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Meet our organization member Provoke Solutions - https://members.fintechconnector.com/companies/provoke-solutions
Provoke is a technology service provider with a global footprint.
Provoke is led by FinTech Connector member Andy Lin along with CMO and SVP Jenna Chamra.
Provoke Solutions is not a typical software development company. They are a true partner that delivers a stronger technical edge.
Areas of focus:
- Modern Workplace Services:
- Application Modernization Services
- AI and ML Consulting:
Check out Provoke's profile and connect with them to receive a consultation and special offer for FinTech Connector members.
Provoke is a technology service provider with a global footprint.
Provoke is led by FinTech Connector member Andy Lin along with CMO and SVP Jenna Chamra.
Provoke Solutions is not a typical software development company. They are a true partner that delivers a stronger technical edge.
Areas of focus:
- Modern Workplace Services:
- Application Modernization Services
- AI and ML Consulting:
Check out Provoke's profile and connect with them to receive a consultation and special offer for FinTech Connector members.
Why Banks Fear Startups
Banks and financial institutions often approach relationships with startups with a degree of caution. This hesitation comes from several characteristics typically associated with new businesses.
Let's see the most common ones:
1. Activity
Startups are known for their rapid changes in business strategy and operations, which can be risky for banks which prefer stability and predictability in their clients. The dynamic nature of startups, while a strength in the business world, introduces uncertainty that banks generally prefer to avoid.
Perhaps one startup's original idea is to sell bread and act as a bakery, but if that does not catch on, management might decide to shift gears and also earn revenue by providing online baking lessons. A bakery is a different risk category than education, and this seemingly innocent change of activity might pose a significant risk to the bank's overall portfolio.
2. Volumes
Banks usually charge fees based on the volume of transactions or generate income on the funds that are kept with them, and therefore prefer larger volume clients.
Many startups however struggle to reach operational phases where substantial transactions become regular, directly impacting the bank’s potential revenue from transaction fees. Often, startups fail to scale up and start operations, which means the bank spent time and effort to onboard them but they never earn profit on the clients who will not use their account.
3. Legal
Startups often operate on tight budgets and may underinvest in crucial areas like legal compliance. This poses another risk for banks, as unintentional legal violations by a client could implicate the bank as well. Supporting an entity engaged in illegal activities, even unknowingly, can lead to significant repercussions for a financial institution.
Banks and financial institutions often approach relationships with startups with a degree of caution. This hesitation comes from several characteristics typically associated with new businesses.
Let's see the most common ones:
1. Activity
Startups are known for their rapid changes in business strategy and operations, which can be risky for banks which prefer stability and predictability in their clients. The dynamic nature of startups, while a strength in the business world, introduces uncertainty that banks generally prefer to avoid.
Perhaps one startup's original idea is to sell bread and act as a bakery, but if that does not catch on, management might decide to shift gears and also earn revenue by providing online baking lessons. A bakery is a different risk category than education, and this seemingly innocent change of activity might pose a significant risk to the bank's overall portfolio.
2. Volumes
Banks usually charge fees based on the volume of transactions or generate income on the funds that are kept with them, and therefore prefer larger volume clients.
Many startups however struggle to reach operational phases where substantial transactions become regular, directly impacting the bank’s potential revenue from transaction fees. Often, startups fail to scale up and start operations, which means the bank spent time and effort to onboard them but they never earn profit on the clients who will not use their account.
3. Legal
Startups often operate on tight budgets and may underinvest in crucial areas like legal compliance. This poses another risk for banks, as unintentional legal violations by a client could implicate the bank as well. Supporting an entity engaged in illegal activities, even unknowingly, can lead to significant repercussions for a financial institution.
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Viktoria S.
Apr 29, 2024 -11:47AM
How can PSP Angels help?
If in doubt, ask a professional. It doesn't cost a lot to set up a banking and payment plan at the beginning, but it can cost a lot not to have one, and fail.
Understanding these challenges is crucial for startups that wish to foster strong banking relationships. As an advisor specializing in banking and payments, I assist startups in navigating these hurdles, ensuring that they can establish and maintain effective partnerships with banks while steering clear of potential pitfalls.
If in doubt, ask a professional. It doesn't cost a lot to set up a banking and payment plan at the beginning, but it can cost a lot not to have one, and fail.
Understanding these challenges is crucial for startups that wish to foster strong banking relationships. As an advisor specializing in banking and payments, I assist startups in navigating these hurdles, ensuring that they can establish and maintain effective partnerships with banks while steering clear of potential pitfalls.
