Three reasons why neobanks should consider offering crypto

The main difference between neobanks and traditional banks is that neobanks have no physical existence they operate completely online, offer no-fee accounts and bundle financial software with financial services; whereas traditional banks require you to visit a physical branch, have high account fees and focus mostly on offering as many financial services as they can.

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Due to the technological nature of neobanks, they do not require any physical bank branches, which helps them save on overhead expenses. As a result, neobanks are usually able to offer lower fees and higher interest rates on checking and savings accounts for customers.

Check out the series of the FREE Master class and learn from the expert.

1. Blockchain & Crypto-assets
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2. Alternative Financing & Crowdfunding
https://youtu.be/yNkbFTdd9lU

3. Islamic neo-banking
https://youtu.be/P9HDJOSDsLU
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Become an expert in Islamic Fintech today: https:/taiflearning.com/courses

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2. Introduction to Fintech & Islamic Fintech
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Banking as a Service has redefined banking. Fintech companies and Neobanks are utilizing BaaS to offer traditional and digital banking services to customers without the cost and regulatory burden of becoming a licensed bank. Adam Tracy explains what Banking as a Service is and the mechanics behind it.

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A former professional rugby player, Adam S. Tracy brings over twenty years’ experience as an attorney, consultant and dealmaker with a particular focus on cryptocurrency, digital products, payments and immersive corporate structures. As an accomplished executive and advisor to blockchain merchants and stakeholders, Adam has proven himself as a results oriented, decisive leader with proven success advising early market entrants, technology adapters, as well as established participants across a wide range of blockchain verticals. Adam Tracy’s attack-first personality allows him to excel in dynamic, demanding environments including complex corporate negotiations, distressed environments and regulatory investigations.

In addition, Adam S. Tracy also has a successful track record co-founding blockchain industry ventures, building & leading cross-functional teams, and spearheading diverse corporate transactions. A serial entrepreneur, Adam has successfully started and created exits across a wide swath of markets, including various mobile SaaS ventures, cryptocurrency, peer-to-peer payment systems, and numerous token generation events. Moreover, as a recognized expert in the payments field, Adam Tracy has been a blockchain and digital currency evangelist and influencer since the early days of Bitcoin.

Utilizing his proprietary “Pre-Event Driven™” strategy for decision making, Adam S. Tracy further leverages his over twenty years’ experience to create cost-effective, value-add solutions for each client. A data-driven acolyte, Adam continually refines his strategies based on field studies and data collection. Moreover, Adam Tracy further augments his range of solutions by actively networking with regulators, liquidity providers, legal and compliance experts, deal-flow brokers, investors and management of leading high risk industry ventures.

Adam S. Tracy earned his Bachelor of Science in Computer Applications and Bachelor of Science in Finance from the University of Notre Dame. He subsequently earned his Masters in Business Administration from the DePaul Kellstadt Graduate School of Business, while concurrently earning his Juris Doctorate from the DePaul College of Law. Adam lives outside Los Angeles with his with his wife, son, four dogs, and two cats.

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Why do Neobanks seem to be in an endless cat and mouse game with regulators?
Watch today’s episode to learn all about N26’s new allegations and why Neobanks keep missing the mark��

Get insights on:
4 Reasons why neobanks fail to meet AML & KYC requirements
3 Ways to improve AML and KYC compliance

Are Neobanks not doing enough to ensure governance or is it the regulators fault for lagging behind?

#N26 #AML #FinTech

Timestamps:
00:00 Intro
1:12 4 reasons neobanks failed to meet AML & KYC requirements
2:34 3 ways to improve AML and KYC compliance

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Transcription:

The digital banking space across the world is flourishing with an astronomical number of transactions. It was estimated at a value of $12 Billion in 2020, and is projected to reach a size of $30 Billion by 2026, with an impressive growth rate of nearly 16%. To take advantage of this lucrative market, neobanks have been rushing to serve as many customers as possible. While they’ve been successful in establishing a large customer-base, many of these banks are failing to meet AML and KYC requirements.

It seems that the German neobank, N26 just received yet another slap on the wrist from BaFin, but it is by no means the only neobank under the scrutiny of the regulators. Monzo is also under investigation by the British financial regulator for its “insufficient” AML checks. So why do neobanks seem to be in this endless cat and mouse game with regulators?

In all fairness, this news doesn’t really come as a surprise considering the massive digitalization wave in 2020 and the ensuing surge in fraudulent online activity. That being said, there are a number of factors that could have led to neobanks being used as a tool for money laundering and online fraud.

From our perspective, the main reason neobanks are constantly in regulatory hot water, is that the current regulations are mostly tailored to the traditional “paper- driven” banks.
But as companies are growing to become digital, both them and regulators are struggling to impose sufficient regulations that cater to online onboarding.

In a race to be the first and the largest, neobanks are focused on increasing market share and tapping into new markets. In response to the rising costs, some of them are engaging in cost-cutting when it comes to building sophisticated compliance departments.

Because the battle to gain the largest market share is so fierce, banks are racing to have the quickest online onboarding as customers have high expectations and little patience when setting up new accounts. (And… it’s not too hard to figure out that this convenience probably comes at the cost of security measures.)

To truly become mainstream, neobanks’ approach to money laundering detection and prevention needs a change. And the recent news certainly gives us many lessons to learn from. One way to improve governance would be by building an ex tensive and experienced team of financial analysts and risk managers. PaymentGenes also experiences a rise in demand to finding top notch financial experts.

While we understand that having a quick, frictionless KYC process is ideal from a customer’s perspective, adoption of virtual KYC checks can significantly reduce risk and repel fraudsters.
That being said, AI driven KYC and AML solutions can be a vital part in cutting down liability. Not only does it reduce the staff’s workload, it also ensures a high accuracy and low false alert rates due to its risk-based approach.

Finally, it is admittedly tough to find the balance between a frictionless yet secure and risk free customer onboarding process hence we are curious to see which neobank will be the first to find that perfect balance. But the question remains, Are neobanks not doing enough to ensure governance or is it the regulators fault for lagging behind?