Connect with us

Fintech

The journey to automated regulatory change: how far have we come, and how much further have we got to go?

Avatar

Published

on

By Elliot Burgess, Head of RegAI at CUBE

Since the 2008 financial crash, financial services have developed their compliance systems at pace. From tools that analyse trades and behavioural anomalies, to those that track and map changing financial regulation – manual, error-prone systems are fast becoming a thing of the past. CUBE’s Elliot Burgess reflects on the journey of automation so far, and sets out his predictions for the future.

The journey to automation

One area that has seen significant innovation since the 2008 crisis is regulatory change management. Historically, tracking, analysing and mapping regulatory change was a manual process managed by teams of people working from innumerable spreadsheets. The task was laborious; constant scanning of regulatory databases for changes, hours spent establishing whether that change would impact business functions and, finally, manually mapping that regulatory change to existing policies, processes and controls. Highly skilled and valuable compliance team members would spend hours on administrative regulatory tracking.

Fast forward a few years and, mercifully, manual systems have fallen out of favour (though a recent survey by EY found that some financial institutions are still using Microsoft Excel to manage regulatory change). Regulatory change management started to evolve, bolstered by the application of technology.  Gone were the hours of manual trawling and tracking; the industry started to see a new wave of regulatory technology (RegTech) designed to capture regulatory information and store it in a digitised library. Often the libraries were filled with high-level regulatory data lacking granularity or any form of standardisation – but it was an improvement, nonetheless.

Regulatory change today

As we head towards the tail end of 2020, regulatory technology is at a precipice. Regulatory change management programmes are primed for automation, spurred on by sophisticated technologies including Robotic Process Automation (RPA), Machine Learning (ML) and Deep Learning (DL) techniques, semantic web, big data analytics and Natural Language Processing (NLP), to name but a few. A recent report by CUBE, in association with Burnmark entitled ‘RegTech for Regulatory Change’, found that a number of noteworthy financial institutions, including Deutsche Bank, HSBC and Lloyds Bank are all using AI within their compliance functions.[1]

RPA now extracts regulatory data and maps it to business taxonomy and organisation structures with the help of semantic technologies. AI technologies such as NLP, ML and DL do the task of analysing and extracting insights from the regulatory legislation and identifying the impact on relevant businesses. The regulatory intelligence process monitors the remediation journey end to end, from requirement identification to compliance changes, with minimal input from the compliance team. Does this mark the end of the compliance team? Absolutely not. These highly skilled employees are no longer spending hours on low-level administrative tasks and are able to instead focus on implementing regulations and remaining compliance.

Where do we go from here?

But what is the future for automated change management and other regulatory technology? As we mentioned above, some financial institutions are still using manual processes, so of course there will be – or should be – a further shift to AI and other smart tech. These systems are no longer simply cataloguing the seemingly endless stream of regulatory data, they are employing regulatory intelligence to streamline the process, making it faster, smarter and more efficient. It begs the question; how far can it go?

One prediction for the future is that there may, one day, be a regulatory landscape in which regulators publish regulations through automated systems, which then notify compliance teams automatically. Perhaps all it will take is the press of a button and policy changes will implement themselves. I recently considered this point in the afore mentioned RegTech for Regulatory Change report, in which I noted that regulators are working on discreet projects to improve their delivery of rules or improve the ability to comply and may well, in particular areas of regulation, start with ‘push of the button’ trials. After all, it’s already happening with readable regulation use cases. However, I can’t foresee that such advanced automation will become mainstream practice until an international standardised operating model is agreed.

In the near term, regulatory technology will grow smarter. Automated systems are only ever as good as the data that feeds them. As the data improves, the AI will be fine tuned allowing for precision and error reduction. Change management systems will inevitably be automated, allowing for consistent, fast results and increased, watertight compliance. Regulatory expectation will, in turn, become stricter: those that fail to automate will undoubtedly catch the attention of global financial regulators. Such attention could be costly.

Elliot Burgess – Head of RegAI, CUBE

A recognized RegTech expert, Elliot has participated in numerous TechSprints, Regulatory Sandbox initiatives and industry working groups since 2013. He is responsible for the design and implementation of CUBE’s product strategy and roadmap, working closely with global customers and partners to create the definitive regulatory intelligence and change management platform for financial services. Elliot is a highly acclaimed conference and event speaker, having spoken on topics including semantic technologies, compliance automation and artificial intelligence.

