The Office of the Comptroller of the Currency recently issued its Semiannual Risk Perspective for Spring 2017, identifying areas where technology is increasing the strategic and operational risks the financial industry faces.

Increased competition from fintech firms and consumer demand for new products have increased the strategic risks banks and credit unions face, according to the report.

For example, alternative payments tools that are less transparent increase the risk of money laundering schemes going undetected. In addition to having to address compliance risks associated with new technology, some financial organizations are struggling just to keep up with the technology.

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