December 20176Copyright © 2017 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.DECEMBER - 15 - 2017Mailing AddressValleyMedia, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510.402.1463, F:510-894-8405 DECEMBER - 15 - 2017, Volume 03 - 08 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.996.5126REGTECH SPECIALJessica Stanleyjessica@bankingciooutlook.comVisualizerAnil kumar Issac GeorgeManaging EditorJames RobertsonAaron PierceJustin SmithKenneth ThomasCarolynn WaltersJoseph MichaelRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffWith customers at the focal point of business strategies and operations, banks are embracing the latest technological tools and practices for sharpening their competitive edge. Digital devices and cloud are at the forefront, making banking services available at the fingertips of customers and expediting business operations. But, it is impossible to say that the adoption of advanced technologies has solved a gamut of problems that has plagued the banking arena for ages. For instance, safeguarding customer identity is still a complex task, and an utmost priority for bankers, to ensure that trust is prevailing in this era of cyberattacks. Today, banks apply human efforts and digital tools as a part of know your customer (KYC) drive and customer due diligence (CDD). However, these processes consume efforts no less than to move a mountain. Banking organizations make budgetary allocations of millions of dollars to perform this gargantuan task while treading on the thin rope of financial regulations and compliances. The fragmented regulatory structure in the U.S. adds to the complexity while adhering to numerous regulations. Meanwhile, the RegTech arena has been evolving in tandem with the regulatory changes, and solutions are being developed to empower banking organizations in acing risks. Leveraging real-time data, bankers can anticipate compliance issues associated with a specific banking activity and formulate a contingency plan to mitigate similar risks in the future. In addition, with natural language processing and artificial intelligence, bankers can automate the repetitive processes involved in processing loan applications and lending, while mitigating numerous false positives. With the power of automation, it has become simpler for banks to operate within multiple regulatory frameworks and avoid conflicts and confusion that might arise due to the human element. In this edition, Banking CIO Outlook brings to you companies that are at the leading edge of these trends, transforming RegTech for better outcomes through holistic solutions. Let us know your thoughts. Solving the Regulatory ComplexitiesJames RobertsonManaging Editor editor@bankingciooutlook.comEditorial
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