FinTech : Avoiding Fines with Partial Automation
A bitcoin spider (it does not exist) Fintech is an area of the financial industry that is constantly evolving and full of excitement and confusion. While you may enjoy the convenience of tapping your card on a point-of-sale terminal, your granny may struggle to adapt to the bank's new app. We can all agree that technology is infiltrating every sector and has led to the emergence of cryptocurrency and autonomous vehicles. However, with innovation comes the need for regulation, and companies in the United States are now subject to more than 50,000 regulations according to page 6 of SVB's Breakdown on The State of Fintech . Failure to comply with these regulations can lead to severe penalties, damage to the company's reputation, and even legal action. Coinbase is a prime example of this, as they were fined $50 million for failing to build and maintain a compliance program that could scale with their rapid growth. Today, risk management is still a highly manual task that ...