THE RISE AND FALL OF FINTECH FUNDING

Banks have relied on fintechs to meet KYC, BSA and AML requirements and address other regulatory compliance issues. The expense of managing the regulatory compliance issues outweighs any cost savings or earnings from the fintechs. Banks should increase due diligence With any fintech partnership, ban...

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Bibliographic Details
Published inBankBeat Vol. 208; no. 2; pp. 18 - 19
Main Author Yang, Anna Burgess
Format Trade Publication Article
LanguageEnglish
Published Minneapolis NFR Communications Inc 01.02.2023
Subjects
Bank technology
Compliance
Customer services
Financial services
Funding
Internet
Profits
Venture capital
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Summary:Banks have relied on fintechs to meet KYC, BSA and AML requirements and address other regulatory compliance issues. The expense of managing the regulatory compliance issues outweighs any cost savings or earnings from the fintechs. Banks should increase due diligence With any fintech partnership, banks should be looking at the company's SOC compliance and financial statements.