Fintech Takes
What Customers Want: Navigating the Tension Between Innovation and Regulation
Oct 3, 2024
Ahon Sarkar, SVP & GM at Helix, shares insights on the delicate balance between fintech innovation and regulatory demands. He discusses how banks and fintechs collaborate to enhance customer service while navigating compliance challenges. Ahon emphasizes the importance of selecting the right sponsor bank and the need for operational rigor. He also highlights the value of customer feedback in shaping products and ensuring regulatory adherence. By fostering trust and communication, fintechs can thrive in an ever-evolving landscape.
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Quick takeaways
- Effective fintech and bank partnerships require a clear understanding of customer service frameworks to align operational expectations and regulatory needs.
- Trust, built over time through consistent positive interactions, is crucial for sustaining the relationship between fintechs, banks, and their customers.
Deep dives
The Role of Banks in FinTech Partnerships
FinTech companies often rely heavily on bank partnerships to operate effectively in the financial services space. Banks have a fundamental responsibility to oversee how FinTech programs interact with their customers and ensure compliance with regulations. This relationship starts with a clear understanding of customer service frameworks between banks and FinTechs, helping to balance the service needs of users with regulatory requirements. By assessing the level of experience and understanding between bank and FinTech partners, both parties can better align their operations and expectations from the ground up.
