Banking and Financial Services industry is undergoing a strategic shift with the advent of disruptive technologies such as Fintech, Blockchain, and IoT which are challenging the established technology based banking models. This may be the third wave of technology transformation to reshape the modern financial institutions around the world, the first two being ‘computerization’, which moved the banking operations from paper based to software based, and the second being ‘internet/mobile banking’ which radically changed the way banks delivered their services to the customers.
However, with the arrival of each technological shift have come new challenges, and this trend is not likely to change much in near future. Cybersecurity has become one of the biggest concerns for the organizations across the globe. Regulators are also continuously altering the existing regulatory landscape in the larger interest of the consumers and the economy as a whole.
In the course of this blog series, I will take you through some of these disruptions in the banking and financial services industry, and how adopting a mature Governance, Risk and Compliance (GRC) based approach may be the way forward. My first blog will talk about the changing regulatory landscape and five steps that you may want to adopt to stay ahead of the curve.