[1] https://www.cube.global/resource/regtech-for-regulatory-intelligence-and-change/ (page 32)

Source: https://www.fintechnews.org/cubes-elliott-burgess-reflects-on-the-journay-of-automation/

Fintech

ANZ customers using Samsung Pay can now choose to pay via EFTPOS

Avatar

Published

on

ANZ cardholders who choose to use Samsung Pay can now avoid hefty surcharges usually applied at the point of sale on contactless payments.

The major bank will allow its customers to use EFTPOS rather than Visa or MasterCard when making a transaction through digital cards on Samsung phones and smartwatches.

The Melbourne-based bank is the first of the majors to implement a multi-network debit and EFTPOS system for digital wallets and contactless payments through Samsung Pay.

Australia’s EFTPOS system usually attracts minimal or no card surcharge fees in comparison with the other two major card systems in play across the national payment network.

ANZ Samsung Pay customers will now have the ability to make secure payments and withdraw cash at the checkout when choosing either a cheque or savings function on the EFTPOS terminal.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://australianfintech.com.au/anz-customers-using-samsung-pay-can-now-choose-to-pay-via-eftpos/

Continue Reading

Crowdfunding

Financial Wellness App Provider Douugh Reportedly Forms Partnership With E-Commerce Platform Rakuten

Avatar

Published

on

Douugh, an Australia-based AI-driven financial wellness app provider, has reportedly formed a new partnership with e-commerce platform, Rakuten.  Itnews reported that through the partnership, Douugh will use Rakuten as a channel to increase mobile app downloads and fast track customer acquisitions.

While sharing more details about the partnership, Douugh’s founder and CEO, Andy Taylor, stated Rakuten will bring “distinctive marketing solutions” to the Douugh platform. The partnership will also allow Douugh to expand its reach through retail offers, influencers and cashback rewards.

Founded in 2016, Douugh stated is on a mission to democratize banking, developing a bank account with a “brain.” The platform is designed to help users live financially healthier.

The Douugh bank account offers full banking functionality, complete with the government guarantee on deposits up to $250,000 (and a shiny Douugh Mastercard Debit Card). You’ll be able to send and request money, split bills, create savings Jars, and connect all your existing bank accounts and credit cards – so Douugh can collate, organize and inform you about your spending habits.”

Douugh also noted that it is a coach, mentor, and assistant in one. It learns how users spend to make sense of where they are at, compared to where you want to be.

It’s not advice, it’s personalized insight and affirmation from your coach who is dedicated to keeping you financially fit and healthy. So you can enjoy the now and let Douugh worry about the rest.”

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://www.crowdfundinsider.com/2021/03/172932-financial-wellness-app-provider-douugh-reportedly-forms-partnership-with-e-commerce-platform-rakuten/

Continue Reading

Crowdfunding

Overfunding: Green Investor Mobile App Sugi Quickly Surpasses £350,000 Crowdfunding Target on Crowdcube

Avatar

Published

on

Sugi, a UK-based green investment mobile app, has successfully secured its initial £350,000 funding target through its equity crowdfunding campaign on CrowdcubeThe campaign, which recently made its debut, has already attracted more than 170 Crowdcube investors.

Sugi describes itself as a new way for everyday investors to engage with green investing. The platform does not sell investments. Instead, it connects to users existing investment platform, whether they have an ISA, SIPP, or trading account,  so they may do the following:

  • Discover the environmental impact of portfolios
  • Learn how individual investments affect the planet
  • Compare impact with similar investments
  • Take action to improve impact

The company also revealed:

“There are over 3 million DIY investors in the UK, with over £210 billion of investments. 76% of us want our investments to have a positive impact. But sustainable investing is too complicated and the information we want often isn’t available. Sugi changes that.”

In regards to what it plans to use the Crowdcube funds for, Sugi added:

“Our last funding round was oversubscribed, and we’re crowdfunding now so more people can join our investor community. With your money, Sugi will fund product innovation, expand the team and implement our growth strategy – leveraging our position as first to market.”

Sugi is now offering 3.62% in equity at a £9.5 million through the investment round, which is set to close at the end of March.

Have a crowdfunding offering you’d like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://www.crowdfundinsider.com/2021/03/172928-overfunding-green-investor-mobile-app-sugi-quickly-surpasses-350000-crowdfunding-target-on-crowdcube/

Continue Reading

Crowdfunding

ICICI Bank: One Million Customers of Other Banks Are Using Banking App “iMobile Pay”

Avatar

Published

on

India-based banking group ICICI Bank recently announced as many as one million customers of other banks have started using its banking app, iMobile Pay. ICICI reported to start using iMobile Pay, customers of any bank may link their bank account with the app, generate a UPI ID, and start paying to any UPI ID or merchants, pay bills, do online recharges, and transfer money to any bank account, payment app, and digital wallet.

