Why most fintechs shouldn't chase a charter and what to build instead with Wenni Wu of Piermont Bank

David Penn, research analyst at Finovate, sits down with Wenni Wu, Chief Growth Officer at Piermont Bank, during FinovateFall 2026 to discuss how banks and fintechs can effectively work together. Banks bring regulatory infrastructure, FDIC-insured deposits, payment rails, trust, and fraud management. Fintechs bring targeted pain-point solutions and excellent customer experience. Neither can fully replicate what the other does. Wenni unpacks why the recent wave of fintechs pursuing bank charters doesn't signal the end of partnerships — for most, accepting a charter means accepting a completely different business model built around risk management, balance sheet management, and full regulatory frameworks that simply don't align with their core strengths. The real imperative is building together: banks moving beyond passive sponsorship to offer compliance expertise, industry-specific underwriting, and collaborative product development. Key topics covered: • Piermont Bank's focus as a digital commercial bank for the entrepreneur, venture-backed, and fintech ecosystem • Why banks and fintechs each bring value propositions that are difficult for the other to replicate • The maturing bank-fintech partnership model • The AI reality check as entrepreneurs already feeding bank statements into AI agents as a CFO stopgap • Why banks are uniquely positioned as financial infrastructure with their risk, fraud, and compliance mindset • The responsibility to help customers use financial tools and data in a safe, sound, and responsible way #finovate #aiinbanking #fintechinnovation