Your customers are demanding more - Are you ready?
Banking, insurance, and other financial services institutions are undergoing a major transformation as CIOs and their teams gear up for the next significant phase of digital evolution. They face substantial challenges: in a competitive landscape with increasing cost pressures, where swift action and response are crucial, financial institutions must modernize their technology functions to support greater digitization of both their front and back ends. While most major financial institutions recognize the urgency and have started their transformation journeys, they are still in the early stages. Moreover, beyond the pressures of cost and speed, they also grapple with challenges related to funding, governance, security, complexity, and talent availability.
To mitigate the effects of regulations, the banking sector and the broader financial services industry (FSI) are increasingly embracing regulatory technology (RegTech), especially artificial intelligence (AI).
In the history of human innovation, the pace of technological advancement has exponentially accelerated, producing disruptive and life-changing technologies in increasingly shorter timeframes.
RegTech has transformed financial compliance, but its efficacy hinges on quality data. Garbage in, garbage out; clean, accurate data fuels success.
AI holds immense promise for revolutionizing banking by addressing compliance challenges. Large NLP models could streamline tasks for compliance officers, engineers, and board members, automating regulatory reporting and enhancing scalability in monitoring systems.