FinWise EYE ON:

Card Trends Unveiled: Insights with David Shipper of Datos Insights

Summary
In this episode of the FinWise EYE ON: podcast, Sarah Grotta speaks with David Shipper, a strategic advisor at Datos Insights, about the latest trends in payment cards. They discuss the profitability of debit cards, the impact of regulations, and the evolving credit card market. David shares insights on how smaller banks can successfully issue their own credit cards and the potential of flexible credentials that link multiple payment types. The conversation also touches on the future of physical cards and consumer spending trends in the current economic climate, concluding with information about an upcoming conference focused on retail banking transformation.
Takeaways
David Shipper provides insights on the payment card industry.
Debit cards remain profitable despite regulatory challenges.
Banks can increase debit card transactions through strategic practices.
Smaller banks have opportunities to issue their own credit cards.
Flexible credentials could streamline payment processes for consumers.
Physical cards still hold significant value in consumer wallets.
Consumer spending trends are influenced by economic factors.
The potential impact of credit card interest rate caps is concerning.
Conferences provide valuable networking opportunities for bankers.
The importance of adapting to changing consumer preferences in banking.
Keywords:
payment cards, debit card trends, credit card market, financial institutions, consumer spending, banking technology, flexible credentials, economic insights, retail banking, card issuing
 
 

Alex Johnson Decodes Financial Nihilism, AI, and the Future of Banking.

In this episode of the EYE ON: Fintech Podcast, Simon Darchis and Alex Johnson discuss the evolving landscape of fintech, focusing on key trends, innovations, and the impact of AI on the industry. They explore the maturation of fintech infrastructure, the fragmentation of service providers, and the role of AI in enhancing efficiency and reducing costs.
The conversation also delves into the challenges of regulation in a rapidly changing environment, emphasizing the need for transparency and accountability in AI applications within financial services.
In this conversation, Alex Johnson and Simon discuss the evolving landscape of regulation in the crypto and fintech industries, emphasizing the need for clear and fair rules. They explore the tension between traditional financial services and fintech, the concept of financial nihilism among consumers, and the implications of diversity, equity, and inclusion (DEI) in financial services.
The discussion also covers the evaluation of lending products, particularly the comparison between Buy Now Pay Later (BNPL) and credit cards, and concludes with insights on the future of lending in the context of economic cycles.
Takeaways
Alex Johnson has 20 years of experience in fintech.
Fintech is evolving with repeating patterns over time.
Infrastructure advancements lead to significant innovations.
The lending space has seen backend innovations recently.
The number of infrastructure providers is becoming overwhelming.
AI has been embedded in financial services for years.
Generative AI can improve efficiency in back office processes.
Regulation will need to adapt to the rise of AI.
Trust in AI will take time to develop among consumers.
Deregulation poses risks and opportunities for the industry.
The crypto industry seeks clear and fair regulations.
Trust is essential in financial services.
Recent failures in banking will influence regulatory approaches.
Financial nihilism reflects consumer desperation and speculation.
DEI initiatives can be good business, not just charity.
Lending innovations must align with consumer interests.
BNPL and credit cards have different impacts on financial health.
Understanding consumer behavior is crucial in lending.
The lending industry is at risk of a cyclical downturn.
Economic shocks will tighten credit availability.
Alex Johnson's Fintech Takes Newsletter
 

Credit Card Innovation and FinTech Trends: A Deep Dive with Sunil Singh, CEO of Tallied

Navigating the Fintech Landscape: A Conversation with Sunil Singh, CEO of Tallied
In this episode of the FinWise EYE ON: podcast, Deputy Chief FinTech Officer Sarah Grotta hosts Sunil Singh, founder and CEO of Tallied, to explore the evolution of the FinTech industry. Sunil shares his extensive career journey, from starting as an engineer in India to his roles at prominent companies like Oracle, Blackhawk Network, and Marketa, leading up to founding Tallied.
The discussion covers Tallied's mission to modernize credit card infrastructure, the challenges and impacts of the current regulatory and economic environment, and the future of Fintech with emerging technologies like AI. Sunil also provides insights into partnership dynamics with financial institutions and strategic advice for Fintech startups in today's market.
00:48 Meet Sunil Singh: CEO of Tallied01:06 Sunil's Journey in Fintech05:07 Founding Tallied: The Spark and Vision10:09 Building and Partnering in Fintech12:04 Navigating Challenges in the Fintech Landscape31:12 The Future of Fintech and AI39:38 Opportunities for Tallied and Final Thoughts

