The banking industry is in the midst of a radical shift. Rapid digital adoption alongside growing consumer expectations for an Amazon-like experience has accelerated the industry’s move away from legacy systems and antiquated processes. At the same time, fraud surged during the pandemic, catching the attention of legislators and shining a light on the need for new regulations to better protect consumer data.
All of these factors point to new challenges for financial services providers that no doubt have their work cut out for them. Keeping pace with the regulatory activity alone is a big job and one that can’t be ignored, particularly with the multitude of recent revisions to the Bank Secrecy, Community Reinvestment and Anti-Money Laundering Acts, to name a few.
As fraud risk continues to increase, regulatory pressures tighten and it becomes more and more difficult to attract and retain customers, how can financial institutions keep pace?
The Growing Need for Greater Transparency
At the intersection of maintaining compliance, delivering a seamless customer experience, outperforming the competition and reducing fraud risk, transparency becomes critically important.