COMPLIANCE CHALLENGES IN DIGITAL BANKING: ANDORRA’S EXPERIENCE
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MORA BANC TAKES THE LEAD IN DIGITAL TRANSFORMATION, BUT COMPLIANCE REMAINS A KEY CHALLENGE
In a bid to stay ahead of the curve in digital banking, MoraBanc has undergone a major transformation in recent years. The bank’s efforts have paid off, with it receiving awards for Best Digital Bank and Best Mobile Banking App from World Finance magazine for the second year running.
However, behind the scenes, compliance challenges remain a significant concern for banks like MoraBanc as they navigate the complex landscape of digital banking regulations. In an exclusive interview, Ignacio Martín, head of MoraBanc’s digital transformation plan, sheds light on the bank’s experience and the key takeaways from its journey.
DIGITAL TRANSFORMATION: A MAJOR CHALLENGE
According to Martín, one of the biggest challenges facing banks in the digital age is staying ahead of the curve. “When you reach a point of excellence in digital transformation, if you’ve understood the situation it becomes clear that you can’t stop, as transformation is ongoing and that if you don’t make progress in this digital environment, you get left behind,” he says.
MoraBanc’s own journey has been marked by significant investment in technology and people. The bank has implemented agile methodologies to improve efficiency and flexibility, as well as internal tools like Smartsheet, Jira, and Trello to manage projects and requests.
COMPLIANCE: A KEY CONCERN
Despite the bank’s success in digital transformation, compliance remains a key concern. Martín notes that banks must navigate complex regulations, including those related to data protection, anti-money laundering, and know-your-customer requirements.
“To comply with these regulations, we need to have robust systems and processes in place,” he says. “This includes implementing controls to ensure the accuracy and security of customer data, as well as training staff on regulatory requirements.”
PARTNERSHIPS AND COLLABORATION
To stay ahead of compliance challenges, MoraBanc has formed partnerships with fintech companies like Ibenta and QuickBlox, which provide innovative solutions for online and mobile search engines. The bank also sits on the ANDblockchain committee in Andorra, devoted to blockchain technology.
“Collaboration is key,” Martín says. “We need to work together with regulators, industry peers, and fintech companies to develop new solutions that meet the evolving needs of customers.”
RESULTS: A GROWTH STORY
MoraBanc’s digital transformation efforts have delivered impressive results. The bank has seen a significant increase in income statement growth, as well as double-digit growth in digital transactions.
“Our NPS for our services increased by 8 points this year,” Martín notes. “We’re also seeing significant growth in access to online banking, cash transfers, and the purchase or sale of securities.”
CONCLUSION
As MoraBanc continues to lead the way in digital transformation, it’s clear that compliance remains a key challenge. However, by investing in technology, people, and partnerships, banks can stay ahead of the curve and meet the evolving needs of customers.
In the words of Martín: “The world is digital, and so is MoraBanc.”