COMPLIANCE:
Banks vs. Fintechs

Before the Global Financial Crisis (GFC), banks could get away with a relatively light approach to compliance and risk management. Compliance policies were most likely in place, yet it was a bank's profits that generally received the stronger focus.

It is no secret that security is at the top of the agenda for financial institutions today given the need to protect corporate and customer data from breaches, as well as comply with a continuous flow of new cybersecurity regulations.

The financial crisis has resulted in an increase in regulatory requirements on existing processes, data and reporting. In view of how archaic and inefficient banks' operations can be, it is no surprise that these changes have completely overwhelmed the industry. It is time for more effective and innovative end-to-end solutions to manage regulatory change. A regulatory ecosystem is exactly that - an infrastructure where change can be streamlined across the bank with ease.

MiFID II, the revised markets in financial instruments directive, will usher in a new global era. On January 3rd, 2018 MiFID II brought into effect over 1.4 million paragraphs of rules for the financial sector, initiating a transformation in compliance that will take years to implement.

What does RegTech collaboration mean for the future of financial institutions?

Testing software is about evaluating the capability of a system and determining whether it meets the required results. But that's not all that it's about, particularly when it comes to systems designed to disrupt the traditional way that industries work with documents.