FinWise Bank’s Post

Nice article in The Financial Brand about FinWise Bank, making it's name as a solid #banking partner for #bankingasaservice and #fintechs alike. Of course, Robert Keil may have something to do with their success. 😉 #baas #consumerpayments #consumerbanking #smb #financing #regulatory #creditcards #debitcards #bankingcompliance https://lnkd.in/ecTR4fvA

As consumer demand grows, sponsor banks—especially smaller ones—face intensified FDIC enforcement actions on third-party relationships. By prioritizing a "quality over quantity" mindset, Grasshopper Bank is navigating complex regulatory demands while realizing embedded finance growth. #regulations #banking #partnership #BaaS #fintechs #sponsorbanks https://lnkd.in/d2VdVtJb

Banks in Synapse mess make progress toward releasing deposits of stranded fintech customers KEY POINTS - - Banks involved in the mess caused by the collapse of fintech middleman Synapse have made progress piecing together account information for customers that could result in a release of funds in a matter of weeks, according to a person briefed on the matter. - More than 100,000 customers of fintech apps like Yotta, Juno and Copper have been locked out of their accounts since May. - Evolve Bank initially planned to release $46 million it held from payment processing accounts to give customers partial payments, according to the person familiar. But it now seems something approximating a full reconciliation of customer accounts is possible. https://lnkd.in/gncurYuD

The unique journey: from fintech to bank…

FinTech Futures: Top five news stories of the week – 20 September 2024: Here's our pick of five of the top news stories from the world of fintech this week, featuring JP Morgan, CSI, Revolut and more.

Thanks to everyone who attended yesterday’s JAM FINTOP Town Hall on Deposits….a year ago, post the failure of SVB, there was talk about sweeping regulatory reform around deposits….a year later not much has changed……Y/Y uninsured deposits - 2%, brokered deposits + 1%, reciprocal deposits +1%, etc.....perhaps the only clear trend is Time Deposits are up to 29% vs. 20% in 2022 (but still well below the pre-ZIRP era when CD’s were ~ 50%)…..areas yet to be addressed include what happens to the speed of deposit flows and need for greater liquidity due to Open Banking lowering switching costs (the CFPB is literally defining success in Open Banking as “way more account switching”) and Faster Payments (RTP / FedNow)……the bottom line is BANKS NEED TO BUILD MORE DIVERSIFIED AND STABLE DEPOSIT BASES……we asked bankers on yesterday’s Town Hall if their bank has public APIs and a developer portal for external client software integrations………the answers were 10% YES, 48% No, but our team is exploring this, 43% No, this is not currently on our radar…….the big banks are embedding banking inside of modern software and this is becoming table stakes in areas like Treasury Management……JAM FINTOP portfolio companies Trovata, Core10, ZSuite, infinant, Ampersand, Plinqit, etc. are helping to keep community banks competitive......thanks to all of our speakers Mark Kanaly at Alston & Bird, Joseph Berry at KBW, Brett Turner at Trovata, Greg Lewis  at Encore Bank, Joel Legg at Core10, Nathan Baumeister at ZSuite, Riaz Syed at infinant, Kelly A. Brown at Ampersand, Jason Seale at Plinqit……the replay and slide deck is now available on the JAM FINTOP portal #banktech #fintech #banking

Exploring the Intersection of Banks and Fintechs: Navigating the Opportunities and Risks. This is an educational read. Call your local Equity Banker if you would like to discuss safe options. Johnna Huke Mark Parman Julie Huber John Hanley Russell Colburn Adam Hubbard Laura Bowlin Kirby Coale Chad Nieman Justin Kelly Mark Steinman Chris Ryan Alexander Brown

Dear bank owner and/or executive, Reducing dependency begins with being willing to make temporarily uncomfortable changes. We see four possible scenarios for your bank: Scenario 1️⃣ The hostage feeling is horrible but it's not enough to make meaningful change. You send emails, open tickets, file complaints, and nothing really happens. It becomes something to talk about during company events, conferences, and posts like this. Scenario 2️⃣ The hostage feeling is horrible but not as scary as your regulator. You send emails, open tickets, file complaints, and nothing really happens. It becomes something to talk about during company events, conferences, and posts like this. Scenario 3️⃣ The hostage feeling is so horrible that anything sounds better and so you sign another agreement with a provider that promises an easier life. It's more modern, faster, and more secure. It'll bring in more deposits and all the fee income you could ever dream of. You eventually do something (or forget to do something) that results in your regulator knocking at your door. Scenario 4️⃣ You've had it with that hostage feeling created by everything around you. You, or someone you assign, commits to learning the basics of what makes up processing infrastructure regardless of vendor or technology - 30 minutes a day for the next 90 days. You make a decision to act and methodically start to assemble the pieces over time. We recently asked one of our bank customers to share what he thought was required to make meaningful and lasting change. Here's what he shared: - A Supportive Board of Directors - Staff Willing to Step Up & Learn - Guts - Patience Not a single thing on this list is about technology. Make the decision and you'll find the right technology and partners to help you get there. Sincerely, Randy #communitybank #creditunion #fintech

In a recent issue in Finovate magazine, Charbel Safadi, CEO of Zafin sheds light on how banks and financial institutions are gearing up to future-proof their businesses and better serve customers. Adaptability and innovation are at the forefront of this transformation journey and are critical factors in navigating the ever-evolving landscape of the financial industry. Read more about Charbel's thoughts and strategies in the full article: https://lnkd.in/gVJCiNFQ Al Karim Somji, Charbel Safadi, Simon Kalechstein, Shahir Daya, Terry Hickey, Fares Raad, Anugopal Venugopalan, Dinesh Krishnan, Bhavna Wadhwa, Chris D., Kathleen Landry, Hali Khan, Alexander Mutter, Pete Kooner, CertICM #coremodernization #customerexperiences #banking #Zafin #financialservices

FinTech Futures: Top five news stories of the week – 7 June 2024: Here's our pick of five of the top news stories from the world of finance and tech this week, featuring Mastercard, Robinhood, JP Morgan and more.