The Evolving Role of Sponsor Banks in Fintech with Visa's Brittany Decker

FinWise EYE ON: Exploring Bin Sponsorship with Brittany Decker
In this episode of the FinWise EYE ON podcast, host Sarah Grotta, Deputy Chief Fintech Officer at FinWise Bank, discusses bin sponsorship, the role of sponsor banks, and Visa's innovations with Brittany Decker, Head of Sponsor Banks at Visa.
Brittany shares her extensive experience in the financial services and payments industry, spanning nearly 14 years, and talks about how Visa supports fintech innovation. The conversation delves into Visa's journey in the fintech space, emphasizing the importance of prepaid programs and financial inclusion.
They explore significant technological milestones, such as Visa Direct and the Visa flexible credential, and discuss trends shaping the sponsorship bank ecosystem, focusing on innovation, regulatory changes, and new market opportunities in 2025.
Finally, the episode covers the evolving needs of small and middle-market businesses, with a spotlight on fleet management and other niche verticals.
00:00 Introduction to FinWise EYE ON Podcast01:05 Guest Introduction: Brittany Decker from Visa01:29 Brittany's Journey in Financial Services04:35 Visa's Role in the Fintech Space05:20 The Evolution of Prepaid and Financial Inclusion11:25 Trends in the Sponsorship Bank Ecosystem13:34 Innovations in Financial Inclusion24:37 Future Trends and AI in Financial Services29:27 Opportunities in Small and Middle Market Businesses37:02 Conclusion and Final Thoughts

FinWise Team 2024 Year in Review

In this special edition of the FinWise EYE ON: podcast, the team reflects on the tumultuous year of 2024, discussing key themes such as the impact of consent orders, the evolving relationship between banks and fintechs, and the importance of compliance and risk management. They share insights on best practices for fintechs seeking bank partnerships and the role of technology in enhancing compliance efforts. Looking ahead to 2025, the conversation emphasizes the need for a strong foundation in compliance and the potential for innovation in the banking sector.
FinWise Team:
Sarah Grotta - Deputy Chief Fintech Officer
Nick Chiappetti - VP, Fintech Marketing and Partnerships
Kenzie Mexican - Deputy Chief Compliance and Risk Officer
Simon Darchis - Head of Fintech Products and Strategic Initiatives.
Nathan Mills - VP, Corporate Marketing and Communications
 
Takeaways
2024 was marked by significant regulatory scrutiny in the fintech space.
Consent orders were prevalent, highlighting the need for better compliance practices.
The relationship between banks and fintechs is evolving towards more stringent oversight.
Fintechs must prioritize compliance in their business plans to succeed.
Education and understanding of risks are crucial for fintechs seeking bank partnerships.
Technology can enhance compliance efforts but should not replace human oversight.
The industry is maturing, with a focus on sustainable practices and risk management.
Future fintech products must adapt to the preferences of Gen Z consumers.
Collaboration between banks and fintechs is essential for navigating regulatory challenges.
The future of banking as a service looks promising with opportunities for innovation.
 
 

