Balancing innovation with regulation is a key issue in the payments industry and was a central debate with interviewees in the Finetics™ Studio at Money20/20. Here, Gail Ball, EVP and COO at The Bancorp talks about where she sees gaps for innovation in the market and why disruptors should look at the bigger picture when it comes to compliance.
There’s never been a time of greater innovation in financial services. Yet in reality the opportunity for tech to transform the mechanics of the way money moves around the world is only just being tapped into. So where are the biggest opportunities for tech to improve financial products right now and how can fintech businesses square their R&D with regulatory requirements?
Balancing innovation with regulation is a key issue in the payments industry and was a central debate with interviewees in the Finetics™ Studio at Money20/20. Here, Gail Ball, EVP and COO at The Bancorp talks about where she sees gaps for innovation in the market and why disruptors should look at the bigger picture when it comes to compliance.
“I heard a phrase the other day: ‘permissionless innovation’, which I think we should embrace more fully, while being respectful, of course,” says Ball. “We should be much less concerned about the particular trappings of regulatory interpretations and feel empowered to really push limits and innovate.”
For more insight balancing compliance and regulation with innovation, check out the Finetics blog for interviews with The Bancorp head of AML and sanctions risk Pawneet Abramowski, Manatt Phelps & Phillips Partner Barrie VanBrackle, EPA director general Tony Craddock & Hyperwallet CEO Brent Warrington.