By Jennifer Marshall, Growth Marketing Manager
Cautious optimism characterized the mood at Finovate Spring this year. Apropos of the San Francisco location, recent bank failures and widespread layoffs by FAANG (Facebook, Amazon, Apple, Netflix, and Google) drove most of the conversation between conference attendees.
On the heels of the SVB fallout, fintechs are under more regulatory scrutiny than ever. The era of uninhibited fintech prospecting is over. Mythical, “unicorn” solutions are being eschewed for tangible, efficient products capable of surviving in the real world. This shift in industry values has prioritized compliance with federal regulations like Reg E, Reg Z, and Nacha, as well as efforts toward risk mitigation. As FIs brace for a new round of regulations, resolving outstanding compliance issues is more important than ever.
It’s never the “right time” to invest in solutions for back-office compliance problems and seemingly unavoidable loss lines, but it’s a worse time for FIs to shoulder the burden of risk and noncompliance alone.
At Finovate Spring, Quavo’s Director of Sales, Benjamin Anderson spoke to the urgency of implementing third-party solutions to heavily regulated, internal processes, specifically as process like fraud management. Anderson detailed the overlooked of fraud across an organization and how even post-authorization fraud technology can be leveraged to avoid otherwise unavoidable losses from fraud.