Five years ago, digital transformation in banking was focused on a product or a certain business line, but more recently, innovation has become an imperative. That was accelerated by the pandemic, which created an immediate need for frictionless onboarding with customers and clients and the ability to support faster payments.
“We see a combination of activities around rethinking current strategies to make them broader, but also taking a fresh look at how they’re approaching it,” Todd Raque, financial crimes compliance and anti-money laundering executive at Featurespace, told PYMNTS.
In the space in which he operates, the focus is on how to be more effective in the use of the digital experience in interacting with clients and how to be more proactive in identifying emerging risks. With the push to digital, there’s been an increase in fraud and financial crime.
“Being out in a digital environment and trying to be more innovative leads to a larger kind of threat exposure from a financial crime perspective,” Raque said.
Managing the Key Risks Associated With Digital Transformation
Two of the key risks that organizations must address as they begin their digital…
