What Regulators Got Wrong with Banking as a Service
Bank Nerd Corner dives deep into Cornell Law Professor Dan Awrey's new paper, “Banking, Technology, and Instability,” and welcomes guest discussant Jason Mikula, an independent journalist who wrote a book on the topic and publishes the Fintech Business Weekly newsletter.
Dan and Jason discuss how they framed and conceptualized the banking as a service business model and why that matters.
Dan says banking as a service inverts the traditional outsourcing model; today's consumer knows their app and has no idea whether there is a bank behind it at all.
In his book, Jason characterized the same…
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