Businesses in a wide range of industries face specific pain points and banks realize this. A valuable opportunity exists for banks of all sizes to offer services to resolve these issues, but lacking technology and compliance concerns handcuff the financial industry from developing such solutions. For this reason, banks must deeply understand what innovation entails and what it means to remain compliant while offering new, innovative products and services. Financial institutions and fintech startups should also work together strategically, leveraging advancements in technology and data analytics, to deliver solutions that address and even anticipate the needs of their customers. By doing this, banks can empower the delivery of next-generation banking services, meeting market needs across multiple verticals and delivering concrete benefits to both businesses and consumers.

In this session, Suresh Ramamurthi, chief technology officer and chairman of CBW Bank, will examine the challenges, such as compliance concerns and inflexible banking systems that hinder financial institutions from developing innovative products and services. However, recent advancements in technology can be the bridge to overcome such obstacles and Ramamurthi can discuss how banks can accomplish this.