Insight

Inclusive innovation

Expanding access in the age of digital banking

Todd Semanco

Todd Semanco

Partner, Banking & Consumer Compliance Risk, KPMG US

+1 412-232-1601

Regulatory expectations, social pressures, and economic incentives have coalesced to highlight the need to prioritize financial inclusion within digital transformation initiatives that are rapidly proliferating due to the economic impacts of COVID-19. Longstanding barriers to inclusion, such as those pertaining to aged, low-income, and rural communities, have been exacerbated by the shift to remote access and digital offerings, and require dedicated strategies and resources to ensure compliance with evolving regulatory expectations, and to grow a broader and more diverse customer base. Key considerations around the shifts in the industry landscape and the associated potential compliance impacts, including with respect to a new incoming administration, are detailed in a new Point of View prepared by KPMG’s Risk and Compliance team, Inclusive innovation: expanding access in the age of digital banking.