Here are the key features of ‘iMobile Pay’:

  • Open for all: The unique and very important feature of ‘iMobile Pay’ is that it enables customers of all banks to download this app and experience the “quick” transactions backed by best-in-class safety and security.
  • Payments app: It acts like a payments app and allows customers to scan a QR code of any payments app and send money to any UPI ID, bank account, or self. 
  • Pay to contact: A feature of ‘iMobile Pay’ that enables users to send or receive money to/from their phone contacts. This has made paying someone as simple as calling someone. 
  • Offers banking services: Along with the payment services, ‘iMobile Pay’ also allows customers to open an ICICI Bank savings account digitally and instantly, apply for a credit card at zero joining fee and get instant approval for home/personal/car loans.

Speaking about the achievement,  Bijith Bhaskar, Head of Digital Channels and Partnership at ICICI Bank, stated:

 “ICICI Bank has always been at the forefront of introducing pioneering innovations. These innovations have played a key role in transforming the way digital India banks. In line with this rich tradition, we introduced the country’s first banking app, ‘iMobile’, in 2008. Three months ago, we transformed the app, which was called ‘iMobile’ into ‘iMobile Pay’. The objective of this endeavor was to offer customers of any bank the benefits of seamless payments and digital banking services through our app. We made it possible by leveraging NPCI’s interoperable infrastructure.”

ICICI Bank then added that ‘iMobile Pay’ has evinced interest among bank account holders across the country. While it has recorded good traction from large metros like Mumbai, Delhi, Bengaluru and Chennai, other large cities like Pune, Hyderabad, Ahmedabad, Jaipur, Lucknow, Patna, Indore, Ludhiana, Bhubaneswar, Guwahati, Agra, Kochi and Chandigarh have also contributed significantly to the growth of the number of users.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://www.crowdfundinsider.com/2021/03/172927-icici-bank-one-million-customers-of-other-banks-are-using-banking-app-imobile-pay/

Continue Reading
Big Data3 days ago

Online learning platform Coursera files for U.S. IPO

Blockchain5 days ago

Elrond & Reef Finance Team Up for Greater Connectivity & Liquidity

Blockchain4 days ago

Non-Fungible Tokens – NFT 101 – Why People are Spending Millions of Dollars for Crypto Art and Digital Items

Blockchain5 days ago

eToro and DS TECHEETAH Change Face of Sponsorship With Profit-Only Deal

Blockchain5 days ago

Apple Pay Users Can Now Buy COTI Via Simplex

Business Insider3 days ago

Wall Street people moves of the week: Here’s our rundown of promotions, exits, and hires at firms like Goldman Sachs, JPMorgan, and Third Point

Blockchain5 days ago

TomoChain (TOMO) Increases after Retesting Previous All-Time High

Blockchain5 days ago

Tron Dapps Market Gets A Boost As Bridge Oracle All Set to Launch MainNet Soon

Blockchain5 days ago

Bitcoin (BTC) Rejected After Sprint Past $50,000

bitcoin cheat sheet close up
Blockchain4 days ago

Bitcoin “Cheat Sheet” Calls For Next Leg Up To $77K

Blockchain5 days ago

Bitcoin SV, Uniswap, Zcash Price Analysis: 04 March

Blockchain5 days ago

Enjin Unveils Plans to Become a Multi-chain Ecosystem for NFTS

Business Insider3 days ago

‘We’re in a very unusual situation’: A 48-year market vet breaks down why stocks are hurtling towards an 80% drop this year – and says gold will soar to $2,500 as soon as Q2

Blockchain5 days ago

Ripple CEO Files Dismissal Motion on SEC Charges

Blockchain5 days ago

EOS, Crypto.com Coin, Dash Price Analysis: 04 March

Blockchain5 days ago

BitCasino Introduces Cardano Payment Method – Gives Away ADA

Blockchain5 days ago

Announcing TGE: Taraxa Wants to Put Every Informal Transaction on the Record, Unveils Details About the Upcoming Public Sale

Blockchain5 days ago

Tim Draper believes Netflix could be next to invest in Bitcoin

Blockchain5 days ago

Top New York Executive Sees Bitcoin Price at $150,000 by Q1/2022

Blockchain5 days ago

DeFi Project Meerkat Suspected of $31 Million Rug-Pull

Trending