FinWise EYE ON:

FinWise EYE ON:

By FinWise BankBusiness
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FinWise EYE ON: episodes

  • Strategic Partnership - Alli Nilsen

    Fintech & Bank Partnerships - Swipe Left or Swipe Right?

    In this podcast episode, Sarah Grotta, Deputy Chief Fintech Officer at FinWise Bank, interviews Alli Nilsen, Senior Strategic Partnerships Manager at Lithic, about creating successful working partnerships in the Fintech market. They discuss Alli's career journey, the current state of the Fintech market, the changing relationship between Fintechs and banks, and the challenges faced by Fintechs in finding balance sheet support.

    The conversation explores the idea that the current market cycle is not the first of its kind and draws parallels to a previous cycle from 2008 to 2014. It discusses the importance of oversight and awareness in preventing similar issues from recurring. The conversation also highlights the need for collaboration and forward-thinking in navigating the challenges of the market. The role of regulators and compliance in shaping the marketplace is emphasized, along with the value of constructive feedback and strong relationships with regulatory counterparts.

    Alli provides advice for Fintechs on how to make a good impression and find the right bank partner.

    Takeaways

    • Building successful partnerships in the Fintech market requires self-awareness and finding a bank partner that aligns with your goals and values.
  • The current environment has placed a magnifying glass on oversight, compliance, and regulatory review, which is healthy for the industry.
  • Fintechs need to invest in compliance and regulatory risk management to be successful and attract bank partners.

  • The current market cycle is not the first of its kind and can be seen as an iteration of a previous cycle.

  • Oversight and awareness are crucial in preventing recurring issues.

  • Collaboration and forward-thinking are essential in navigating the challenges of the market.

  • Regulators and compliance play a significant role in shaping the marketplace.

  • Constructive feedback and strong relationships with regulatory counterparts are valuable for growth and improvement.

  • The relationship between Fintechs and banks is evolving, with Fintechs now looking for banks that provide oversight and support their growth.
  • Finding the right bank partner requires a good personality fit and a basis of mutual respect for a long-term successful partnership.
  • Fintechs should approach bank partnerships as a two-way interview, ensuring that the bank aligns with their needs and values.

    • https://www.lithic.com/

    29 min
  • Data Privacy - David Ritter

    Learn how to protect your company from data privacy fines

    In this episode, Sarah Grotta, Deputy Chief Fintech Officer at FinWise Bank, interviews David Ritter, CEO of Privacy Lock, about consumer data privacy and compliance with state and federal privacy laws. They discuss the role of Privacy Lock in helping businesses comply with data privacy laws like GDPR and CCPA. David shares his journey into the privacy industry and highlights the importance of privacy in the emerging technologies landscape. They also explore the trends in data privacy laws, the need for businesses to keep customer data private, and the potential fines for non-compliance. They touch on the federal open banking law and its implications for data privacy. David provides advice for businesses on implementing privacy programs and discusses lessons learned from enforcement actions in mature privacy markets like California and Europe.

    Takeaways

    • Privacy Lock helps businesses comply with data privacy laws like GDPR and CCPA
  • There is a clear trend of more states passing broad data privacy laws
  • Businesses need to track and manage their customer data across its lifecycle
  • Formalized consent processes and privacy request processes are required by law
  • Enforcement actions in mature privacy markets have resulted in fines for non-compliance

    • https://www.myprivacylock.io/

    31 min
  • Card Production with Nathan Lemon - Head of Partnerships, IC Group
    How to play your hand and have a winning card strategy
     
    In this episode, Nick Chiappetti, VP Fintech Marketing & Partnerships at FinWise Bank, and Nathan Lemon, Head of Partnerships at IC Group, discuss the card manufacturing space and the considerations for fintechs when launching a card program.
     
