Digital banks have transformed the financial industry in recent years bringing an attractive wave of innovation that reshaped customer expectations, prioritising user-friendly digital experiences, low fees, streamlined services and many other irresistible add-ons. These banks have leveraged technology to fill gaps left by traditional institutions,...
18 November 2024 Banking
As the digital age matures, organisations across the globe are embracing artificial intelligence (AI) as a major driver of innovation. However, as AI evolves at a breakneck pace, with its increasing role in business strategy, operations, and governance, a critical question has surfaced: do companies already need a dedicated Chief AI Officer to ove...
25 October 2024 Artificial Intelligence and Financial Services
In an era dominated by artificial intelligence (AI), society stands at a crossroads. Do we take advantage of the unprecedented opportunities AI presents, or do we hesitate, waiting for the consequences of under-regulation to manifest? Lord Chris Holmes, MBE, in his recent speech at the #RISK conference in London, addressed this very dilemma, call...
10 October 2024
Thank you for your comment @Ketharaman - you raised a very important question about whether these banks operate under a sponsor bank or hold their own banking licenses: from what we can see in public sources, while some neobanks do rely on sponsor banks (such as Chime), many have secured their own licenses (such as Starling Bank, Monzo, N26), which subjects them to the same rigorous regulatory framework as traditional banks. Is there also a third group? Revolut - initially operated under an e-money license and obtained a full European banking license in December 2021 and a UK banking license in July 2024.
However, the “honeymoon period” for newly licensed entities could be seen as an informal practice, reflecting regulators’ understanding that even with extensive preparation, operationalising compliance at scale takes time. This doesn’t mean leniency for rule-breaking or some bad practice, but rather a recognition of the challenges in transitioning from startup agility to a company's regulatory robustness.
20 Nov 2024 13:43 Read comment
What an interesting topic. It's fascinating to see how understanding cognitive biases can not only enhance engagement but also lead to more effective sales strategies. Thank you for sharing!
12 Aug 2024 15:06 Read comment
Artificial Intelligence and Financial Services
RegTech
Mike O'KeeffeGeneral manager at Corlytics
Freddie FrithVice President at Corlytics
Elaine MullanHead of Marketing and Business Development at Corlytics
Susie MacKenzieHead of Legal and Regulatory Analysis at Corlytics
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