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Compliance as a Driver of Revenue?
Friday, January 19, 2018 6:20 AM

Revenue and compliance are inextricably linked. The common perception is that the practice of compliance inhibits revenue generation, while the cost of compliance is a revenue drain. This lethal combination is a significant factor in the serious challenges that so many small and mid-sized financial institutions find themselves in these days. Lacking the means or capability to enter new markets and facing ever-increasing compliance costs, too many financial institutions face the prospect of either going out of business or merging with larger institutions.

But imagine a scenario in which the revenue/compliance dynamic was flipped, and compliance went from being a revenue drain to a revenue driver. How could this be possible? As with so much transformative change in our economy, the answer lies in technology.

Most legacy compliance platforms have been around for decades, and are not necessarily suited to meet current realities. But new Fintech and Regtech solutions are now available to increase automation, transparency, and efficiencies for compliance responsibilities. Institutions are leveraging these technologies that are tied to new product innovations for payments, lending, consumer identity validation, real-time transaction monitoring, document management and more.

So imagine your sales, operations and compliance teams no longer working at odds with one another, but in collaboration with one another. That is happening today as compliance-centered technology solutions are empowering compliance departments to help lead the charge in new verticals.

Want to expand vision, encourage critical thinking, and provide purpose and ownership in new potential growth strategies?

Read more and take the seven-step challenge for your institution.

Source: CUInsight