With the width and depth of financial crime increasing as technology becomes ever more extensive, the need for new tech innovation in this area is increasing in tandem.
In a discussion, Revolut head of compliance and MRLO Elizabeth Henry, Behavox CEO and founder Erkin Adylov and State Street former global lead and conduct risk Christine Moran delved into the topic of deploying new technologies to defend against financial crime.
With financial crime expanding, is deploying new technologies the answer to this key problem?
One of the key questions asked during this discussion asked what were the key areas that are needed to develop a robust security framework?
On this point, Henry stated, “In my opinion, the financial services sector is in the middle of a digital revolution – and Revolut feels right at the centre of that.
“This arguably represents a really significant change in financial institutions, probably the most seen for decades. So it will probably not be a stretch to say that in most markets, fintechs represent a credible threat to the incumbent banks and financial institutions.”
Henry went on to state that what she can see in the market is that some banks and financial institutions have been able to pivot somewhat and position themselves in partnerships with fintechs, sharing expertise in order to create new opportunities.
She continued, “But I think it’s also fair to say that some financial institutions are struggling. And this may be due to a number of reasons, they may have old legacy systems, which prevent them from integrating with AML, for example.”
With such legacy technologies hindering firms, could we see an explosion in new technologies to tackle financial crime?
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