Entrepreneurs are no longer discouraged by the gatekeeping of regulators, and have turned their attention to other pain points in the financial sector. The rise of 'Fintech' has not only brought about the evolution of financial services, but also innovative new ways to understand, test and prove compliance. Solutions cover various areas, such as regulatory reporting, risk management, KYC compliance, secure messaging, and transaction monitoring.
Many regulators, from Hong Kong to London and Ottawa, are actively working to encourage the next generation of safe financial innovation through new rules and laws. The US is falling behind. Its paralysed regulatory system allows other governments to take the lead and overseas companies to out-innovate American entrepreneurs.
In 2018, the financial services industry is undergoing monumental regulatory reform.
European regulations, including the revised payments services directive (PSD2) and the UK’s open-banking mandates, are helping to drive these changes. Both were implemented by regulators to foster new competition in the market by lowering barriers for new entrants and creating equal access to proprietary customer data.
Blockchain hype is an essential part of the crypto-craze, and its fading is cause to expect the eventual crash.
The reason is a relationship between a beguiling, but wrong, idea about technology, and the value it has injected back into crypto-currencies such as Bitcoin and Ethereum. Break that cycle, and you unspool the loop that's spun itself into a boom.
Digital transformation is about more than just providing online and mobile functionality. Traditional banking providers need to combine digital speed and convenience with human interactions that are both thoughtful and caring at crucial moments in the customer journey. Here’s how to get there.
When faced with a new technology, approach, tool, API, etc. there’s an almost universal “first reaction” from some people to document all the ways it fails. This is the “tech buzzsaw”. Every single tech I can think of was subject to this. One in particular…
was the Web/Internet. Back in late ’93, early 94 when the corporate tech world was first confronted with these “new” technologies, the first reaction was “there’s no way that this free, university developed, flakey,…network can work”. How did I see this happen?