Fintech has been all the rage in the financial services industry lately, but a new and similar topic — regtech — is starting to make waves. Automation, data innovation and other technological efficiencies can benefit a bank’s efforts to comply with growing regulatory complexities. But like any new technology revolution, this one should be carefully managed. Read on for the details, as well as the latest on Big Data, digital and blockchain.
- Get ready for regtech. By now you’ve heard and read all the stories about the impact of fintech on financial services, but industry experts are warning that it’s time to get up to speed with regtech. Banks should gain a better understanding of their regtech options and determine what they are trying to accomplish before partnering with a regtech firm.
- Data is key to strong cybersecurity. The Ponemon Institute’s Big Data Cybersecurity Analytics Research Report reveals that 72% of those surveyed think Big Data analytics played an important role in detecting advanced cyberthreats. And 65% said Big Data analytics are essential to creating and ensuring a strong cybersecurity posture.
- Finding the digital payoff. Working with Fiserv, Bank of the West analyzed both behavioral and transactional data to measure digital engagement overall and among multiple customer segments. Broadly, the research found that digital customers are among the bank’s most valuable clients. Digital customers use more revenue-generating services than customers who don’t use digital services, and they proved to be more loyal to the bank.
- Credit unions create their own blockchain consortium. A collaborative effort among Cuna, Best Innovation Group, the Mountain West Credit Union Association, PSCU and other industry partners, CULedger is a “research-to-action” initiative that is investigating the viability of a private, permissioned distributed ledger (DLT) that can be used by credit unions.
- Connectivity in a time of change. As the speed of the financial markets has accelerated, the amount of automated processing within and between systems has increased rapidly. How can financial services firms ensure smooth, timely, and focused access to information resources while also keeping the total cost of ownership and operating expenses low?
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