The demand and adoption of digital banking services is accelerating at an unprecedented pace. Simply providing remote banking services isn’t enough anymore. Banks that have already started their digital banking journey are looking for ways to differentiate themselves with the digital services they offer, and the banks that are just starting their journey are looking for innovative solutions that they can ramp up fast.

But the road to innovating with digital can be complex, which is why banks need to partner with digital banking providers who can help them navigate those complexities, especially when it comes to compliance and regulations. 

So what are the compliance challenges and opportunities that banks need to be aware of? We examined this topic in a recent webinar where we looked at:  

• How banks can enhance their BSA/AML Program in an increasingly digital environment 

• Community Reinvestment Act (CRA) considerations 

• Regulation B during the COVID-19 crisis 

A key take out from the webinar was that to keep up with changing regulations and digital banking compliance requirements, banks and FIs need to invest in next-gen digital banking technologies, like Technisys’s Cyberbank platform, that enable them to digitize processes and provide greater levels of security than ever before. 

For example, banks can use Artificial Intelligence (AI) for advanced account monitoring, and they can ensure a more robust and efficient reformed BSA/AML regime by integrating data analytics to detect illicit financial transactions and combat terrorism. Banks can also use digital banking technologies to give customers the ability to complete and sign Beneficial Ownership Certifications on a bank’s platform, and leverage technology to confirm that the Beneficial Ownership information remains the same when new accounts are established for existing customers. 

When it comes to finding a digital banking platform that can help banks innovate while navigating changing compliance and regulation requirements, they need to be looking for a platform that offers flexibility. At Technisys, our Cyberbank digital banking platform is built around the concept of ‘Structural Flexibility’ which gives banks and FIs the ability to: 

• Quickly adapt to changing market needs 

• Quickly adapt to changes in the regulatory and compliance landscape

• Customize workflows at the digital and core levels

To watch a recording of the webinar click here.