BANKING & FINANCE OVERVIEW
12 Philadelphia fintech players made Technical.ly’s list of companies worth keeping an eye on startups have been forced to circumvent regulation by partnering with federally insured traditional banks, which then demand fees for the services. Fintech companies are now seeking a national banking charter that would allow them to accept federal insured consumer deposits without the involvement of banks. Hard lobbying by banks and fears over industry heavyweights Amazon and Facebook monopolizing online payments have been blamed for the country’s slow adoption of this crucial fintech regulation. Competitive advantage But despite regulatory hurdles, fintech is moving faster and faster to revolutionize the world of banking and payments. The use of big data and AI also allows traditional banks to move faster and lower their costs of credit assessment and monitoring, potentially generating savings that are then passed on to
Founded in 1790, Philadelphia is home to the oldest stock exchange in the United States.
