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Digital Compliance in the US

Watch Tracy Moore, Director of Thought Leadership and Regulatory Affairs at Fenergo, discuss digital transformation and regulatory scrutiny in the US.

The US financial industry has seen a lot of transformative activity in recent years. Financial institutions (FIs) have made strides with digitalizing client lifecycle management and taking a risk-based approach towards management of clients and the whole relationship that FIs have with clients. 

A risk-based approach is crucial for identifying gaps in your compliance system. It’s an approach that FIs take that’s outcomes-driven, measuring risk across the client lifecycle rather than just looking at transaction monitoring systems, for example.

In the US market, there is an increasing focus from regulatory and government bodies on FIs – particularly regional banks and in mid-markets. 

We see the heightened scrutiny not only in the current regulations, but also in new regulations that are due to come down the pipeline, whether that be for digital assets, cryptocurrencies, fintechs, or even the non-banking industry.

To hold up against regulatory scrutiny, every regulated business needs to address the ever-growing list of requirements through technology transformation. 

In answer to the compliance burden US financial institutions are facing, Moore emphasizes the importance of a holistic approach to risk management, leveraging technology to improve efficiency and mitigate risk. She also highlights the increasing focus on digital assets, cryptocurrencies, and fintechs, as well as the need for banks to adapt to these changes through technology adoption.

Tracy’s advice to the US banking industry around digital transformation and regulatory scrutiny in 2024 is that:

  • Banks must adopt holistic risk management approach to stay competitive in US market
  • Banks must use technology to meet heightened regulatory scrutiny in 2024
  • Cloud-based technology can transform banks' fragmented platforms, improving regulatory compliance and customer experience

To bring a technology-first strategy to your bank that’s easily configurable with your current systems, get in touch with the Fenergo team today to book a demo.