aspiring professionals wanting to work in fintech?

My advice would be to:

Firstly, foster a mindset of continuous learning and adaptability. The fintech industry is in a constant state of evolution, driven by technological advancements, regulatory shifts, and changing consumer preferences. Embrace this environment of change as an opportunity for personal and professional growth.

Also, recognise that fintech is inherently disruptive, challenging traditional models and pushing boundaries. To thrive in such a space, aspiring professionals must embrace creativity, persistence, and a willingness to challenge the status quo. Be open to experimentation, iteration, and embracing failure as part of the journey towards breakthrough solutions. Remember: failure is only an error when you fail to learn.

Adopting a challenger spirit is crucial. This involves questioning established norms, challenging conventional wisdom, and pushing boundaries to drive innovation. It requires a hunger for change, a passion for problem-solving, and a relentless drive to disrupt and improve the status quo. Given these needs, smaller companies may be a better fit for such individuals.

By embracing this mindset, aspiring professionals can harness the power of fintech to drive meaningful change and make a positive impact on the world of finance and beyond.

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Tim Danton

Tim has worked in IT publishing since the days when all PCs were beige, and is editor-in-chief of the UK's PC Pro magazine. He has been writing about hardware for TechFinitive since 2023.

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