Examining the Vicious Lifecycle of Fintech (ft. The Consumer Finance Podcast)
Fintech Takes
Recognize the Existential Risk of Banking Partnerships
The failure of the SVP served as a crucial wake-up call for the FinTech industry, highlighting the existential risk tied to banking partnerships. A reliance on bank partners poses a binary risk: without them, a FinTech cannot survive. Despite this pressing issue, there has been little change in the industry's approach to mitigate such risks since the SVP incident. The difficulty of onboarding new bank partnerships compounds this problem, as many early-stage FinTechs focus on immediate survival rather than long-term risk management.
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