You’ve seen the headlines and heard the doomsday predictions all claim that disruption isn’t just at the financial services industry’s doorstep, but that it’s already inside the house. And, loathe though we are to be the bearers of bad news, there’s truth to that sentiment.
The banking industry is undergoing a radical shift, one driven by new competition from FinTechs, changing business models, mounting regulation and compliance pressures, and disruptive technologies.
The Financial Crimes Enforcement Network (FinCEN) implemented a “rule,” effective May 11, 2018, that is intended to crack down on and combat illegal financial activities, such as money laundering, tax evasion, fraud, and other crimes.
If you’ve gone anywhere online within the past few months, you’ve probably heard about the General Data Protection Regulation (GDPR). Ever since GDPR went into effect on May 25, 2018, the entire business world (and, as a result, the internet) has been in a frenzy.
As Brett King, CEO and co-founder of Moven and bestselling author, once said, “If you don’t like rapid, earth-shattering change and you work in a bank, you should start looking for a new job in another industry.