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Fintech Insider Podcast by 11:FS
898. Insights: The fintech crash no one saw coming
Sep 19, 2024
Join Jason Mikula, founder of a leading fintech publication, Nicolas Benady, CEO of a banking platform, and Susan French, a Banking-as-a-Service consultant, as they unpack the unforeseen crisis in the fintech world. They discuss the fallout from the collapse of key players, which triggered a loss of customer trust and millions in losses. The trio delves into the evolution of BaaS, cybersecurity challenges, and regulatory complexities, alongside a fresh perspective on the potential future for successful fintechs like Adyen and Stripe.
53:05
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Quick takeaways
- The collapse of major fintechs like Synapse has revealed systemic vulnerabilities in Banking-as-a-Service infrastructure, impacting customer trust significantly.
- There is a critical need for clearer regulatory frameworks in the U.S. BaaS sector to ensure compliance and enhance customer oversight amidst ongoing challenges.
Deep dives
The Rise and Fall of Banking as a Service
Banking as a Service (BaaS) transitioned from a prominent fintech solution in 2023 to facing a significant crisis by 2024, impacting major players like Synapse and Evolve. The bankruptcy of Synapse triggered widespread concerns as it froze account access for users, emphasizing vulnerabilities within the BaaS infrastructure. Experts highlighted that while some risks were evident earlier, the collapse caught many off guard, revealing systemic flaws in compliance and governance that had been underestimated. The ongoing turmoil illustrates the consequences of a lack of experience and regulatory understanding among newer fintech companies partnered with banks.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode