Choice Fin Takes on Fintech Meetup

In March, we had a team attend Fintech Meetup, a collaborative, networking extravaganza of over 130 categories of services and solutions, including fintech startups, banks, investors, processors, merchants, project managers, and many others in the fintech ecosystem. Our team took over 70 meetings with fintechs, marketing firms, and related financial program services. These meetings spanned over two days and took place all in one room. All 600+ of them. Seeing 1,200+ people exchanging ideas, pitching the next great fintech, and offering products and solutions.

We’re giving you our key takeaways to keep in mind going into Q2 and beyond.

Our main takeaway: Compliance, compliance, compliance.

We still don’t know all the ramifications of Silicon Valley Bank and how it will influence legislation, regulatory compliance, and marketing. Marketing and advertising are one of the first places regulators look for oversight. Involving and staying compliant will keep you ahead of potential setbacks. Many panels discussed involving risk and compliance teams early and keeping them involved throughout the onboarding process, in addition to keeping your bank up to date on any changes you may be making as you grow. Implementation is a marathon, not a sprint.

Noteworthy: Trust and inclusion are influencing banking.

Niche is no longer the norm in fintechs with the way that people purchase and choose their products. Trust in brands is more important than access. Somebody who is unbanked or underbanked would be less likely to trust a larger bank, they’re more likely to choose a banking brand that they relate to.

Hot Topic: The new wave of money movement.

Fintechs are figuring out how to move money faster and faster every day expanding the need for smarter transaction services. This leads to expansion and innovation in data collection and reporting, while allowing consumer quicker access to their hard-earned cash.

Want to discuss more about Fintech Meetup? We’d love to chat!