# Novo's Michael Rangel on the Transformative Role of AI in Fintech

Digest AI · Generative AI & Models · published 2026-09-15T16:46:32Z

Canonical: https://digestai.news/story/novo-s-michael-rangel-on-the-transformative-role-of-ai-in-fintech

## Summary

Michael Rangel, founder of fintech platform Novo, discusses how artificial intelligence (AI) has revolutionized his company. After nine years as CEO, he remains involved and supports Novo’s mission to empower small businesses. Key issues include the operational burden for banks serving small businesses, which AI can address through software solutions like compliance, fraud detection, and expense management. Rangel highlights that while AI is moving quickly, it still requires human expertise, especially in areas like tax preparation. He also emphasizes the importance of accurate transaction labeling, a feature Novo has improved to over 97% accuracy using frontier models. The article explores how AI can provide more personalized financial insights and guidance for small businesses, potentially replacing traditional banking advisors.

## Key points

- Michael Rangel is the founder of fintech platform Novo
- Novo serves independent businesses with a range of financial tools
- AI has improved transaction labeling to over 97% accuracy

## Why it matters

This article highlights how AI can significantly improve the financial services for small businesses, potentially replacing traditional banking advisors.

## Sources

1. [Michael Rangel, Founder of Novo](https://unite.ai/michael-rangel-founder-of-novo-interview-series) (Unite.AI, 2026-09-15)

## Cite

Digest AI, "Novo's Michael Rangel on the Transformative Role of AI in Fintech", 15 September 2026, https://digestai.news/story/novo-s-michael-rangel-on-the-transformative-role-of-ai-in-fintech

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