FinWise EYE ON‪:‬ FinWise Bank

In this episode, Nick Chiappetti, VP Fintech Marketing & Partnerships at FinWise Bank, and Nathan Lemon, Head of Partnerships at IC Group, discuss the card manufacturing space and the considerations for fintechs when launching a card program.
 
Nathan highlights the different types of card manufacturers and their specialties, such as white glove manufacturing, domestic players, and large global players. He also emphasizes the importance of partnerships, realistic timelines, and quick decision-making in the card production process. He discusses trends in card design, including alternative materials, biometrics, and dynamic CVV codes. Additionally, he addresses the influence of international markets on US card programs and the continued relevance of physical cards in the fintech space.
 
Highlights
Partnerships matter in the card manufacturing space and can impact the success and timeline of a fintech's card program.
Fintechs should consider both digital and physical cards in their program strategy, as physical cards are still expected by most users.
Quick decision-making and realistic timelines are important in the card production process to avoid design paralysis and delays.
Trends in card design include alternative materials, biometrics, and dynamic CVV codes.
International markets influence US card programs, and there is a growing focus on biometrics and multi-factor authentication.
Physical cards will continue to be relevant in the fintech space, as they provide a tangible interaction with customers and establish trust.

In this episode, Jim Noone, president of FinWise Bank, interviews Yankie Markowitz, founding partner of Business Funding Group, about SBA loans. Yankie shares the background of SBA Loan Group and how they help business owners navigate the SBA loan process.
They discuss the different SBA loan programs, including the 7A and 504 programs, and the eligibility criteria for each. They also highlight the importance of finding the right bank and setting realistic expectations for the loan process.
The conversation covers the pros and cons of SBA loans, including the longer processing time and the need for thorough documentation. Jim and Yankie discuss the importance of having your financial reporting house in order when seeking financing for your business. They emphasize the need to have accurate and up-to-date tax returns, profit and loss statements, and other financial documents. They also highlight the significance of having a good credit score and reducing credit card utilization.
The conversation covers various uses of funds, such as owner-occupied commercial real estate purchase, business acquisitions, and expansion funding. They also touch on the eligibility standards of the SBA and the importance of finding the right bank that understands your business and industry.
Links mentioned in this episode:
U.S. Small Business Administration. District office contact information by state:  https://www.sba.gov/about-sba/sba-locations/sba-district-offices
National Association of Government Guaranteed Lenders (NAGGL): https://www.naggl.org/

In this podcast episode, Kenzie Mexican, BSA Officer at FinWise Bank, interviews Jason Chorlins, Principal at Kaufman Rossin and financial services industry expert, about various topics related to compliance and risk management in the FinTech industry. They discuss the importance of compliance focus, managing third-party risk, mistakes in consumer card programs, monitoring complaints and Reg E, and reducing risk through risk assessment.
Highlights
Compliance should be a top priority for banks and FinTechs in order to stay in business and be profitable.
Managing third-party risk is crucial, and it starts with understanding the requirements from interagency guidance and developing a third-party risk management program.
Consumer card programs can be high-risk, and it's important to understand and address issues such as fraudulent identification, disputes, and compliance with applicable regulations.
Monitoring complaints, including Reg E complaints, is essential for identifying areas of improvement and ensuring compliance.
Reducing risk requires a thorough risk assessment, setting a risk appetite, and monitoring key risk indicators to take appropriate actions.
 
 

In this conversation, Robert Keil and Neepa Patel discuss the challenges and opportunities in the banking-fintech space, with a focus on compliance and regulatory action. They highlight the need for banks to become tech providers and build platforms that support bank-fintech relationships. They also discuss the importance of collaboration and knowledge sharing among banks to ensure compliance and mitigate risks.