Notes from the Fintech Compliance Survey Report 

Thwarting threat actors in today’s active and attack-heavy environment is a top loan servicing priority.

“Importantly, growth requires meaningful financial crime risk data and detection efforts. Mature risk practices and technology may not only limit downside risk, but actually accelerate growth…Stricter regulations require agile solutions…As threat actor capabilities expand, regulators tighten requirements. In particular, companies need scalable solutions across customer screening and monitoring and transaction monitoring.”

“Transaction Monitoring…Automate data analysis in real-time, on an ongoing basis…Build comprehensive views of customers’ financial behavior quickly and efficiently– even predict future activity to determine whether customers present an ongoing money laundering or terror-financing threat…Automatically alert AML teams of the need for closer scrutiny and to generate suspicious activity reports.”

Concord’s contact center fills the bill in all areas. Check us out. Reach out.

Is your loan servicing compliance team up to the task?

“Central to the fintech ethos is improving conventional financial experiences with better technology. Innovations like open banking and digital currency ecosystems simplify once opaque and expensive consumer experiences – upending entire business models, applications, and processes. Following fintech breakthroughs, however, is more complex criminality. As Deloitte notes, new technologies introduce unforeseen loopholes for financial crime activities…While agility and technology help deliver products with less overhead, these features can actually hamper operations…digital banks ‘must show they’re compliant with all relevant regulations – even though they’re often operating with significantly smaller compliance teams.’”

Concord’s Compliance Department demonstrates current and complete regulatory compliance every day—on federal and state-by-state levels. Ask us to prove it.

If customer onboarding falters, you create dissatisfied customers right out of the gate.

“The highest growth fintechs deliver both rapid and comprehensive onboarding…According to the Financial Action Task Force (FATF), ‘inconsistent customer onboarding and due diligence obligations is the biggest factor contributing to increased costs and reduced speed.’ Large enterprises in particular noted the downside of burdensome onboarding. Over 50% of these leaders cited ‘friction with customer onboarding’ as stalling growth.”

Concord’s 34-year track record speaks for itself. Check us out. Reach out.


Source: The Outsized Role of Compliance in Fintech Hypergrowth / Fintech Compliance Survey Report
A special report from LendIt and ComplyAdvantage on connections between business growth and financial crime risk detection.

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