Ron Cogburn CEO at Exela Technologies
“Know your customer” (KYC), while a critical regulatory requirement, can quickly get gummy and frustrating when data is scattered across multiple systems. Financial institutions collect massive amounts of customer data—where people live, what they drive, whether they own homes, what credit cards they use—that can satisfy anti-money laundering (AML...
02 May 2019 /regulation Bigger than Technology
Retired Member
It should be no surprise that financial services are among the most heavily regulated industries. Any business that involves the management and transfer of money, particularly across international borders, requires careful monitoring and control. Moreover, as a result of the 2007-2008 financial crisis and the rise of cybercrime, the regulatory env...
02 May 2019 /regulation /inclusion
Andrew Beatty Head of Wealth, Retirement & International at FIS
Harnessing the power and potential of AI in regulatory compliance for financial services can give banks a competitive advantage in today's data-centric world. Let's see some practical examples. Here are three primary and practical ways that Artificial Intelligence use cases can be applied to best capitalize on the value, power, and potential of nex...
30 April 2019 /ai /regulation Digital Banking Trends
Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions
Direct-to-Consumer financial technology startups are new age companies that sell bank accounts, loans and other financial products directly to end users. In this post, we'll use the term “Fintechs” to refer to these D2C firms and "Fintech" to refer to the industry as a whole. They're different from “Fincumbents” - those comprise of tradi...
26 April 2019 /regulation
The European Commission is required to review MiFID 2 by March 2020. The German Finance Ministry kicked things off at the beginning of this year by inviting comments from the industry. Attending the recent FIA Compliance and Regulation Forum, I noted that many of the regulators and market participants seem to prefer targeted adjustments over a la...
26 April 2019 /regulation /wholesale MiFID
These top 4 trends of AI in regulatory compliance for financial services can give banks a competitive advantage in today's data-centric world. Innovative technologies leveraging Artificial Intelligence (AI) empower the automation of regulatory compliance and business processes; analysts view this type of automation as a top trend for financial inst...
25 April 2019 /ai /regulation Digital Banking Trends
Willem Lambrechts Managing Director at Drebbel
A new era seems to have arrived, also in Belgium. Degroof Petercam, one of the "old ladies" in Belgian private and investment banking, has been awarded the lowest possible audit-score by the NBB, the Belgian Central Bank. Investigations have been started around different potential irregularities. A multimillion is far from unlikely to be...
25 April 2019 /regulation Banking Regulations
Mike O'Keeffe General manager at Corlytics
In 2017, it was reported that the payment protection insurance (PPI) scandal had cost some of Britain’s largest high street banks more than £34bn. Yet our analysis of over 1.25 complaints shows that the last kicks of PPI are still to come. With the PPI complaints deadline looming on August 29th 2019, our data shows that many banks are experiencing...
23 April 2019 /regulation /retail Financial Risk Management
Joey Kim
In stark comparison to how technologically advanced South Korea is (say for instance, introducing the world’s first 5G internet for smartphones) and being recognized as the most innovative country in the world according to Bloomberg’s annual Innovation Index, the Korean financial system is astoundingly outdated because of bank incumbents that are...
17 April 2019 /regulation Asia Financial Services
London was home to many European fintech companies - currently almost 50% of all payment institutions of the European Economic Area (EEA) are clustered in the UK. However, Brexit means that they will face the risk of losing authorization to provide financial services within the European Union (EU), e.g., lose the opportunity to serve clients from ...
16 April 2019 /regulation Fintech
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