Banking sector regulators have taken to emphasizing the importance of culture to the conduct among firms, and the outcomes that result. In many instances, such outcomes have represented consumer harms and risks to financial stability. Now, so-called “neo-banks” and other fintech firms are facing scrutiny akin to that experienced by the entrenched incumbents they hope to disrupt.
For instance, the UK's most valuable fintech company — Revolut — has faced much criticism for the allegedly toxic work environment it had allowed to prevail. Hoping to win a UK banking license, in January this year Revolut announced intent to establish a new behavioral team, charged with driving shifts in the company's culture.
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