In this episode of "Accrued: A Fintech Confidential Series," presented by LoanPro, Host Tedd Huff and Co-Host Sarah Howell sit down with Robert Keil, the Chief Fintech Officer at FinWise Bank, to discuss the evolving world of sponsor banking. Robert shares insights from his rich banking background, shedding light on the pivotal changes and dynamic interplay between fintechs and traditional banking. 

They discuss the challenges associated with sponsor banking and how FinWise Bank manages to stay ahead of the curve. Robert discusses the bank's unique approach to banking solutions, emphasizing technology's critical role in enhancing compliance and operational efficiency. 

They also uncover the importance of the collaborative landscape between fintechs and banks, highlighting the shift in perspective towards viewing fintechs as vendors and the importance of aligning philosophies for successful partnerships. It's an insightful session filled with firsthand experiences and practical strategies from one of the industry's seasoned professionals.

They also peek into the Crystal Ball of the future, offering a glimpse of emerging trends and potential shifts in the sponsor banking arena. Robert's commentary on the importance of B2B opportunities and the potential for embedding financial products in various sectors hints at exciting developments on the horizon. For anyone interested in understanding the intricacies of fintech and banking collaboration, this episode is not just a conversation but a view into the future of Sponsor Banking. It's an essential listen for innovators, thinkers, and anyone curious about the transformative power of technology in finance.

Watch on YouTube. Key Highlights

• Unlock the Secrets of Sponsor Banking with FinWise's Chief Fintech Officer: With his extensive banking experience, Robert Keil breaks down the complexities of sponsor banking, shedding light on the synergy between fintech innovations and traditional financial systems. Learn about the importance of embedded banking products and how they transform the finance landscape.
• The Future of Transactions: Beyond Deposits and Payments: The emerging trends in digital payments, from seamless transactions to cutting-edge banking solutions, find out how FinWise Bank is leading the charge in redefining how we think about Sponsor banking
• Fintech Compliance and Innovation: Robert Keil shares insights on how FinWise is fostering innovation while maintaining a critical balance between compliance and innovation, ensuring a safe and forward-thinking banking environment.
• Tech-Driven Banking: See how FinWise Bank leverages the latest tech to enhance operational efficiency and offer unparalleled banking experiences.
• The Power of Fintech and Bank Collaborations: Learn how collaborations between fintech companies and traditional banks reshape the financial ecosystem and offer consumers more personalized and efficient services.
• B2B Innovations in Fintech: Discover how FinWise Bank is pioneering solutions that address businesses' unique needs, streamlining operations, and facilitating corporate growth.
• Overcoming Challenges in the Fintech Space: Robert Keil discusses the significant hurdles facing the fintech industry today, from regulatory challenges to technological barriers, and how FinWise Bank navigates these issues to stay ahead of the curve.
• Empowering Fintechs with Cutting-Edge Banking Solutions: Find out how FinWise Bank empowers fintech startups with robust banking platforms. These platforms enable them to innovate and disrupt the traditional banking model while ensuring compliance and security.
• The Evolving Landscape of Digital Banking: Shifts in consumer behavior and how banks adapt to meet these new demands.
• FinWise's Unique Approach to Sponsor Banking: Discover how Finwise has redefined the sponsor bank model by integrating technology and compliance to create a seamless and efficient banking experience.

Takeaways

1. Fintechs as Catalysts for Banking Innovation: Gain insight into how fintech companies are not just partners but catalysts, pushing banks like FinWise to explore new horizons in banking services, ensuring that the sector remains at the forefront of technological advancement and customer service excellence.
2. The Role of Compliance in Fintech Growth: Discover the intricate balance of trust between maintaining rigorous compliance and nurturing growth in the fintech sector. FinWise Bank shares how adhering to regulatory standards is compatible with and essential for the innovative development of banking solutions.
3. Redefining Customer Experiences: Learn about the transformation in customer banking experiences, where personalization and efficiency are key. The Sponsor banking sector is shifting towards services that are not only secure but also custom designed to fit the Fintech needs.
4. Strategic Fintech Partnerships and Their Impact: Unpack the strategic importance of selecting the right fintech partnerships, as discussed by Robert Keil. These collaborations are pivotal for banks aiming to enhance their service offerings and stay relevant in a rapidly evolving regulatory landscape.
5. Anticipating the Future of Financial Services: Get a glimpse into Robert's vision of potential trends in Sponsor banking and fintech. He advocates a more integrated, technology-driven approach to financial services, highlighting the ongoing need for innovation and adaptability.

