Modernized bank technology and improved data sharing would sharpen anti-money-laundering efforts, making crime like human trafficking more risky and less profitable.
There’s a lot of hype surrounding up-and-coming regulatory technologies, including the use of AI and robotics, but banks will have to be patient to see big returns on those investments.
Fintechs should learn to value risk management — and the necessary bureaucracy that comes with it, bankers said this week in defending themselves again criticism that they are a pain in the neck to work with.
The Treasury Department will release a report early next year on opportunities and risks posed by fintech as part of administration efforts to reform the regulatory structure, Craig Phillips said.
Banks that find true innovation hard to accomplish can take heart — it’s no picnic for startups either. To hear both sides share their challenges is an argument for collaboration.