Navigating the 1033 Rule: Opportunities and Challenges - Matt Faso, Trustly

In this podcast episode, Sarah Grotta and Matt Faso discuss the recently finalized 1033 rule, which focuses on open banking and data privacy in the U.S. They explore the origins of the rule, its core principles, and the changes from the proposed to the final version.
The conversation highlights the compliance timelines for financial institutions, the interplay between the 1033 rule and state privacy laws, and the requirements for data sharing among financial institutions and third parties. The episode emphasizes the importance of consumer choice and security in the evolving landscape of open banking.
In this conversation, Matt Faso discusses the complexities and implications of the new consumer data sharing rules set by the CFPB. He highlights the challenges consumers face with data reauthorization, the vagueness of the rules, and the compliance requirements for financial institutions and third parties. The conversation also touches on enforcement uncertainties and the potential for future expansions of the rule.
Takeaways
The 1033 rule is a significant step for open banking in the U.S.
Consumers have the right to access and share their financial data.
The rule aims to promote innovation and competition in banking.
Data providers cannot charge for access to consumer data.
The final rule provides more clarity on compliance timelines.
There is a strong emphasis on consumer privacy protections.
The rule encourages the use of secure APIs over screen scraping.
Financial institutions must comply with both federal and state privacy laws.
The anti-evasion rule could prevent data access barriers.
The rule aims to make switching financial providers easier for consumers.
Reauthorization of consumer data can lead to significant consumer harm.
The CFPB's vagueness in the rule creates uncertainty for stakeholders.
Clarity on compliance timelines is essential for data recipients.
Data providers can deny access if data recipients are non-compliant.
The rule lacks specific monetary penalties for violations.
Third parties must maintain robust data security policies.
The rule supports the pay by bank model but has limitations.
The CFPB aims for the rule to be a starting point for future developments.
The political landscape may affect the enforcement of the rule.
Future expansions of the rule are uncertain under the new administration.
Slide summary PDF of Matt's information from this episode
https://www.trustly.com/
 

Common Pitfalls in Reg E Compliance - Sarah Fernandez, Kaufman Rossin

In this podcast episode, Sarah Grotta and Sarah Fernandez discuss the critical importance of Regulation E (Reg E) in the banking and fintech sectors. They explore the challenges financial institutions face in compliance, the role of technology in dispute resolution, and best practices for managing partnerships with fintechs. The conversation also highlights common errors in Reg E compliance and emphasizes the need for consumer protection in dispute management. As new payment technologies emerge, the discussion underscores the importance of adapting compliance strategies to ensure consumer rights are upheld.
Takeaways
Reg E is essential for consumer protection in banking.
Financial institutions must understand compliance challenges.
Technology can streamline dispute resolution processes.
Onboarding fintech partners requires thorough due diligence.
Reg E compliance is evolving with new payment technologies.
Testing and documentation are crucial for compliance.
Common errors include misunderstanding timing requirements.
Consumer communication is key in dispute management.
Financial institutions should monitor for potential fraud.
Continuous improvement in compliance processes is necessary.
Kaufman Rossin
 

What are industry experts saying about financial trends and the future of fintech?

 
Join us for an EYE ON Podcast with our special guests, all industry leaders, who stopped by our FinWise satellite office during our time at Money20/20, one of the world’s largest fintech events, to give us their insights into top trends, current state of fintech and bank partnerships, financial inclusion, and emerging technologies shaping the future of embedded finance and the fintech industry. There is palpable excitement for the possibilities in the fintech industry shared in this special podcast edition.
Money20/20 Guests
Such Patil, Head of Partnerships, and Alli Nilsen, Senior Strategic Partnerships Manager, Lithic (:30 – 8:33)
Glenn Murray, Chief Strategy Officer, DreamFi (8:35 – 13:50)
Taylor Cembalist, Director of Customer Success and Partnerships, NetXD (13:52 – 18:13)
Krishnan Gopalakrishnan, Co-Founder and CEO, Plannery, and Andrew First, Co-Founder and CTO, Plannery (18:15 – 23:37)
Sonja McIntosh, Vice President of Operations, DreamFI (23:39 – 24:37)
Lee Easton, President, iDentify (24:39 – 31:08)
Brittany Decker, Sr. Director, Head of Sponsor Banks, Visa (31:10 – 45:54)
Shawn Ghuman, Enterprise Sales Lead, Sardine (45:56 – 51:24)
Nicola Morris, COO, Highnote (51:26 – 55:12)
Nathan Lemon, Head of Partnerships, IC Group (55:14 – 59:22)
Stewart Watterson, Strategic Advisor, Datos Insights (59:24 – 65:11)
David Ritter, CEO, Privacy Lock (65:13 – 70:30)