The Impact of Robotic Process Automation in Financial Services
The Impact of Robotic Process Automation in Financial Services
Wed 18 Sep 2019
Robotic process automation (RPA) is software that sits on a PC or workstation and is programmed to mimic the activities that a member of staff would perform.
It will open applications, copy and paste data, and follow predefined rules. A robot will complete activities three to five times faster than a person.
Customer satisfaction can be increased significantly by RPA; for example, a firm requiring 30 days’ notice on redemptions was receiving a high volume of calls from clients the week before the 30 days expired. The clients wanted to confirm how much money was going to be transferred and when it would be in their accounts. RPA was applied, and now the clients receive a text a week in advance of the funds transfer with the required information. As a result, calls to the helpdesk have dropped to zero and customer satisfaction has increased.
Experience to date shows that it is unlikely RPA will result in job losses, more likely it will “take the robot out of the person” giving the employee more time to do value-adding work and increase their job satisfaction – what employee wouldn’t prefer to hand-over checking sanction lists and completing KYC/AML activities to a robot?
RPA is sometimes referred to as front-end integration as it connects two systems through the user interface that is accessed by the robot. Unlike traditional back-end integration, it does not require a significant IT project with systems vendors and developers and as such, RPA projects are much lower risk and a lot less expensive and time-consuming. Typically, RPA can be applied to a process in eight to 12 weeks and provide a return on investment of less than a year.
In addition to increased customer and employee satisfaction and fast return on investment, RPA improves the control environment. Robots don’t have “fat fingers” and are 100% diligent regardless of the time of the day or week; they have nothing else going on in their lives to distract them from the task at hand. Audit logs provide a full record of all the actions the robot has taken.
While RPA is part of a suite of technologies that generally get bundled into the digital transformation bucket, it is more tactical than many of the other elements of digital transformation. For example, a retail bank recently applied RPA to loan administration processes for a runoff book. The book will close in a year and, a strategic project did not make financial sense. RPA reduced the headcount by almost 20% and paid for itself in six months.
Reduced or redeployed Full-time Equivalent (FTE) is often the driving objective of RPA projects. Depending on several factors, we typically see organisations achieve financial benefit when 0.5 to 1.5 FTE can be released by automation, so the cost/benefit threshold is low.
Not all processes can benefit from RPA. The cost of implementing RPA is a function of a relatively small recurring license fee for the RPA software plus a one-off charge of configuring the robot to complete a process. It makes sense to invest in processes that are mature and not likely to change in the medium term. Also, the complexity of the process (number of clicks required to complete it and the number of applications involved) will impact the cost of configuring the robot.
Where there are digital and structured inputs the business case for RPA is improved, e.g. a structured and typed form is easy for the robot to deal with, an unstructured handwritten form requires additional investment in optical character recognition software.
Organisations interested in RPA usually start in one of two ways: a quick pilot to demonstrate the value to the executive team; or a “flash assessment” where processes are scored for automation potential and prioritised accordingly.
RPA is one of the many tools for transforming financial services. While at present, it provides opportunities to outperform the competition, it is difficult to see how organisations that ignore it can remain cost competitive in the medium term.
This article first appeared in Finance Dublin, July 2019
Want to get notified when new blog posts are published?Subscribe
How Innovation is revolutionising the payments landscape
Financial Technology (“Fintech”) companies have kick-started a revolution in the payments landscape. Using state-of-the art technology, fintech companies are transforming how payments are transacted and processed. Banks and traditional payment providers are having to entirely rethink their approach to how they interact with innovations in order to stay on top of their game. Technological change […]
The digital euro: the future of central banking in Europe?
Central Bank Digital Currencies (CBDCs) continue to receive increasing attention not only from the ECB but all over the world. So far, 10 countries  have already deployed CBDC programmes with another 15 countries  currently conducting pilot programmes. In total, 105 countries are considering using CBDC programmes, representing over 95% of global GDP and […]
Sizing Up Amazon Web Services
Fintech is prominent in today’s business lexicon, having migrated from the back office to a prominent position in both consumer and commercial finance. Its core functionality on mobile devices and wide application in artificial intelligence (AI) spans blockchain, smart contracts, banking, insurance, regulation and cybersecurity. And Amazon Web Services (AWS), a major cloud player, is […]
Do Androids Dream of Stock Prices?
We look at the rise of ‘robostocks’ and algorithmic trading, and consider the repercussions on financial markets. An old investment adage mockingly states that “a failed trade becomes a long term investment”. The idea behind it is that if a security is bought and underperforms, investors tend to keep it until it eventually becomes profitable, […]
Can regulatory systems come to terms with Facebook’s stablecoin?
Facebook’s ambition to create a transferable global digital coin between users on the social media giant’s messaging platforms WhatsApp and Messenger has been controversial from the outset. Perhaps not surprisingly, the backlash from regulators around the world was substantial from day one. The world’s leading economies were less than enthusiastic of the possibility of a […]
Can banks balance the opportunities and challenges of digitalisation?
