In today's banking sector, the concept of compliance has transcended its traditional role as a regulatory checkbox. Instead, it has evolved into a fundamental component that underpins the stability of the financial system. The events of the 2008 financial crisis served as a stark reminder of the consequences of inadequate compliance. Regulatory bodies worldwide responded by fortifying their frameworks, ushering in an era of heightened scrutiny for banks. These regulations touch nearly every facet of banking, from capital adequacy and liquidity requirements to risk management and reporting standards.
This is the third part of a 4-part series on the Journey of Automation, exploring emerging automation tools, technology, strategies, and innovation. Previous posts have covered the evolution of automation technologyandthe importance of having a digital transformation strategy. This post will elaborate on the two concepts, outlining why partnerships with Fintechs now just makes good business sense.
The Importance of Having a Digital Transformation Strategy
This is the first part of a 4-part series on the Journey of Automation, exploring emerging automation tools, technology, strategies, and innovation.
While most financial institutions look to modernize and digitize their onboarding experience, too many are ignoring their KYC process. It’s time to take your KYC out of the dark ages and into the new millennium.
"Data Driven Culture" is the it-jargon circulating through banks and fintechs. We know that just about every company today is collecting data. Everyone wants to join the “data culture,” but few recognize that collecting data is only part of the journey.
Community banks understand the complex realities faced by their clients. They are ingrained in their respective regional communities; attuned to local economic and demographic factors. The more successful community banks are able to hone that expertise and, with it, forge strong, personal relationships with their clients. This insight is a major asset and a big reason why businesses that were initially denied loans during the pandemic’s early phase turned to their local community banks for support.
Community banks stepped up to help small businesses who were meant to benefit from PPP loans during the onset of the Coronavirus pandemic. Those same community banks are...
Although much more apparent after the COVID-19 lockdowns, this partnership was inevitable. The increasing demand for digital servicing made the digitization of lending necessary. That digitization is made possible by Fintech solutions.
2020 was a year of upsets, challenges, and change. Businesses have had to pivot and evolve in order to accommodate our new normal. The banking industry was no exception.