Fintech Insider Podcast by 11:FS
807. Insights: Managing regulation without compromising innovation
Dec 1, 2023
Guests James Baston-Pitt and Ed Pugh discuss managing regulation without compromising innovation in banking. They explore the significance of regulation and identity risk in the FinTech industry, managing risk and identity verification in business, understanding risk and rewards in business decisions, the role of regulation in managing financial crises, and the state of the finance industry and the need for innovation.
43:47
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Quick takeaways
- Striking the right balance between regulation and innovation is crucial for fintechs to deliver better customer value while ensuring consumer protection.
- Fintechs play a crucial role in revolutionizing the financial services industry by addressing gaps in traditional financial services through innovative solutions.
Deep dives
The Role of Regulation in Fintech Innovation
Regulation has had a significant impact on the fintech industry, spurring innovation in response to the shortcomings of traditional financial services. While some argue that finance is not broken, the customer experience provided by incumbents has been lacking. Fintechs aim to solve this problem by leveraging new technologies and data to deliver better customer value. However, striking the right balance between regulation and innovation is crucial. Fintechs must comply with regulations to ensure consumer protection and prevent cowboy behavior. At the same time, regulations should not hinder the ability of fintechs to innovate and provide new and improved solutions.
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