Great post on the #fintech snark tank. Our CEO at Splitit Nandan Sheth hits the nail on the head when saying: “The key to triumph in the ongoing contest for the future of BNPL lies in synergizing the strengths of banks to offer a distinctive set of differentiators through strategic partnerships.” What are some other informative thoughts from the latest snark tank? Well here they are directly from the author Ron Shevlin (taken directly from his post): 1️⃣ 𝗕𝗡𝗣𝗟 𝗶𝘀𝗻'𝘁 𝗴𝗼𝗶𝗻𝗴 𝗮𝘄𝗮𝘆. Whatever happens from a regulatory perspective isn't going to kill BNPL. 2️⃣ 𝗖𝘂𝗿𝗿𝗲𝗻𝘁 𝗕𝗡𝗣𝗟 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵𝗲𝘀 𝗮𝗿𝗲 𝗵𝘂𝗿𝘁𝗶𝗻𝗴 𝗯𝗮𝗻𝗸𝘀. A number of industry observers have argued that banks (and CUs) have "inherent advantages" in the BNPL space. Nonsense. Those observers don't understand the BNPL provider value proposition to merchants if they think that. 3️⃣ 𝗕𝗮𝗻𝗸𝘀 𝗮𝗻𝗱 𝗰𝗿𝗲𝗱𝗶𝘁 𝘂𝗻𝗶𝗼𝗻𝘀 𝙝𝙖𝙫𝙚 𝙩𝙤 𝗰𝗼𝗺𝗽𝗲𝘁𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗕𝗡𝗣𝗟 𝘀𝗽𝗮𝗰𝗲. It's not simply about a loss of interchange revenue. It's about deposit displacement, lost credit card growth opportunities, and lost loan growth opportunities. Check out the full article here: https://lnkd.in/gdTUa8xR #buynowpaylater #bnpl #Splitit #fintechevolution #PYMNTS #forbes
Unlocking the Future of Banking: Splitit's CEO Nandan Sheth underscores the urgency for banks to embrace BNPL solutions, highlighting the crucial 'in-checkout' moment they're missing. With the window of opportunity now wide open and regulators leveling the field, it's time for banks to synergize their strengths through strategic partnerships. As PYMNTS notes, banks hold inherent advantages in trust and fraud prevention. Let's capitalize on these strengths to meet the evolving demands of consumers and merchants alike. The BNPL wave is here to stay, and banks cannot afford to be left behind. Read more about Nandan's insights here: https://lnkd.in/djExiS99 #BNPL #FintechEvolution #Splitit #PYMNTS #Forbes
