Westpac has revealed the five RegTech companies to make the final stage of its 2018 Innovation Challenge.
This year’s challenge tested startups and entrepreneurs with building innovative solutions to help Westpac meet regulatory obligations while also improving customer experiences. The winner of the challenge will receive a cash prize of $40,000 and professional support for their business growth.
To apply, solutions needed to address one of three areas, responding to regulatory change, customer privacy and consent or product management.
The finalists will be pitching their idea to a panel of experts at an event on 3 December. One of the experts on the panel is RegTech Association of Australia CEO Deborah Young.
The finalists are: Certitude ID, Daisee, Lucidity, Priviti and UserCentric PL.
Certitude has designed software which lets sensitive data be viewed without any risk of compromising users’ privacy. It completes this by creating ‘look alike’ copies of sensitive datasets which contain randomly generated people with a number of the same attributes and demographics as the real people.
Daisee (Deep Artificial Intelligence Software for Enterprise Ecosystems) aims to bridge the gap in technical AI and commercial applications for voice and vision. Its speech analytics services helps enterprises to keep compliance over voice-based communications.
Lucidity’s xpertDOX solution is an automated regulatory and compliance solution for the screening of trade documents. Through this, companies can lower costs and effort with manual document checks.
Priviti lets banks obtain, verify and match consent between various parties, leaving clear audit trails for necessary compliance means. The solution also enables dispute resolution and analytics, as well as giving the client full control of their data.
UserCentric gives organisations tools to automate their compliance workflows, by bridging the gap of compliance issues and tacking action of identified problems.
Westpac head of innovation Kate Cooper said, “We would like to thank all start-ups and scale-up businesses who took part in the Challenge.
“The calibre of this year’s applications was outstanding. We were impressed by the variety of solutions put forward, from workflow automation tools to artificial intelligence insights and data analysis tools.”
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