It’s Time for Banks to Play in the Sandbox - a Federal Fintech Sandbox
The UK’s doing it. At least 27 other countries are doing it. And Stateside, Arizona, Utah and Wyoming are doing it.
What are they doing, you ask? They’re playing in sandboxes – regulatory fintech “sandboxes”, that is. And they’re making strides towards greater – and faster – banking innovation than otherwise possible on the highly-regulated financial playing field.
In recent years, Silicon Valley has produced a vast amount of innovation at a break-neck clip. But innovation for most financial institutions is typically slow-moving, grueling and highly regulated.
What’s needed for transformational innovation is freedom – the freedom to test, fail and try again. To meet the needs and expectations of 21st-century consumers, banks and other financial institutions must have freedom to evaluate new concepts, try out new technologies and test new products.
And that’s where Mirador Co-Founder and President Trevor Dryer believes a fintech “sandbox” could help banks accelerate the pace of innovation and usher in new, positive developments for consumers. In his latest Forbes article, Trevor Dryer explains the fintech sandbox and why a Federal fintech sandbox is crucial to banking innovation and survival in the 21st century.
Trevor Dryer is a member of Forbes Finance Council and an advocate for small business lending and fintech. He regularly contributes think pieces about trending topics in the banking industry, improving access to capital and small business lending. Be sure to follow his contributor page.