10
NEWS
perceived risk of FinTech in the overall economy because the technology is new and processes customers incredibly fast. Kabbage’s direct small business credit product and the SaaS platform technology decreases bias by only examining business data and reduced systemic risk with our partner institutions by adding a multitude of perspectives and tools to verify and underwrite a borrower, thus reducing friction by automating error prone tasks traditionally fulfilled by humans.
Kabbage urges the collection of agencies and policymakers in Washington to continue the Obama Administration’s embrace of technology and disintermediation to open the financial system to all Americans. The White House has the ability to reform the regulatory state of mind by adopting core RegTech principles such as converting regulatory outputs into API code, digitising reporting, making risk management scalable to the institution and designing cohesive principle based requirements that are tailored to specific business models. We also recommend the IRS adopt a public API to allow consumers and small business owners to allow permissioned access to their tax return data to facilitate underwriting or financial management applications.”
On Trump
“Kabbage, and other small business focused FinTechs, work with companies that are seeking growth capital that are otherwise restrained by their size, capital needs or time requirements. Financial technology acts as a growth catalyst by removing the need to gather complex statements or spend hours applying for capital and allows the borrower to spend more time running her business and financing new hires or inventory purchases. We feel that FinTech fits nicely in the Trump Administration’s economic development agenda. A careful review of the current federal regulatory system suggests that President Trump continue the Obama Administration and the OCC’s development of a limited purpose FinTech charter. A chartered lending only FinTech company would be allowed to operate seamlessly in all 50 states while being subject to regular safety and soundness examinations by the Office of the Comptroller of the Currency, America’s oldest and most trusted financial regulator.”
www.ibsintelligence.com © IBS Intelligence 2017
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