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Ingo Payments’ Edwards: 2025 Will Change the Rules for Bank-FinTech Partnerships
- Ingo Payments CEO, Drew Edwards, believes that as banking and payments industries move closer to 2025 on a new regulation-averse government worldview, one of the issues that requires attention is the partnership between banks and FinTechs.
- FinTechs mostly remain untested in terms of risk and control as they have created new ways of moving money and following money has been difficult in some cases.
- Edwards has noted a priority on the customer experience and customer acquisition by investors and start-ups.
- However, tenets of safe banking practices have not been prioritised much in this space.
- Ingo operates like a BMW enforcing safe guardrails and using technology to enforce discipline with the aim of embedding banking into consumers' payment experiences.
- As 2025 approaches, a new presidential administration takes shape, and there is growing uncertainty around which entities will be responsible for bank-FinTech oversight.
- Edwards believes that investors and capital markets will focus more on FinTechs’ profitability and sustainability in the coming year.
- Furthermore, he acknowledges that regulations around artificial intelligence will increase due to criminals’ advanced technology when it comes to the increasing sophistication of fraudsters and impersonations.
- Edwards predicts that the banking system has to move to embedded banking with technology that ensures safe banking.
- Based on the increasing regulations and changes in the banking system, Edwards believes no matter a FinTech company’s sector of the business, it will affect their relationship with banks.
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