Post Tagged with: "compliance"

How to Approach Regulators as a Fintech Startup

How to Approach Regulators as a Fintech Startup

by April 29, 2016 at 12:39 pm 0 comments

Regulators have certainly kept a close eye on fintech upstarts. Last month, the Financial Stability Board (FSB) – comprised of 20 world economies – came together in Tokyo to establish a framework and assess the potential of fintech startups “disrupting” traditional banking. Many startups have learned the rule: Go to them, beforeRead More

Compliance Management Took More Than Two FTEs in 4Q

Compliance Management Took More Than Two FTEs in 4Q

by January 29, 2016 at 4:19 pm 1 comment

Banks spent 968 hours complying with regulations in the fourth quarter of 2015, according to a recent report from Continuity, which produces regulatory change management software to the financial services industry. That duration works out to 24 weeks of full-time work for the quarter, or the equivalent of more than two full-time employees — 2.23, to beRead More

Why the Facebook of Banking Won’t Own a Charter

Why the Facebook of Banking Won’t Own a Charter

by December 24, 2014 at 11:42 am 3 comments

2014 was the biggest year in FinTech by far with billions being invested globally in what is to be expected in a global growth sector. But how much was invested globally in FinTech this year? It depends on how you classify FinTech. StrategyEye estimated that there was $2.8Bn raised in 2014 via venture capitalRead More

Proposed N.Y. State Regulation Would End Bitcoin Anonymity

Proposed N.Y. State Regulation Would End Bitcoin Anonymity

by July 17, 2014 at 3:45 pm 2 comments

The New York Department of Financial Services (NYDFS) released a proposal today to regulate bitcoins and other forms of virtual currency, making New York the first state to draft up regulatory legislation for virtual currencies. The NYDFS is proposing to issue “BitLicenses,” certificates allowing holders to transact in virtual currencies in NewRead More

Risk, Compliance Top Concerns for Bitcoin Startups

Risk, Compliance Top Concerns for Bitcoin Startups

by April 8, 2014 at 3:58 pm 0 comments

It’s no longer the Wild West for virtual currency startups — all 2,000 of them. The regulators (and tax collectors) have virtual currencies in their cross-hairs, and the startups must learn to operate in a regulated space. There is tension in the bitcoin community over compliance. There will always beRead More

Turning Customer Complaints into Clues for Improving Service Interactions

by November 19, 2013 at 1:29 pm 0 comments

In general, no one likes a complainer. Complainers are cast as the antagonists in customer service scenarios. These are the customers that you politely diffuse and move to the next interaction. Their issues and concerns can vary considerably, from the frivolous to the legitimate, but most contact center agents andRead More

Mambu to Introduce Cloud-based Banking Platform at Finovate Asia Tomorrow

Mambu to Introduce Cloud-based Banking Platform at Finovate Asia Tomorrow

by November 12, 2013 at 11:26 am 2 comments

Financial technology company Mambu will introduce its new custom-built cloud-based banking platform at Finovate Asia in Singapore tomorrow. The company began in the microfinance space and found the software offerings there limited. The high-end players used core banking platforms that inhibited them from moving downmarket, and the low-end players used spreadsheets andRead More

OCC Issues New Guidance on Banks’ Third-Party Relationships

OCC Issues New Guidance on Banks’ Third-Party Relationships

by October 30, 2013 at 10:10 am 1 comment

Risk managers might want to add a little “Irish” to their coffee this morning. The Office of the Comptroller of the Currency issued new guidance for banks’ third-party relationships today, citing concerns about the growing complexity of financial institutions’ relationships with vendors. “We have concerns regarding the quality of riskRead More

What Do Customers Want? Survey Shows Growing Appetite for More Communications

What Do Customers Want? Survey Shows Growing Appetite for More Communications

by October 24, 2013 at 9:20 am 0 comments

In our always connected society, we increasingly rely on real-time information and notifications in our daily lives – from checking our bank account balance on a smartphone app to getting a text message saying a prescription is ready for pick-up. And, new research commissioned by Varolii shows consumers find thisRead More

CFPB’s Richard Cordray Tells Bankers to Push for Financial Education

CFPB’s Richard Cordray Tells Bankers to Push for Financial Education

by October 21, 2013 at 11:32 am 2 comments

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), told bankers at the American Bankers Association’s annual convention today to push for financial education for young people at the state level in order to bring up a new generation of responsible borrowers. “Anything you say,” Cordray told the roomRead More