Technology can help enforce rules

[si.nf.o.269]

The United States has the safest banking system in the world; trusting that system with one’s money must remain paramount, Edwards said. Technology at scale must be a tool to enforce banking discipline in distributed banking environments, he said. However, bank and FinTech attitudes, policies and practices must also respect the discipline of safe banking. Although we may see a day when technology can have code that hardwires regulation into embedded banking and lending, we’re not there yet.

said Edwards, offering an phone number of thailand other analogy: His BMW will operate on autopilot so long as his hands are on the steering wheel and eyes are on the road ahead, but it will slow down and even stop if it senses Edwards is distracted. On the other end of the spectrum, a Tesla can pretty much let its driver sleep while it treks down the highway. Going Into BMW Mode Up to now, many banks and FinTechs have been in Tesla mode, Edwards said, and many players, banks included, have been driving too fast.

Ingo operates decidedly like a BMW, using technology to enforce safe guardrails (even though, down the line, a bank will conduct the same oversight). Edwards said Ingo is using technology to enforce discipline when, for example, the Ingo Payments platform helps embed banking into a restaurant payout experience. Ingo Payments will be debuting what Edwards termed a truly [secure and] immutable ledger that makes sure all transactions have an unbreakable audit trail forged with cryptography. When asked about the outlook for FinTech capital next year, Edwards predicted investors and capital markets will place more emphasis on FinTechs’ profitability and sustainability rather than customer acquisition and growth rates.