Links:

Finwise:

Website: https://www.finwise.bank/

LinkedIn: https://www.linkedin.com/company/finwise-bank/

X (formerly Twitter): https://twitter.com/FinWiseBank

Robert’s LinkedIn Profile: https://www.finwise.bank/news/robert-keil-svp-chief-fintech-officer/

Fintech Confidential

YouTube: https://fintechconfidential.com/watch  

Podcast: https://fintechconfidential.com/listen 

Notifications: https://fintechconfidential.com/access 

LinkedIn: https://www.linkedin.com/company/fintechconfidential 

X (formerly Twitter): https://twitter.com/FTconfidentia l

Instagram: https://www.instagram.com/fintechconfidential 

Facebook: https://www.facebook.com/fintechconfidential

Support Provided by:

LoanPro - As default rates continue to rise and margins compress in lending, financial organizations are searching for solutions that combine operational efficiency with innovation. Look no further, as LoanPro allows lenders to enhance their origination, servicing, collections, and payments using the foundation of a modern lending core. Check out loanpro.io to learn more about how 600+ financial organizations have modernized their tech stack with LoanPro.

HAWK:AI - HAWK:AI's game-changing approach to compliance. With real-time monitoring, adaptive learning, and advanced AI, it cuts false positives, simplifying your compliance efforts. Upgrade your surveillance with ease. Visit https://gethawkai.com for more intelligent, more effective compliance.

Under: Transform Your Merchant Applications with Under. The Under platform revolutionizes the way ISOs handle merchant applications, offering a seamless transition to digital forms. Say goodbye to outdated processes and hello to efficiency. Discover the future of financial applications at https://under.io/ftc 

Time Stamps:

00:47 Introduction to Accrued a Fintech Confidential Series presented by LoanPro

04:20 Robert's Journey in the Banking and Fintech World

08:54 The Importance of Embedded Banking and Regulatory Compliance

12:42 FinWise's Unique Approach to Banking Solutions

13:47 The Benefits of FinWise's Technology-Driven Compliance

18:05 Navigating the Changing Landscape of Fintech Collaborations

21:50 The Power Shift in Bank-Fintech Relationships

22:19 The Evolution and Future of Fintech Collaborations

23:52 The Future of FinTech Ecosystems

24:28 Challenges Facing Sponsor Banks

25:10 The FinTech Philosophy vs. Banking Goals

26:34 Navigating Regulatory Challenges and Risk Management

29:37 Leveraging Technology for Compliance and Efficiency

31:18 The Role of AI in Banking and Its Limitations

34:25 Building and Integrating Custom Technology Solutions

41:37 Exploring B2B Opportunities and Embedded Financial Products

45:09 The Role of Sponsor Banks in Supporting Tech Integration

45:25 Predictions for Banking as a Service

45:54 Closing Remarks and Resources

This is a Production of Diamond D3, Media ABOUT:

Robert Keil: Working with people and problem-solving are two of Robert Keil's passions. It is gratifying to manage a team of extremely talented sales professionals and assist them in reaching their goals. At the same time, it is a pleasure to work with hundreds of FI clients and provide them with the Payment processing solutions they need to meet the account holders' expectations. Over the years, Robert has been responsible for sales, relationship management, sales support, product development, and marketing. He has personally grown and managed a national sales organization with over 70 team members, driving hundreds of millions of dollars in revenue growth. He knows what it takes to build a successful team, from hiring the right talent to training them, organizing them, and inspiring them to achieve great results. His career began in Germany, where he grew up with Dresdner Bank AG and developed his knowledge of the financial services industry. When he moved to the United States, he became an entrepreneur and operated a commercial cleaning franchise that he successfully sold three years later. Eventually, he returned to the corporate financial services world where he is today the Chief Fintech Officer at FinWise Bank.

Finwise Bank: FinWise is reshaping the Banking value chain through Fintech enablement. The Company is at a key expansion point as it incorporates BIN Sponsorship and Payments HUB offerings into its current platforms, creating an integrated Fintech banking solutions provider. Its existing Strategic Program Lending business, done through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading Fintech brands. FinWise also manages other Lending programs such as SBA 7(a), Real Estate, and Leasing, which provide optionality for disciplined balance sheet growth. FinWise is well positioned to help Fintechs through its compliance oversight and risk management-first culture.

Tedd Huff: Tedd Huff is the Co-Founder of Voalyre, and the President & Founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential.

Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments.

Sarah Howell:  Sarah Howell, a seasoned expert in banking and fintech, joins the LoanPro leadership team as the Vice President of Partnerships, aiming further to enhance the growth strategies of financial institutions and fintechs while also bolstering bank-fintech partnerships. 

With her extensive background in fostering collaboration between financial institutions and fintechs, Sarah is set to drive growth through innovative partnership strategies for LoanPro. Sarah’s unparalleled expertise in leading partner programs across traditional business models and banking-as-a-service models at Visa and Infinant has equipped her for strong success in this new role at LoanPro.

Sarah’s role in leading partnerships for LoanPro involves building a partner ecosystem designed to advance the growth goals of fintechs, financial institutions, and brands to meet evolving consumer and commercial demands for personalized financial services. Using her deep industry knowledge of embedded finance, credit card processing, and banking technology, Sarah will play an instrumental role in reinventing the collaboration between the entire financial ecosystem, providing strong partnerships and seamless integrations.

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