As the financial market continues to evolve through the explosion of new technologies, new regulatory challenges will arise. How can technology help fix this?
In a discussion, Danske Bank former chief digital officer Soren Rode Jain Andreasen, Credit Suisse director for sustainability data and analytics technology Jigisha Lock, NYDFS former executive deputy superintendent, research and innovation Matthew Homer and Citi Bank former managing director global regulatory strategy and policy Caroline Pham discussed this topic in detail.
Where could the major deployments of new technology benefit RegTech – and how can firms benefit from them? Andreasen highlighted that in the case of Danske Bank, the firm is using technology in primarily two areas.
He explained, “The first area is in the customer-facing channels. So, to ensure that our clients get a much more sleek and better experience banking with less friction.
“Here, we’re using technologies such as ID verification, so that we can onboard customers easily and also do ongoing due diligence, with the least possible hassle.
“We haven’t implemented this kind of technology in all our channels yet, but we are we are expanding and doing it to a larger degree than we did previously. Then we’re also using it internally to monitor our clients – so we are using advanced analytics to help us out.”
Andreasen noted that previously, everything was done by humans – however technology is arriving now not only to help automate things, but also to do things better.
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About the Professional RegTech Certificate
The Professional RegTech Certificate course offers a comprehensive and practical exploration of Regulatory Technology (RegTech) for professionals working in the financial industry. With a focus on real-world applications, the course covers key topics such as the fundamentals of RegTech, adoption strategies for financial institutions, the regulators’ perspectives, data reporting, KYC and onboarding, anti-money laundering, cybersecurity, advanced technologies such as AI and ML, and specific legislations.
The course stands out from others by providing a holistic view of the RegTech landscape, combining real-world case studies with insights from leading-edge RegTech innovators and senior leaders from financial institutions.
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