Customer Channels & Operations Management, Data & Analytics, Risk Management & Regulatory Compliance
1 minute read
Mar 23, 2021
Written by: Shawn Sweeney
Cutting-edge technology, coupled with the disruption of COVID-19, has driven significant change in the banking industry this past year. Consumers are now more apt to choose online banking services – a trend that’s been bolstered by the continued ingenuity of the fintech segment. And while customers are keeping banks on their toes with continued demand for new tech, we expect that demand to be accompanied by new policy and regulatory pressure in the next five years.
In a recent Forbes Financial Council discussion, I spoke about how the black swan event of the pandemic will prompt a regulatory reckoning of sorts within the fintech segment. You need only look back to the Great Recession, less than 15 years ago, for evidence of how these once-in-a-lifetime experiences lead to renewed regulatory focus. At that time, we saw significant scrutiny of banks’ credit policies and risk management practices.
Over the past year, COVID-19 has highlighted inconsistency across every risk category and the continued need for enterprise risk management. And as fintechs claim a greater share of the market – and customers’ money – don’t expect these media darlings to continue to fly under the regulatory radar. We expect this will be the moment when they will finally have to play by the same rules that govern banks.
Looking for other smart tips from the Forbes Finance Council Experts? Check out other changes predicted for the banking industry in the next five years.
The Big Picture Suppose you go to your doctor with a nasty cough or nearly bent over with stomach pain. You wouldn’t be too happy if your provider barely looked at you, jotted off a quick prescription and sent you away. Instead, you’d want your doctor to do a full exam, check your lungs for that cough – maybe run a blood test or order some sort of imaging on your abdomen.
Risk Management & Regulatory Compliance, Compliance, Operational Efficiency 5 minute read
Change is a constant in the banking industry, with pressures coming from both internal and external directions.
Risk Management & Regulatory Compliance, Program Build Out, Change Management 2 minute read
Change is about the only constant in banking today. Inside the organization, you’re processing a steady stream of requests for new products or customer services. Coming from the outside are regulatory updates and unpredicted pressures, such as the COVID-19 pandemic.
Risk Management & Regulatory Compliance, Program Build Out, Change Management, Risk Management 2 minute read
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