Breaking Banks
Hot Takes on Banking Regulation, Standards, AI, and Fraud
Mar 6, 2025
Phil Goldfeder, CEO of the American FinTech Council, champions a customer-centric financial system, while Seema Gandhi, co-founder of CFES, focuses on developing sound standards for non-banks. They discuss the surge in bank-fintech collaborations and how these partnerships expand access to financial services. The conversation shifts to AI’s role in fraud detection, emphasizing the need for clear compliance standards and effective risk management to navigate the dynamic financial landscape.
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Quick takeaways
- The podcast emphasizes the necessity of developing clear compliance standards to foster innovation while ensuring risk management in bank-fintech partnerships.
- AI's integration within financial services is crucial for enhancing fraud detection and compliance, driving operational efficiency through innovative technology solutions.
Deep dives
Impact of Regulation on FinTech Innovation
The discussion highlights the ongoing challenge of regulation in the FinTech sector and the debate over whether creating new standards would genuinely foster innovation. There is recognition that the landscape is evolving, with regulatory pressures increasing and a call for more thoughtful collaboration between regulators and industry players. Experts suggest that while regulatory changes are necessary, they must not stifle innovation but rather support a thriving ecosystem by addressing the gaps left in existing frameworks. The sentiment is that implications of regulation will need to consider the unique dynamics of bank-fintech partnerships as they become more prevalent.
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