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Master C.
Jan 8, 2023
We are looking for the best of the best from our members to join our Premier Master Enabler Program. Focusing right now on International Expansion and New Market Entry professionals for Europe, Latin America, and the USA. Interested in learning more message Master Connector here or email - masterenabler@fintechconnector.com
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Master C.
Aug 9, 2022
Meet our FinTech Connector Switzerland Cruise sponsors on September 9th in Zurich.
Lloyd's & Partners (VIP Gold Sponsor) and VISA Europe (Premier Sponsor).
We want to thank Lucas T. Landolt (Lloyd's & Partners), Adrian Burgi (Lloyd's & Partners) and Santosh Ritter (VISA) for your support and we look forward to meeting you in Zurich.
There is still time to RSVP for our premier event of the year - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
Thank you Fabian Lehner for organizing this event for our FinTech Connector members and partners.
#FinTechConnector #Switzerland #Zurich #Event
Lloyd's & Partners (VIP Gold Sponsor) and VISA Europe (Premier Sponsor).
We want to thank Lucas T. Landolt (Lloyd's & Partners), Adrian Burgi (Lloyd's & Partners) and Santosh Ritter (VISA) for your support and we look forward to meeting you in Zurich.
There is still time to RSVP for our premier event of the year - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
Thank you Fabian Lehner for organizing this event for our FinTech Connector members and partners.
#FinTechConnector #Switzerland #Zurich #Event
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Master C.
Jun 17, 2022
As the global economic environment is shifting, now more than ever partnering with the right organizations to increase business opportunities, focus on revenue growth, and drive innovation is critically important.
We can help you on your fintech and innovation journey.
Click on the link to learn more and let's jump on a call to discuss your business objective - https://www.fintechconnector.com/organizations
#FinTechConnector #Innovation #Partnerships #BusinessDevelopment
We can help you on your fintech and innovation journey.
Click on the link to learn more and let's jump on a call to discuss your business objective - https://www.fintechconnector.com/organizations
#FinTechConnector #Innovation #Partnerships #BusinessDevelopment
Upvoted by Brian and 4 others
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Stephen W.
Mar 18, 2022
See our recent WealthTech 2022 report for a range of viewpoints and thinking on the main trends for WealthTech in 2021/2022.
https://www.thewealthmosaic.com/vendors/the-wealth-mosaic/news/wealthtech-2022-is-live/
This is one of an expanding number of reports we've created at The Wealth Mosaic on technology in wealth management. Next up is our second ESG report, then our second Blockchain & DLT report, then our first US RIA WealthTech report.
https://www.thewealthmosaic.com/vendors/the-wealth-mosaic/news/wealthtech-2022-is-live/
This is one of an expanding number of reports we've created at The Wealth Mosaic on technology in wealth management. Next up is our second ESG report, then our second Blockchain & DLT report, then our first US RIA WealthTech report.
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Angel L.
Jan 11, 2023
I wrote an article that highlights the opportunities and challenges of digital transformation in banking and covers points on having a well-thought-out plan, organizational culture, and how to get started with partners that have done it already.
Click to read the article - https://www.fintechconnector.com/blog-actual/2023/1/9/innovating-banks-start-with-a-digital-transformation-plan
Sharing with our Financial Service Automators - Vikas Bansal Erik Gillet Darrell Wright Luisa Franco Batu Sat Simon Weifenbach Les Riedl Andy Lin Jenna Chamra Craig Schwartz Robert Lacoursière Michael Montecuollo Jonathan Blessing Christin Nagel Shweta Mahajan Michael Young Martina Rousseau Ridham Modi Trena Blair Jen Gonzalez Carlos M. Mendes
Click to read the article - https://www.fintechconnector.com/blog-actual/2023/1/9/innovating-banks-start-with-a-digital-transformation-plan
Sharing with our Financial Service Automators - Vikas Bansal Erik Gillet Darrell Wright Luisa Franco Batu Sat Simon Weifenbach Les Riedl Andy Lin Jenna Chamra Craig Schwartz Robert Lacoursière Michael Montecuollo Jonathan Blessing Christin Nagel Shweta Mahajan Michael Young Martina Rousseau Ridham Modi Trena Blair Jen Gonzalez Carlos M. Mendes
Upvoted by Ridham and 14 others
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Luisa F.
