Are Fintech Standards Fit For Purpose?

Hey all, Jason here.Something the banking industry has been struggling with since the emergence of fintech is how to evaluate, onboard, and manage fintech partners, particularly those that are early stage, often unprofitable startups.As bank-fintech partnerships multiplied, so did the problems, eventually gaining mindshare with regulators, leading to more than a dozen fintech-related consent orders in recent years.A variety of proposals for how to simplify and improve bank-fintech partnerships have been floated, including the idea of “standards.” The topic has gained renewed attention following reports that the FDIC is working with bank and fintech trade groups to setup a standard-setting organization.But are fintech standards fit for purpose? That’s a major theme in this recent discussion I had with Alex Johnson, creator of Fintech Takes, and Jason Henrichs, CEO of Alloy Labs. A reminder, if you’re enjoying this show, please follow, rate & review on your preferred podcast platform, as it really helps others to find the show.And if you want to help support Fintech Business Weekly and independent journalism, upgrade to a paid subscription or reach more than 93,000+ listeners by sponsoring an episode. Get full access to Fintech Business Weekly at fintechbusinessweekly.substack.com/subscribe