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Fintechs Should Establish Multiple Bank Partnerships

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  • Fintechs often have one bank partner because of the lengthy due diligence process.
  • But FS Vector’s John Beccia said the evolving regulatory environment could change that.
  • Beccia cited a recent OCC consent order as an example of why fintechs should work with multiple banks.

As fintech and bank partnerships receive heavier scrutiny, financial-technology companies shouldn’t place their eggs in one basket, according to one insider.

Fintechs should have more than one bank partner in this regulatory environment, John Beccia, CEO of consultancy FS Vector, said while speaking at Money20/20 USA.

“A lot of regulators are looking more closely at these partnerships. The other thing is it might be that the banks just decide that the fintechs, their risk profile, or the economics don’t work,” said Beccia.

Getting onboarded with a bank is a lengthy process, sometimes taking months. And because of that, fintechs often only have one partner, Beccia said.

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