FI executives want to minimize risk and improve compliance monitoring. Simultaneously decreasing reporting errors is icing on the cake. Meanwhile, community institutions’ focus is on the pursuit of new revenue streams.? The most crucial banking takeaways from 2023 will inform your endeavors, helping you make financially smarter, safer, and sounder choices in 2024.
RiskScout gathered heavy hitters from the FI industry for a fascinating webinar, Banking Horizons 2024: Navigating Insights, Embracing Change, including:
Kelsey Landau – Principal of Alloy Labs, an organization seeking to improve the banking landscape through connections to technology
Christopher Williston – President and CEO of the Independent Bankers Association of Texas
Tony Scavuzzo – Managing Principal at Castle Creek–a venture capital fund focused on the community banking sector
Justin Fischer – CEO and Co-Founder of RiskScout
These esteemed experts discussed pertinent topics ranging from the interest rate hikes in the first part of 2023 to the shuttering of financial institutions and the subsequent need for re-evaluation of best banking financial practices. Key BaaS insights were offered throughout the nearly one-hour-long event. Here, we’ve provided three select takeaways.
Takeaway 1: Compliance Management is Not a Passive Activity
Kelsey and Chris nailed it when they spoke about the importance of community banks taking an active role in their BaaS compliance operations. Don’t wait for fintechs to take initiative or regulators to catch you in costly mistakes. Self-policing can help you save time and money. Check out what they had to say:
When you fully automate your policy, procedures, and controls into RiskScout’s Compliance platform, you can leave behind the manual execution. You’ll have the ability to focus on strengthening your compliance program.
Takeaway 2: Technological Innovation is Needed to Streamline Compliance Operations
From Justin, we heard that FI executives crave technology and innovation features that grant easy and immediate access to the data they need to increase their revenue. Here’s what Justin had to say:
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Takeaway 3: Active Monitoring Prevents Slippery Situations
From Tony, we heard that it's important to keep track of the volume and duration of deposits to minimize asset risk. Here’s what he said:
RiskScout’s platform streamlines and automates operations, offering ongoing transaction monitoring with real-time updates and flagging.
According to our four expert panelists, 2024 promises to bring, among other things, advancements in AI and machine learning (for better or for worse) that necessitate a significant need to tighten up compliance operations through automated and innovative technologies—as long as the ones you implement are actually working for you!
Check out the full webinar on our YouTube channel. There are many more golden banking nuggets.
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