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Criticizing FinTech over reputation risk is sheer hypocrisy
- Wednesday | 3rd October, 2018
for KYC and AML and digital processes – but banks must really focus on regulation, reputation and risk management. We are headed for a new finance services reality, and traditional finance institutions can no longer hide behind the window dressing of regulation, reputation and risk management. Traditional finance institutions often question and criticize the new finance models enabled by FinTech, using the excuse that banks are heavily regulated and must manage risks and protect their reputations. When distributed models, FinTech and AI come to finance, old institutions either adapt or lose a significant part of their business. But in reality it is not so clear – many regulators have also seen that traditional finance institutions are big risk hubs and that’s why we have things like PSD2 and FinTech sandboxes.
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