    Nathan highlights the different types of card manufacturers and their specialties, such as white glove manufacturing, domestic players, and large global players. He also emphasizes the importance of partnerships, realistic timelines, and quick decision-making in the card production process. He discusses trends in card design, including alternative materials, biometrics, and dynamic CVV codes. Additionally, he addresses the influence of international markets on US card programs and the continued relevance of physical cards in the fintech space.
     
    Highlights
    • Partnerships matter in the card manufacturing space and can impact the success and timeline of a fintech's card program.
  • Fintechs should consider both digital and physical cards in their program strategy, as physical cards are still expected by most users.
  • Quick decision-making and realistic timelines are important in the card production process to avoid design paralysis and delays.
  • Trends in card design include alternative materials, biometrics, and dynamic CVV codes.
  • International markets influence US card programs, and there is a growing focus on biometrics and multi-factor authentication.
  • Physical cards will continue to be relevant in the fintech space, as they provide a tangible interaction with customers and establish trust.
    • 34 min
  • SBA Lending with Yankie Markowitz - CEO, SBA Loan Group

    What you need to know about SBA Lending from the Best in the Business

    In this episode, Jim Noone, president of FinWise Bank, interviews Yankie Markowitz, founding partner of Business Funding Group, about SBA loans. Yankie shares the background of SBA Loan Group and how they help business owners navigate the SBA loan process.

    They discuss the different SBA loan programs, including the 7A and 504 programs, and the eligibility criteria for each. They also highlight the importance of finding the right bank and setting realistic expectations for the loan process.

    The conversation covers the pros and cons of SBA loans, including the longer processing time and the need for thorough documentation. Jim and Yankie discuss the importance of having your financial reporting house in order when seeking financing for your business. They emphasize the need to have accurate and up-to-date tax returns, profit and loss statements, and other financial documents. They also highlight the significance of having a good credit score and reducing credit card utilization.

    The conversation covers various uses of funds, such as owner-occupied commercial real estate purchase, business acquisitions, and expansion funding. They also touch on the eligibility standards of the SBA and the importance of finding the right bank that understands your business and industry.

    Links mentioned in this episode:

    U.S. Small Business Administration. District office contact information by state:  https://www.sba.gov/about-sba/sba-locations/sba-district-offices

    National Association of Government Guaranteed Lenders (NAGGL): https://www.naggl.org/

    49 min
  • Compliance with Jason Chorlins - Principal, Kaufman Rossin

    Guidelines for putting together your compliance strategy.

    In this podcast episode, Kenzie Mexican, BSA Officer at FinWise Bank, interviews Jason Chorlins, Principal at Kaufman Rossin and financial services industry expert, about various topics related to compliance and risk management in the FinTech industry. They discuss the importance of compliance focus, managing third-party risk, mistakes in consumer card programs, monitoring complaints and Reg E, and reducing risk through risk assessment.

    Highlights

    • Compliance should be a top priority for banks and FinTechs in order to stay in business and be profitable.
  • Managing third-party risk is crucial, and it starts with understanding the requirements from interagency guidance and developing a third-party risk management program.
  • Consumer card programs can be high-risk, and it's important to understand and address issues such as fraudulent identification, disputes, and compliance with applicable regulations.
  • Monitoring complaints, including Reg E complaints, is essential for identifying areas of improvement and ensuring compliance.
  • Reducing risk requires a thorough risk assessment, setting a risk appetite, and monitoring key risk indicators to take appropriate actions.
    • 28 min
  • Banking and Fintech with Neepa Patel - Founder and CEO, Themis.

    Insights from a former regulator and risk management guru on the current fintech environment.

    In this conversation, Robert Keil and Neepa Patel discuss the challenges and opportunities in the banking-fintech space, with a focus on compliance and regulatory action. They highlight the need for banks to become tech providers and build platforms that support bank-fintech relationships. They also discuss the importance of collaboration and knowledge sharing among banks to ensure compliance and mitigate risks. 

    39 min

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Keeping an EYE ON all things in the Fintech Banking universe. A podcast from FinWise Bank. www.finwise.bank. FINW.