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Breaking Banks
Episode 557: The Power of Resilience
Aug 15, 2024
Gilles Gade, founder and CEO of Cross River Bank, joins Phil Go, CEO of the American Fintech Council, to dive into resilience in banking post-regulatory challenges. They discuss how consent orders can be transformed from setbacks into opportunities for growth. The conversation highlights the evolution of banking technology, emphasizing the need for proactive risk management rather than avoidance. The guests advocate for collaboration between banks and fintechs to navigate regulatory pressures while boosting financial inclusion and consumer-centric approaches.
54:23
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Quick takeaways
- Embracing regulatory consent orders as growth opportunities allows banks to strengthen compliance and enhance their service culture.
- Leveraging technology and partnerships with fintech firms is essential for banks to improve operational efficiency and meet consumer demands.
Deep dives
Organizational Resilience in Banking
Financial institutions are increasingly focusing on building organizational resilience to thrive amidst regulatory pressures. The shift from merely mitigating risk to actively managing it has become essential for banks to adapt and innovate. Embracing consent orders as opportunities for improvement rather than obstacles can lead to stronger compliance and customer service capabilities. As institutions like Cross River Bank demonstrate, integrating compliance management with business strategies helps banks maintain their growth trajectories while satisfying regulatory concerns.
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