How many "Supervisory Entities" does the US finance industry have?

The open banking era is upon us, but banking basics still need to be performed as financial institutions weave through the disruption. Most financial institutions do an exceptional job of managing often-overwhelming levels of compliance requirements, and must continually navigate change, especially as new tech presents both challenges and opportunities.

Just consider;

• The U.S. has the most complicated financial regulatory structure of any developed nation with 8 national supervisory entities. And, since banks can also be state-chartered, there’s another 50 state-level regulators

• In comparison, the U.K. has 3 primary “lead” regulators including the European Banking Authority mandated by the EU

• The U.S.’ largest payments regulatory act was the Durbin Amendment, placing interchange limits on debit cards for banks with > $10 billion in assets

• The most impactful regulatory act in the EU is PSD2’s open banking mandate, expected to be in place by year-end 2019

• Only 30% of financial institutions report that PSD2’s compliance requirements were clear

• 41% of E.U. financial institutions failed to meet the March 2019 requirement to offer “developer sandboxes”

Characteristics of modern vending machines

Electronic payments is moving vending machines out of the gumball era. About half the vending machines in the United States are still cash-based; a sad reflection on the industry’s slowly modernizing technology. The technology gap extends far beyond payments, however, lagging in user interfaces, machine management, inventory management, merchandising, etc. Exciting technologies and applications are available for vending machines. The question is whether these will be deployed in time to grow the industry or whether some surprising competition will present itself that is better positioned for success.

The future of financial services

It is not enough to just import technologies like AI, blockchain or smartphones into existing financial services, says futurist and fintech entrepreneur Brett King. To stay in business, banks need to rethink the role their business plays in their customers’ lives. King paints a vivid picture of how Jack Ma, robo advice and quantum computing will shape the Bank 4.0.

About the Speaker: The futurist and best-selling author of books like “The Augmented” and “Bank 4.0” founded the fintech Moven, the world’s first mobile, downloadable bank account. He also advised the Obama administration on fintech policy. His radio show “Breaking Banks” reaches 3.6 million people in 140 countries.