Banks must bolster awareness of fintech partner risks, experts advise at Fordham

Financial Crimes 2024 Managing Nonbanks

During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology (fintech) partnerships, offering best practices for how banks should protect themselves.

The relationship between banks and fintechs has always been problematic from a compliance perspective, particularly for community and regional banks worried about being left behind by technological advances.

Fintechs offer accessible, bank-like services that would take smaller banks months or years to develop on their own, while also offering their banking partners access to new customers who traditional banking models don’t reach.

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