Growth in Bank-Fintech Partnerships, Examples and Evolving Models
The stats clearly demonstrate the rapid adoption of bank-fintech partnerships in the financial services industry over the last few years.
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The stats clearly demonstrate the rapid adoption of bank-fintech partnerships in the financial services industry over the last few years.
If you’re operating in finance - any area of finance - then you probably know that as much as it is important to have a good business plan, it is equally important to have high levels of compliance. Even more so if your business is a fintech one – that is to say, if technology is used in order to improve financial services use and delivery to consumers.
With hundreds of new fintech companies going into business each year, finding the right compliance talent in a cost-effective way is a significant challenge. Demand for both staff and leadership is high.
Regulatory scrutiny considerations for fintechs are likely to increase in 2021 and beyond. Disruptive innovators in blockchain and digital assets can help stay on the right side of current and future trends if they do not skip steps as they plan for growth. Mapping out the grey areas in advance and building a sustainable regulatory strategy will help keep newer disruptors in the black and out of the headlines.
Fintech compliance regulations may seem like an unnecessary leftover from a pre-fintech world to some people. Especially in an innovative area such as fintech, many entrepreneurs consider dedicating resources to remaining compliant as a necessary evil at best.
They see fintech as an opportunity to break free of the old world of slow-moving institutions and cumbersome regulations. But that perception is actually flawed. When planned and implemented properly, a robust regulatory compliance program helps fintechs find new sources of growth and revenue, ultimately resulting in a competitive advantage.
At InnReg we resolve a myriad of complex fintech compliance issues for cutting edge clients in highly regulated industries. We’re passionate about launching your creative ideas without compromising your original vision, and without undue regulatory risk.
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