Innovation never stops, but regulatory considerations can impede progress if not properly accounted for and managed. That’s why it’s crucial to create dedicated spaces where innovators, regulators, and policymakers can form a brain trust to address technology adoption challenges in the financial industry.

Between March and June of last year banks experienced a 520% increase in phishing and ransomware attempts. Though these trends were exacerbated by COVID, cybersecurity has been a top concern for the financial services industry for years.

A recent 21st Century from the Conference of State Bank Supervisors report indicates that more than 80% of bankers ranked cybersecurity risk as “very important,” which was more than twice the rate for any other type of operational risk.

Cybersecurity is an ever-changing, ever-evolving practice. Because of this, the right cybersecurity practitioner will require hands-on experience and continuing education throughout their career to stay current in the field.

As we continue to see regulatory focus on innovation and emerging technologies, it comes as no surprise that the agencies may be turning their attention to artificial intelligence and machine learning and how they are being employed at the bank level.

ICBA's Kevin Tweddle discusses the push and pull between fintech innovation and regulation in today's dynamic and technology-centric world.

Kevin Tweddle: For community bankers, innovation is no longer a buzzword—it’s a state of mind.

Although August is typically a sleepy month in D.C., policymakers were still hard at work last month—which meant that the ICBA’s regulatory affairs team was also hard at work keeping up with the latest developments.

Kevin Tweddle: Regardless of your size, ICBA has resources to help your community bank develop a strategy for incorporating fintech into your business plan.