Digital innovation across our financial industry is evolving at the pace of Moore’s law on steroids — reshaping the structure of our markets, transitioning buying power to the consumer, and dislocating segments of the customer value chain once dominated by traditional banks.
Despite the challenges faced by fintechs last year, the reality is the pace of innovation in financial services shows no signs of deceleration.
While banks strive to maintain innovation for catering to customer demands and enhancing their competitive advantage, they will discover that achieving this becomes challenging unless they adapt their approach to assessing and integrating new technological solutions.
Instances of increasing fraud cases and the potential for heightened financial crime risks have already been noted in relation to new initiatives like FedNow.
Therefore, the best technologies will be those created through the lens of regulatory limitations — a compliance by design approach — utilizing these regulations as the foundation for future digital solutions.
Fintech companies stand out by tapping into unregulated parts of finance, owning fewer assets, and working flexibly on a larger scale.
The original article contains 421 words, the summary contains 177 words. Saved 58%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Digital innovation across our financial industry is evolving at the pace of Moore’s law on steroids — reshaping the structure of our markets, transitioning buying power to the consumer, and dislocating segments of the customer value chain once dominated by traditional banks.
Despite the challenges faced by fintechs last year, the reality is the pace of innovation in financial services shows no signs of deceleration.
While banks strive to maintain innovation for catering to customer demands and enhancing their competitive advantage, they will discover that achieving this becomes challenging unless they adapt their approach to assessing and integrating new technological solutions.
Instances of increasing fraud cases and the potential for heightened financial crime risks have already been noted in relation to new initiatives like FedNow.
Therefore, the best technologies will be those created through the lens of regulatory limitations — a compliance by design approach — utilizing these regulations as the foundation for future digital solutions.
Fintech companies stand out by tapping into unregulated parts of finance, owning fewer assets, and working flexibly on a larger scale.
The original article contains 421 words, the summary contains 177 words. Saved 58%. I’m a bot and I’m open source!