The Evolution of Compliance in Banking and Fintech: A Reflection, 2024
In the dynamic landscape of financial services, compliance has emerged as a cornerstone, ensuring the integrity and stability of banking and fintech operations. The journey, however, has been fraught with lessons, some learned at a high cost. A striking example from 2006 highlights the gravity of compliance: a bank dismissed its entire current account team for opening over 700 accounts using the same template—a practice that was replicated across various banks over the years.
As banks embarked on partnerships with fintech companies, the focus on regulatory compliance seemed to wane, overshadowed by business interests. The fintech sector’s vibrancy and innovation made traditional banking institutions appear outdated in comparison.
From Template Troubles to Tech Triumphs: The Banking Com...