As anyone who has a banking app on their phone can tell you, the digital transformation is well under way in the financial industry. Breakthroughs in financial technology have made it possible for bank customers to deposit a check, apply for loans, and transfer funds with little more than a swipe of the thumb.
These advents have accelerated the pace of business in the banking industry to previously unbelievable speeds, presenting huge opportunities, and major risk. Banks that properly embrace the digital transformation can expect to enjoy more and more customers accessing their products 24 hours a day. But a poorly executed transformation could leave banks either lagging behind competitors or, worse, in serious breach of government regulations and internal controls— exposing the institution to legal and financial risk.