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5 Fantastic Years of RiskScout

For five years, RiskScout has eased the burden of compliance so that community financial institutions can deliver personalized experiences in underbanked, higher-risk, and specialty markets. 


After developing enterprise software for financial institutions, pioneering cloud banking and infrastructure, and writing regulatory compliance as part of the FFIEC, our team of financial professionals, regulators, and industry experts came together to solve a big problem for community financial service compliance–financial institutions need to be able to grow their reach and find efficiency in the back office. 


While many significant transformations were challenging, our team adapted swiftly and gained invaluable learning experiences.

RiskScout’s Journey and Reflections on the Last 5 Years

While regulatory compliance remains a constant hurdle, and the ever-evolving laws and standards demand continuous adaptation, the RiskScout team reflects on the industry's rigorous changes.  


What have been the most significant changes you’ve seen in banking and financial crime over the past five years? 

  • “Digital first initiatives, closure of physical branch locations, the semi-acceptance of digital currency and assets, faster money movement, the rise of FinTech, the acceptance of cannabis banking even in the smallest and [most] unlikely FIs, regulators becoming more involved and engaged in understanding emerging and new markets.” – Kristin Parker, VP of Compliance and Operations 

  • “FinTech is considered the new normal and has become an accepted method of banking services across all generations. RegTech solutions are sought out now by financial institutions to enhance compliance processes, and the COVID-19 impact (PPP loan fraud and scams) continues to influence the strategies and operations of financial institutions.” – Lisa Pearson, Compliance and Customer Success Specialist


The banking and financial industries have experienced rapid technological and operational changes along with the necessary regulatory shifts to enhance integrity and protection. 

Illustrated man carrying briefcase looking at bank through a telescope.

Were there any crucial regulations that changed in the past five years? 

  • “Upgraded guidance on cybersecurity and data protection.” Brian Nowak, Senior Compliance Specialist

  • “The legalization of hemp through the 2018 Farm Bill that opened doors to hemp banking offerings.” – Kristin Parker 


While many significant transformations were challenging, our team adapted swiftly and gained invaluable learning experiences. 


What have been the biggest learning experiences for community banks and credit unions in the last five years? 

  • Risk management and compliance tools are essential because staying compliant is key!” – Nina Lawson, Sr Customer Success Manager

  • “Understanding that AI and Machine Learning can help predict fraudulent activities and identify suspicious patterns.” – Lisa Pearson


Together, we are turning these experiences into new standards in banking excellence! 

Illustrated clipboard with RISK written at top and checkboxes checked.

From Past Trends to Emerging Tactics 

As we walk down memory lane, we’re excited to share our predictions for the next decade and compare the trends from the last five years.


What were some of the biggest trends in banking in the past five years? 

  • “Digital transformation, utilization of third-party tools to optimize internal operations.” – Kristin Parker 

  • “Integration of artificial intelligence and machine learning in banking operations and the increased collaboration between traditional banks and FinTech startups.” – Brian Nowak  


Do you think we’ll see any new emerging marketing in the next decade? 

  • “A wider acceptance of cannabis banking due to commoditization.” – Kristin Parker

  • “Emergence of blockchain-based financial services”– Brian Nowak 


AI and blockchain are emerging technologies that redefine how banks connect with and serve their customers. We’re excited to embrace these innovations! 


“Constant evolution is essential to meet the changing demands and challenges of the future banking landscape.” – Brian Nowak

Strategies for Tomorrow’s Financial Landscape 

We’ve said it once, and we’ll say it again–the next decade is set to transform how we implement these strategies and innovations. 


How can banks be more prepared to face an uncertain future? 

  • “Don’t be afraid to engage in peer-to-peer conversation.” – Nina Lawson

  • “Create sustainable processes using the tools that are available now.” Lisa Pearson

Illustrated man on top of icy mountain looking out using a telescope.

Tips for Navigating the Future 


What is your advice for financial institutions planning 10 years into the future?

  • “Constant evolution is essential to meet the changing demands and challenges of the future banking landscape.” – Brian Nowak 

  • “Adapt! You must be aware of market demands and needs in your backyard. Business as usual isn’t going to cut it.” – Kristin Parker


And that’s a wrap! We’re looking forward to what the next decade brings, and our team will continue to help financial institutions grow and bank more local businesses. Banking is not just evolving—it’s revolutionizing.

 

Ready to talk solutions? Contact us for a free demo.

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