The run up to the General Data Protection Regulation (GDPR) and the second Payment Services Directive (PSD2) in Europe has created a few opportunities and multiple challenges for banks and fintechs alike. As banks scramble to understand the changes and adapt their policies, a handful of fintech companies has seized the opportunity, launching solutions to help banks comply with the new regulations. No matter if you’re a bank or a fintech, early preparation is key to success. Here are a few steps to take before the regulations hit:

Prepare your team

Communication is key to any large endeavor, and this is no exception. Take the time to brief members of your team; not only the ones whose jobs will be directly impacted by GDPR and PSD2 changes, but also those who have a less direct connection. Building a fundamental understanding of data security and an open API mindset into your company or bank’s culture can effect the passion and drive behind the adoption of new tools and innovations to comply with the new regulations.

Revamp consent disclosures

Under GDPR, companies can no longer have complicated, illegible terms and conditions. End users must be able to access these documents without difficulty and they must be presented in an easy-to-understand format. Because legal ramifications hinge on these documents, it is key to include all necessary elements to protect your company, bank, and employees.

Implement early

The earlier you implement changes, the more time you will have to adjust and adapt your policies (and re-adjust and re-adapt). You’ll be better off, as well. If you’re a fintech, get ahead of your competitors by offering a product that facilitates GDPR and PSD2 compliance. If you’re a bank, start shopping now for third-party solutions that span the scope of your needs and fit your existing model.

At FinDEVr London next month, NuCypher CEO MacLane Wilkison, along with the company’s CTO, Michael Egorov, will be leading a roundtable discussion titled Regulatory compliance and data protection in the era of GDPR and PSD2. Check out the FinDEVr London website for the full agenda and information on how you can become involved in the discussion. Register today and save your spot.

Highlighting the fact that regulation is a key barrier to growth for banks, a post at the Trulioo blog earlier this month underscored how important it was for FIs to leverage technology to meet these challenges. “To help grow their role and create effective change, compliance needs to embrace the process and tools of change, innovation, and technology,” the blog authors wrote. They added, “The future of AML compliance will need to consider Robotics, Machine Learning, Data Analytics, AI, and even Business Process Management solutions.”

The authors also noted that improving the user experience for the customer can also have the benefit of improving the experience for the compliance officer, as well. Further, they pointed out that even senior executives gain from the improvements technology can bring to the compliance challenge. “With the ease of digital onboarding processes,” the authors wrote, “companies can acquire new customers faster and easier than before.” The possibility of smaller, more effective compliance teams is another advantage that cannot be overlooked. “Instead of increasing head-count, companies can invest in scalable processes that save money and allow compliance to focus on sophisticated fraud cases,” the post concludes.

Pictured: Anatoly Kvitnitsky of Trulioo during his presentation, “Trulioo’s Global Gateway,” at FinDEVr 2014 Silicon Valley.

Do the solutions to the compliance challenges faced by financial institutions lie in smaller teams and a better user experience? Join Trulioo VP of Growth Anatoly Kvitnitsky and Mike Kim, Strategic Accounts Manager as they host our FinDEVr London roundtable discussion, “AML, KYC, OMG: How to manage compliance with a smaller team and a better UX. Trulioo’s roundtable takes place on Monday, 12 June on Day One of our developer’s conference.

A specialist in online ID verification, Trulioo leverages more than 200 data sources to provide AML compliance assistance, age verification for online gambling and liquor sales, KYC and trusted entities validation for account opening and maintenance, as well as reduce transaction risk for e-commerce merchants. Named to CNBC’s fifth annual Disruptor 50 earlier this month,  Trulioo also announced a partnership with fellow Finovate alum Mitek that would add a second level of biometric authentication to the ID Document Verification feature of its GlobalGateway platform. “This new partnership with Mitek ensures our clients continue to have instant access to powerful tools for their fraud prevention and compliance systems,” Trulioo CEO Stephen Ufford said.

Don’t miss Trulioo’s lunchtime roundtable, “AML, KYC, OMG: How to manage compliance with a smaller team and a better UX” on the first day of FinDEVr London, Monday, 12 June. Visit our registration page to save your spot today.

The new regulatory environment in the U.S. and around the world has the potential to introduce a major climate change for the fintech industry. Here’s a quick look at what you need to know about how the rising tides of regulation can impact your bank, your business, and your bottom line.

Regulation is always changing

With the new administration in the U.S., we’ve already seen revisions in some sectors, and there is a strong possibility of disruption in others. For example, the Durbin Amendment that was passed in 2010 may soon be repealed. No matter which side you’re on, you need to prepare your bank or business for the reality of a possible repeal. And it’s not only new leaders that have the power to change regulation– in the U.K., the advent of APIs will soon mandate open banking through pending PSD2 regulations. What’s next? Perhaps we’ll see biometric authentication requirements or a mandated, standardized approach to cryptocurrencies. All you can know for sure is that things won’t stay the same.

Serve local, think global

Fintech isn’t immune from the global economy– in fact, the opposite is true. Fintech is actually driving the global economy. Because of this, even if your financial services company doesn’t operate on a global scale, international regulations will still alter your business. That’s because regulations not only play into the “animal spirits” that dictate consumer behavior but more importantly, they adjust incentives, which can fundamentally change a company’s business model.

Adapt and win

You don’t need to be a first-mover when it comes to regulation, but if you fail to adopt policies or adapt to changes, it’s possible you may face fees, penalties, or worse– loss of consumer and/or client trust. Taking the time to study pending regulations and learn about ways to overcome a challenge they may pose or take advantage of an opportunity it presents can pay off in the end.

With rampant regulatory hurdles and minefields, it’s never been easy to operate a financial services company, and 2017 is no exception. TrustedKey CEO, Prakash Sundaresan, will have more on this topic during a roundtable discussion at FinDEVr London next month. Sundaresan will lead an exploration of Fintech climate change: Top challenges & regulatory impacts facing the financial services environment.

To learn more about how to participate in the roundtable discussion or the presentations, check out FinDEVr.com. Register before May 27 to get a discounted ticket.