Who could have predicted that a health crisis would result in a banking metamorphosis, with banks adopting the digital-platform model as consumers embrace digital self-service channels? Banks need to follow a series of steps to stay ahead on the journey to an agile, data-driven future, providing services embedded in their customers’ lives.
Compliance has always played a pivotal role across financial firms and banking institutions in an effort to pinpoint and mitigate various risks across communication channels, including market abuse, insider trading, spoofing, front-running, and even sexual harassment and racism. For decades, legacy vendors have been at the forefront of providing services to these institutions to flag and report any compliance and security breaches.
Compliance software isn’t just about checking a regulatory box. It’s an important tool in the effort to achieve data security for financial institutions. If your compliance software vendor doesn’t prioritize security, however, your firm’s sensitive data — confidential client information, merger and acquisition data, deal specifics, employee PII and holdings information
If you feel as if your every move is being tracked, you may be right. Investment firms and other businesses are paying a premium for alternative data, including geolocation data, hoping it will give them a competitive edge in their quest to maximise investment returns by lending them greater insight into consumer patterns and preferences.
As consumers continue to move more boldly into the digital realm, it has become increasingly clear that their personal data is of considerable value to different stakeholders. Whether it’s through their heart rates monitored by their watches, their geolocation data provided when they check into particular restaurants
The pandemic has prompted financial institutions to adapt fast, but the UK’s financial sector was already embroiled in a Brexit-induced metamorphosis. Although crises spawn revolutionary transformations, the sector’s need to transform digitally and accommodate regulations was in place beforehand. COVID-19 shifts the goalposts while offering opportunities for Britain’s fintechs to use their new-found freedom to innovate their way into a more prosperous future in which clients’ evolving needs are met.
It’s a fact. The exponential growth of data directly impacts financial institutions’ ability to do business efficiently. And there’s no sign of that growth slowing down, with IDC conservatively predicting a 26% CAGR data growth in financial services companies between 2018-2025.
The European Union has put up a brave front against financial crimes such as money laundering, but the criminals still manage to get away with a way too much ill-gotten gain. Progress is being made with the new AMLD5 framework, but much more needs to be done to achieve resounding success. What are some of the steps the EU should take to finally grab this brazen bull by its horns?
After the announcement in January from the Malta Financial Services Authority, stating the significant pending changes to Maltese pension regulations, both companies and advisers alike felt the net tighten around their daily practices.
“The times they are a-Changin’” sung Bob Dylan in the 1960’s as the civil rights movement swept through the US and changed the direction of a Nation forever.Fast forward to 2019 and this anthem of change rings true for the banking sector. Whether it be emerging FinTech start-ups, regulatory bodies or the changing demands of their customers, it’s an industry that is being disrupted from all sides.