Small banks you've never heard of are quietly en
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Posted On: 02/15/2019 5:58:59 PM
Small banks you've never heard
of are quietly enabling the tech takeover of the financial industry:
They aren’t from Wall Street. Roughly two dozen banks, such as Cross River Bank, Sutton Bank, Celtic Bank and Evolve, are the ones handling the “financial” side of billion-dollar financial technology start-ups.
By forming these partnerships, the banks handle the federally regulated side while start-ups focus on building apps and platforms for digitally savvy consumers.
But experts say there are risks to such relationships, from hidden credit risks to hesitant regulators.
Kate Rooney | @Kr00ney
Published 5 Hours Ago Updated 2 Hours Ago
CNBC.comhttps://www.cnbc.com/2019/02/15/small-banks-youve-never-heard-of-quietly-power-the-booming-fintech-industry--.html
of are quietly enabling the tech takeover of the financial industry:
They aren’t from Wall Street. Roughly two dozen banks, such as Cross River Bank, Sutton Bank, Celtic Bank and Evolve, are the ones handling the “financial” side of billion-dollar financial technology start-ups.
By forming these partnerships, the banks handle the federally regulated side while start-ups focus on building apps and platforms for digitally savvy consumers.
But experts say there are risks to such relationships, from hidden credit risks to hesitant regulators.
Kate Rooney | @Kr00ney
Published 5 Hours Ago Updated 2 Hours Ago
CNBC.comhttps://www.cnbc.com/2019/02/15/small-banks-youve-never-heard-of-quietly-power-the-booming-fintech-industry--.html
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