Breaking Banks What if the race for the future of finance is a relay?
May 29, 2025
In this discussion, Greg Palmer from Finnovate, a seasoned observer of fintech trends, dives into the fierce competition between traditional banks and agile fintech startups. They dissect the staggering profits of banks amid stagnation in loan growth versus faltering fintech funding. Topics like the regulatory challenges facing Banking as a Service (BaaS) and the potential of AI to reshape compliance and financial services take center stage. Palmer and the hosts confront predictions on the future of finance, urging a balance between innovation and customer needs.
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Episode notes
Banks vs. Fintechs Dynamics
- Traditional banks hold vast profits but face sluggish loan growth and regulatory challenges.
- Fintechs have innovative ideas but struggle with limited capital, creating a competitive, fast-evolving market.
AI Maturity in Finance
- AI integration in finance is shifting from exploration to solving specific problems.
- Fraud detection and customer interaction are promising areas where AI is starting to deliver value.
Embrace AI Incrementalism
- Take small, incremental steps when implementing AI in financial services.
- Learn from what works and what doesn’t to refine your approach effectively.