Combating new compliance issues in financial services? Focus on using technology to address these three things
Centered in our nation’s capitol, the buzz from the recent CUNA Governmental Affairs Conference was all about addressing the needs of members – as usual – but this time, it was in the context of meeting compliance demands and alleviating the associated costs. Being part of the larger technology industry, it always amazes how much of these kind of conversations all boil down to how technology can be applied. Whether it’s regulatory developments such as the Dodd-Frank Act or seeking new ways to reach new members or customers, technology plays a key role in keeping a financial institution compliant. Some regulations have yet to be written, but financial institutions need to stay ahead of the impending rules. To accomplish this daunting task, technology must do very specific things. From what banks and credit unions are saying, here are the three most important qualities: Auditable processes and content Security Flexibility to adapt to these and other new regulations