OCTOBER 20186Compliance is one of the most crucial challenges that the financial institutions face today. According to the Institute of International Finance (IIF), a financial institution spends approximately one billion per year to address regulatory requirements. A major part of this challenge stems from the increased amount of data produced by financial institutions and a need to access and manage the data for meeting regulatory mandates. This is where RegTech--a new section within the financial services--can help. A blend of `regulatory and technology,' RegTech utilizes information technology to enhance regulatory processes.The RegTech industry is in demand from both traditional banks and fintech companies as the organizations consider several efforts to safeguard their data and customer's privacy. Solutions are being developed to empower banking organizations to deal with risks because the growth of digital services has augmented the frequency of data breaches, cyber hacks, and other fraudulent activities. In a nutshell, RegTech solutions can monitor the online transactions in real time while identifying issues and irregularities as soon as they happen.The modern RegTech solutions also help banks and financial institutions to automate compliance data management, employee surveillance, audit trail capabilities, and fraud prevention. With these solutions, designing internal processes also becomes easier and simpler as they present a clear view of the rules linked with a particular banking activity. For example, with the power of RegTech solutions, banks can efficiently operate multiple regulatory frameworks and can avoid issues that might arise while handling things manually. Our goal with this special edition is to highlight the best-of-breed RegTech solution providers that leverage innovative technologies to drive customer success. This edition also blends thought leadership from subject matter experts with real stories on what selected vendors are doing for their clients, including exclusive insights from CIOs and CXOs.Write us your thoughts.Copyright © 2018 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.OCTOBER - 10 - 2018Contact Us:phone:510.402.1463Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com OCTOBER - 10 - 2018, Volume 04 - 06 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT: 510.996.5123REGTECH SPECIALAndrew D'souzaandrew.dsouza@bankingciooutlook.comVisualizerSujay KIssac GeorgeManaging EditorJames RobertsonDriving through the Compliance WaveJames RobertsonManaging Editor editor@bankingciooutlook.comArijit SarkarCarolynn WaltersJustin SmithEditorialJoseph MichaelKenneth ThomasRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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