In this special edition of the FinWise EYE ON: podcast, the team reflects on the tumultuous year of 2024, discussing key themes such as the impact of consent orders, the evolving relationship between banks and fintechs, and the importance of compliance and risk management. They share insights on best practices for fintechs seeking bank partnerships and the role of technology in enhancing compliance efforts. Looking ahead to 2025, the conversation emphasizes the need for a strong foundation in compliance and the potential for innovation in the banking sector.
FinWise Team:
Sarah Grotta - Deputy Chief Fintech Officer
Nick Chiappetti - VP, Fintech Marketing and Partnerships
Kenzie Mexican - Deputy Chief Compliance and Risk Officer
Simon Darchis - Head of Fintech Products and Strategic Initiatives.
Nathan Mills - VP, Corporate Marketing and Communications
Takeaways
- 2024 was marked by significant regulatory scrutiny in the fintech space.
- Consent orders were prevalent, highlighting the need for better compliance practices.
- The relationship between banks and fintechs is evolving towards more stringent oversight.
- Fintechs must prioritize compliance in their business plans to succeed.
- Education and understanding of risks are crucial for fintechs seeking bank partnerships.
- Technology can enhance compliance efforts but should not replace human oversight.
- The industry is maturing, with a focus on sustainable practices and risk management.
- Future fintech products must adapt to the preferences of Gen Z consumers.
- Collaboration between banks and fintechs is essential for navigating regulatory challenges.
- The future of banking as a service looks promising with opportunities for innovation.
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