Fintech Takes
S9 E6: Money20/20, 2024: BaaS and Open Banking and AI (Oh My!)
Nov 6, 2024
In a lively discussion, Jason Henrichs, CEO of Alloy Labs and co-host of the Breaking Banks podcast, shares insights from the recent Money20/20 event. He delves into the transformative role of bank-fintech partnerships and the newly finalized 1033 rule, which has sparked significant debate. The conversation also tackles the reality check on AI hype as the industry shifts focus to regulation and compliance. Jason emphasizes the need for clear standards to empower smaller fintechs amidst evolving dynamics in open banking and the broader fintech landscape.
28:30
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Quick takeaways
- Open banking emerged as a pivotal theme, particularly following the CFPB's finalization of the 1033 rule, sparking extensive industry discussions.
- The podcast highlighted concerns about AI being overhyped, advocating for a more cautious and realistic approach to its practical applications.
Deep dives
Emerging Themes at Money 2020
The recent Money 2020 event showcased a shift back towards content-rich discussions, contrasting earlier years that emphasized sales. Participants engaged in meaningful conversations about crucial topics such as bank-fintech partnerships, banking as a service, and the evolving landscape of open banking, especially in light of recent regulatory updates. The new rules surrounding open banking were particularly noteworthy, generating a dramatic backdrop of discussion with many industry players eager to understand their implications for collaborative efforts. This pivot highlights a mature approach to navigating the complexities of the fintech space, moving toward substantive discussions rather than transactional ones.
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