OBSERVATIONS FROM THE FINTECH SNARK TANK Embedded finance—where non-chartered companies like fintechs and consumer brands provide financial services from chartered financial institutions—is projected to reach $7 trillion in transaction value by 2026. Banking as a service (BaaS)—the services that banks (or other chartered financial institutions) provide to the fintechs and brands who want to offer financial services—is the flip side of embedded finance. Cornerstone Advisors estimates that BaaS...

OBSERVATIONS FROM THE FINTECH SNARK TANK The U.S. Treasury released a report titled The Financial Services Sector’s Adoption of Cloud Services identifying banks’ approaches towards cloud computing deployment, the challenges they face, and the potential downsides of having three cloud services providers (CSPs)—Amazon, Google, and Microsoft—dominate the market. Tiptoeing Through The Tulip Clouds? “Banks have been slow to adopt cloud computing. While Wall Street has long acknowledged the...

Observations From The Fintech Snark Tank Based on a Wall Street Journal article, CNBC reported: “Several banks are reportedly working on a digital wallet that links with debit and credit cards, in a bid to compete with Apple Pay and PayPal. According to The Wall Street Journal, the digital wallet would be operated by Early Warning Services, a joint venture from several banks that also runs Zelle. The major banks involved include Wells Fargo , JPMorgan Chase and Bank of America.” Let’s dig...