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In an increasingly digital, innovative landscape, fintechs and non-banking financial institutions (FIs) are presented with enormous opportunities for growth- opportunities that many aren’t currently in a position to take.
Profit margins for payments services providers (PSPs) are razor-thin and under further incoming threats from economic volatility, declining fees, and a challenging investment landscape. In addition to these challenges, these firms face intense regulatory scrutiny and must constantly adapt to new compliance demands.
The fact that 33% of fines for anti-money laundering (AML) compliance violations were to fintechs in the first half of 2023 suggests that these firms are struggling to keep up.
Payments firms face an ultimatum: optimize their compliance operations, or be forced to pass up opportunities to bring on more customers in existing territories and expand into new ones.
So, how can fintechs scale efficiently and sustainably to unlock future revenue growth?
By taking a strategic approach to digital transformation that takes advantage of the latest innovations, PSPs and fintechs must overhaul manual, legacy processes to drive down operational costs.
These areas must be addressed as a priority, if fintechs are to realize their ambitions for growth and satisfy investors.
In this webinar, our expert panel of speakers breaks down how best fintechs can approach making client lifecycle management (CLM) processes such as client onboarding and AML more efficient.
Watch to learn:
- The top 5 challenges preventing payments firms from expanding
- Why revenue growth and scaling the business hinge on digitalization of CLM processes
- Which compliance processes should be digital transformation priorities for growth-oriented payments firms
- How leveraging best-in-class technologies drives down operational costs and unlocks future revenue growth