Women in Fintech
Ever wondered what drives the future of fintech?
Imagine a world where technology and finance are not just male-dominated fields but spaces where exceptional women break barriers, drive innovation, and inspire others. Picture a future where powerful female leaders transform the backbone of financial operations, sparking new ideas and collaborations across the industry. Well, you don't have to imagine - the future is here now!
We are thrilled to announce the launch of our new "Women in FinTech" series. In each edition, we will feature in-depth interviews and stories of remarkable women who are shaping the future of the fintech industry. This series aims to highlight their journeys, insights, and the invaluable contributions they make to the field.
We are delighted to kick off our "Women in FinTech" series with the extraordinary Dr. Stella Mourouzidou Damtsa, whose remarkable journey and insights set the tone for this inspiring new venture.
Dr. Stella Mourouzidou Damtsa is the Manager of Segments and Propositions at the Bank of Cyprus PCL. She oversees Segments, Analytics, Loyalty, CRM, and Business Intelligence. Throughout her career, Stella has held numerous leadership positions, including Regional Manager Nicosia, Manager Premier Banking, and Head Private Banking. Her academic credentials include a Doctorate in Business Administration (DBA) from the University of Manchester, an MBA and an MSc in Financial Economics from the University of Cyprus, and a BSc in Mathematics and Computing from the University of Bath. She is also a fellow of the International Compliance Association (ICA) UK and a CFA charterholder.
Dr. Stella's insights and leadership are instrumental in driving innovation and excellence in the financial sector. In her own words, "To all the aspiring women in fintech, my advice is simple: never give up, trust yourselves, and dream big."
Dr. Stella Mourouzidou Damtsa will be part of a panel at iFX EXPO titled "Regulatory Waves: Steering Through FinTech's Evolving Seas," where she will delve into the significant regulatory transformations reshaping the financial sector and explore future scenarios in finance and trading. Catch a glimpse of her story, which you can hear in full at the City of Dreams Mediterranean on June 19th.
Regulatory changes, especially in the banking sector, significantly impact Segments, Analytics, Loyalty, CRM, and Business Intelligence. The banking industry is one of the most heavily regulated due to its role in financial intermediation - gathering deposits and providing loans - and requires meticulous regulatory adherence. This is paramount not only to protect the integrity of financial systems, domestically and globally but also to safeguard customer data and trust.
At the Bank of Cyprus, we are deeply committed to maintaining compliance while fostering innovation. With the advent of regulations like the General Data Protection Regulation (GDPR), we have had to reassess and enhance our data handling and protection measures. Additionally, other regulations such as the Payment Services Directive 2 (PSD2), Anti-Money Laundering Directive (AMLD), and Markets in Financial Instruments Directive (MiFID II) play a crucial role in shaping our compliance landscape. These regulations, along with guidelines from the European Banking Authority (EBA) and local directives from the Central Bank of Cyprus , require us to implement comprehensive measures to ensure we meet all regulatory requirements.
To navigate these regulatory landscapes effectively, we have established a robust framework involving key gatekeepers such as our Data Protection Officer and the Legal Department. Compliance and regulations are not seen as hurdles but as cornerstones of our customer-centric approach. We work closely with these departments to integrate regulatory requirements seamlessly into our operational processes.
On a personal note, Compliance is not just a part of my duties, it is a personal commitment. I have taken courses and become a Fellow of the International Compliance Association (ICA) in the UK, which has provided me with first-hand knowledge and insights. This experience has been instrumental in understanding regulatory frameworks and implementing them in a way that aligns with our business goals. It has also helped in fostering a culture of compliance within the organization, ensuring that every team member understands the importance of these regulations.
To foster innovation, we leverage advanced analytics and business intelligence tools to drive our loyalty CRM initiatives, ensuring they are compliant by design. This means that from the very inception of a project, compliance and legal are integrated, ensuring that we can innovate without compromising on regulatory adherence.
In conclusion, while regulatory changes pose significant challenges, they also provide an opportunity to enhance our processes and systems. At the Bank of Cyprus, we are committed to leveraging these changes to build stronger, more secure, and more customer-focused services. Our collaborative approach with our compliance and legal experts, who are integral to our innovation goals, ensures that we can achieve our innovation goals while maintaining the highest standards of regulatory compliance.
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Fintech companies today face myriad regulatory challenges that can significantly impact their operations and competitiveness. One of the primary challenges for fintech companies that compete with traditional banks is the need to comply with the same stringent regulations. As fintechs increasingly enter domains traditionally dominated by banks, such as payments, lending, and wealth management, they must adhere to banking regulations designed to ensure the stability and integrity of financial systems. These regulations, including the General Data Protection Regulation (GDPR), Payment Services Directive 2 (PSD2), Anti-Money Laundering Directive (AMLD), and Markets in Financial Instruments Directive (MiFID II), impose significant compliance burdens on fintechs.
This can be a considerable financial strain for many fintech startups, as they typically operate with leaner resources compared to established banks. The cost of compliance, which includes implementing robust data protection measures, conducting thorough customer due diligence, and ensuring transparent reporting practices, can be a significant hurdle for fintechs striving to remain competitive.
Moreover, the rapid pace of technological innovation in the fintech sector often outstrips the speed at which regulations are updated. This creates a regulatory uncertainty that fintechs must navigate carefully. For example, emerging technologies like blockchain, cryptocurrencies, and AI-driven financial services present new regulatory challenges that are not fully addressed by existing frameworks.
To navigate these challenges and remain competitive, fintech companies can adopt several strategies:
1. Proactive Engagement with Regulators: Building strong relationships with regulatory bodies can help fintechs stay ahead of regulatory changes. By engaging in open dialogue with regulators, fintechs can gain insights into upcoming regulatory trends and potentially influence the development of new regulations that are more conducive to innovation.
2. Investing in Compliance Technology: Leveraging advanced compliance technology, such as RegTech solutions, can help fintechs streamline their compliance processes and reduce costs. These technologies can automate compliance tasks, enhance data accuracy, and improve regulatory reporting efficiency.
3. Collaborating with Traditional Banks: Forming strategic partnerships with banks can help fintechs navigate the complex regulatory landscape more effectively while focusing on their core innovative capabilities.
4. Building a Strong Compliance Culture: It is crucial to develop a culture of compliance within the organization. This involves training employees on regulatory requirements, fostering an environment where compliance is seen as a collective responsibility, and ensuring that compliance considerations are integrated into every aspect of the business.
5. Focusing on Customer Trust and Transparency: Ensuring transparency in operations and prioritisingcustomer relationships can help fintechs build trust with their customers and regulators alike. By demonstrating a commitment to regulatory compliance and customer protection, fintechs can enhance their reputation and competitive edge.
As the fintech industry evolves, staying agile and adaptable in response to regulatory developments will be key to long-term success.
To all the aspiring women in fintech, my advice is simple: never give up, trust yourselves, and dream big. The fintech industry is full of opportunities and challenges, and your unique perspectives and skills are incredibly valuable. Believe in your capabilities and know that perseverance is key. Even when faced with obstacles, stay determined and resilient. Trust your instincts and expertise, and don't be afraid to take risks. Set ambitious goals and work relentlessly towards achieving them. You have the power to shape the future of fintech. Keep pushing boundaries and breaking barriers—you are capable of amazing things.