Given that many financial institutions' transformation lists to adopt new technologies have grown in recent years, having a clear understanding of the ultimate purpose of that technology is critical to getting it right and embracing significant change. According to the CEO of Wolters Kluwer Compliance Solutions, in a recently published interview, the mindset required for technology teams to successfully develop—and implement—those same technologies to meet the complex challenges of financial services customers.
“They’re not just creating code… (or) different architectures. It’s linking it all the way to the actual impact that it has for our end customers, in a Mortgage Professional America feature, Tech Must be Purpose-Built. It sounds like simple work, but I’ve seen a lot of organizations where you ask somebody what they’re working on and how that impacts their own community, and someone would say ‘I don’t really know.’ That’s been a major initiative for us—to further engage our entire technology organization to not only create great technology, but to know how it benefits others.”
-Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions
He notes that purpose-built technology has led the way in many financial services arenas, from Wolters Kluwer assisting lenders in quickly accessing critical small business funding during the pandemic crisis to the development of digital assets "in all lending areas, including mortgage" that are fundamentally changing the lending industry for the better.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to insurance companies, banks and credit unions, and securities firms in the United States. The company, which is part of Wolters Kluwer's Governance, Risk & Compliance (GRC) division, assists financial institutions in efficiently managing risk and regulatory compliance obligations, as well as gaining the insights required to focus on better serving their customers and growing their business.