Mar 7, 2024
Hello Fintech Connector Community! I have a bank client looking for fintechs that are interested in bank sponsorship. If you're in the market for a bank sponsor, please message me.
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Angel L.
Apr 17, 2022
Another powerful report from FIS on global payments. This is a 156-report that gives you global payments trends, key insights, and other important ecosystem information.
The payments space continues to evolve with super apps, CBDCs, embedded finance, evolution of real-time payments, banking the unbanked, and more...
Check out the report and use it as a reference guide for what's happening and what's coming in payments.
I want to thank Ahmed Refaie Abdo from DSRPTD in the UAE for sharing it with me.
What are your thoughts? Steven Wasserman, Mario Cohen, Jaroslaw Sarwa, Angel Lorente, Carlos M. Mendes , Fabian Lehner , Elena Kozhemyakina , Jaroslaw Sarwa , Adam Ull , Sefa Bicer , Shafique Ibrahim
#fintechconnector #fintech #financialservices #innovation #payments #CBDC #cryptocurrency
The payments space continues to evolve with super apps, CBDCs, embedded finance, evolution of real-time payments, banking the unbanked, and more...
Check out the report and use it as a reference guide for what's happening and what's coming in payments.
I want to thank Ahmed Refaie Abdo from DSRPTD in the UAE for sharing it with me.
What are your thoughts? Steven Wasserman, Mario Cohen, Jaroslaw Sarwa, Angel Lorente, Carlos M. Mendes , Fabian Lehner , Elena Kozhemyakina , Jaroslaw Sarwa , Adam Ull , Sefa Bicer , Shafique Ibrahim
#fintechconnector #fintech #financialservices #innovation #payments #CBDC #cryptocurrency
Upvoted by Michelle A. and 7 others
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5 comments
Master C.
Oct 5, 2022
Great seeing our Mexico Community Partner Sofia Gamboa on El Financiero Factor Fintec speaking with Sergio Loredo about fintech in Mexico.
Watch the interview here - https://www.elfinanciero.com.mx/video/tv/factor-fintech/2022/10/01/entrevista-con-sofia-gamboa-de-fintech-connector-por-sergio-loredo-factor-fintec-4-t4/
NOTE: The interview is in Spanish.
Watch the interview here - https://www.elfinanciero.com.mx/video/tv/factor-fintech/2022/10/01/entrevista-con-sofia-gamboa-de-fintech-connector-por-sergio-loredo-factor-fintec-4-t4/
NOTE: The interview is in Spanish.
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Master C.
May 13, 2022
SWITZERLAND IS CALLING ALL FINTECH CONNECTOR MEMBERS...
Join us in Zurich in September for a networking lunch cruise around Lake Zurich.
RSVP today and meet members from over 10+ countries in one of the most beautiful cities in Europe.
Here is the link - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
#FinTechConnector #Community #Zurich #Events
Join us in Zurich in September for a networking lunch cruise around Lake Zurich.
RSVP today and meet members from over 10+ countries in one of the most beautiful cities in Europe.
Here is the link - https://www.eventbrite.com/e/fintech-connector-switzerland-networking-lunch-cruise-vip-dinner-registration-239437362597
#FinTechConnector #Community #Zurich #Events
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Angel L.
Nov 11, 2022
Great to see how we have come a long way since our Meet Ups at Hurley's in NYC to now travelling the world to connect people, opportunities, and capital. Looking forward to our 2023 FinTech Connector events being announced shortly.
Hope to have many of our members joining us on our Innovation Days, Cruises, and VIP Member Dinners.
Thanks to our Community Partners Fabian Lehner Jaroslaw Sarwa Elena Kozhemyakina Shmuel Ben Tovim Mario Cohen Narayanan Ganapathy Meriem Yacoubi Varsenia Stoyanova Aleksandra Ossowska Alfonso Ballesteros Ryohei Uetani Sofia Gamboa Vikas Bansal Shaul Lifshitz
Hope to have many of our members joining us on our Innovation Days, Cruises, and VIP Member Dinners.
Thanks to our Community Partners Fabian Lehner Jaroslaw Sarwa Elena Kozhemyakina Shmuel Ben Tovim Mario Cohen Narayanan Ganapathy Meriem Yacoubi Varsenia Stoyanova Aleksandra Ossowska Alfonso Ballesteros Ryohei Uetani Sofia Gamboa Vikas Bansal Shaul Lifshitz
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