Ideas from an online lender

If you want to know how to market to millennials, watch Social Finance, the online lender that calls itself SoFi. This is the company that started out refinancing student loans, but now also makes personal loans and mortgages. It just applied for a charter to operate an industrial bank in Utah, which would give it the opportunity to offer credit cards and FDIC-insured deposit accounts. [Continue]

It’s not too late for community banks to disrupt the future

The Money 20/20 conference prides itself in bringing together companies of all sizes and backgrounds, from multi-billion dollar financial institutions to fintech startups working out of their garage, and everyone in between. As a first-time attendee at the world’s largest and most well-known payments conference, I spoke with seasoned vets on what I could expect. “Wear comfortable shoes” and “get ready to be overwhelmed” were the pieces of wisdom bestowed upon me. Comfortable shoes turned out to be a hot tip as I navigated through the 11,000 attendees, 4,000 minutes of content and a 1.8 million-square-foot exhibit hall filled to the brim. By the end of the four-day conference, my pedometer logged me as having walked almost 30 miles. [Continue]

Regtech moves swiftly to the cloud

Financial technology research and advisory company Celent published a report in October titled “Cloud-Enabled Governance, Risk, and Compliance Solutions.” Written by research directors Neil Katkov and Cubillas Ding, the report is based on the authors’ study, sponsored by Amazon Web Services, which examined the potential for GRC in the ever increasing number of services moving to the cloud.

The report contends GRC in financial services is at a crossroads. Legacy systems in this arena are failing commercial banks that have moved to more cutting edge solutions for other operations. And like many of those, the services have become cloud based. [Continue]