The Covid-19 pandemic has amplified technology’s impact on the banking sector, helping to prove that technology now stands at the core of business sustainability for banks. In their constant search for convenience, digitally-savvy customers have pushed banks’ focus towards providing global business solutions more than ever. A new normal has emerged: an environment where banks’ […]
Shaping the future of banking with 5G
Over the past decade, the financial services industry has been disrupted by the arrival of new players whose rise to prominence has pushed traditional banks – previously faced with little competition – to transform themselves. In this context, technology and innovation, particularly 5G, will allow the most skilful and agile banking organisations to take advantage […]
Digital Banking: Lessons from Millennials
By 2025, The Wall Street Journal () estimated that Generation Y, also known as Millennials, would represent nearly half of the total active population in the world. The challenge for banks is to adapt their strategy to match Generation Y consumer habits and behaviours. Unlike previous generations, Millennials have the increased ability to choose between […]
Digital Finance : Meeting Ethics and Compliance Challenges in Financial Services
We recognise digitisation as an important topic for the financial services industry; for this reason, we have developed a content programme with the Economist Intelligence Unit that focuses on how Financial Services companies are adapting their risk and reporting procedures to the new digital environment. This unique programme of thought leadership examines the new challenges in […]
New York Proposes Cybersecurity Regulations for Financial Services Companies
New York Department of Financial Services (DFS) has significantly raised the bar for cybersecurity programs, releasing regulations on September 13, 2016 slated to go into effect on January 1, 2017. The regulation will affect all entities with a DFS “license, registration, charter, certificate, permit, accreditation or similar authorization under the banking law, the insurance law […]
Are ICOs the New Future of Start-ups?
The term “ICO” is a common buzzword in investment circles these days. While these “Initial Coin Offerings” are distant cousins of IPOs (in the sense that both share the objective of helping firms raise capital from various sources), their likely timing and means of achieving funds are quite different. An ICO is a form of […]
The Evolution of Banking
Over a decade ago looking at the state banking webpage for my home state of New Jersey, there were approximately 250 banks doing business in the state then. A similar check today would yield a list of less than 150 or so; a more than 40% decline. With banking regulation at an all-time high, the […]
Change in French regulatory landscape for electronic money issuers
The number of electronic money players in the European market has increased in recent years, from 4 in 2010 up to 48 in 2014*. Add to this the fact that numerous players beyond the banking world have also created their own electronic money institutions, including Leetchi, Google and Amazon and the sector is now seen […]
The marriage of high tech and high finance
The lines between financial services and high technology are becoming increasingly blurred. Four major technological changes will disrupt financial services in the years ahead. In this article, written by the Economist Intelligence Unit and sponsored by Mazars, we are discussing how technological disruptors are impacting the global financial services industry. We review how C-suite financial services executives, […]
Podcast: Why banks need to address cyber security
In this podcast Greg Simpson discusses cyber security with our expert Francisco Sanches. They discuss major threats such as emerging risks, FCA guidance on cloud data storage and the cyber security skill gaps to name a few. Podcast player
FinTech in Japan: a regulatory framework on the move to support a strong development
The field of money remittance transactions in Japan is expanding and is attracting many overseas companies looking to operate fund transfer and virtual currency exchange businesses. A regulatory framework for FinTech firms in Japan now presents major opportunities and challenges, not just in Japan, but for regulators around the world. To support progress and development […]
Data privacy – too strategic for boards to ignore
Personal data security is increasingly important, but many companies may not be ready to comply with the EU’s tough new data protection laws, which must be implemented by May 2018. All EU businesses that handle data will have to comply with the General Data Protection Regulation (GDPR), which will require investment in systems and training […]
Evolving role of AI with cyber risk
Cyber as an organsational risk In 93% of data breaches, the targeted systems were compromised within minutes. 83% of the time, those breaches were not discovered for weeks, leaving the attackers with plenty of time to do their damage and exfiltrate data. The average consolidated total cost of a U.S. data breach in 2016 was […]
Empower your people to protect the bank
Cyberattacks aren’t just getting more frequent, they are also becoming significantly more vicious and sophisticated. The majority of today’s data breaches result from human error, making cybersecurity a “people problem” as well as a technology issue. The solution to this people problem can’t be solved by purchasing new hardware or software or implementing sophisticated network […]
Arkéa Banking Services : Innovation in Banking
Arkéa Banking Services began life in 2009 by offering white label banking services on behalf of third parties. CEO, Christophe Bitner tells Mazars why offering support to Fintechs is now an important next step. What’s the driving force behind the evolution of Arkéa Banking Services and what are the levers for growth? Christope Bitner: when the […]
Making Big Data Work
The unique business transformation attached to the digital era requires companies to respond with velocity. New systems integrating core transactional assets with mobile and social media have to be used – implying their ability to face volume. Moreover those new systems need to manage enriched operational reality and risks. Laurence Malroux, CEO and President of […]
Digital finance: governance & blockchain
“Blockchain is a bit like gluten. Everyone is talking about it, but no one knows what it is,” said Tim Swanson, head of research at R3, the financial technology innovation firm that is leading a consortium partnership working on blockchain to develop industry-wide common practices and standards, architecture models and specific transaction systems for use […]
PSD2, FinTechs and Brexit: The Wider Implications
UK Banks are already gearing up for the introduction of the revised Payment Services Directive (PSD2) that comes into force in January 2018. By providing clear guidelines and regulations, the Directive essentially removes the barriers to new players and opens the doors to FinTechs bringing new products and services to the electronic payments market. While […]
Creating a Digital Map for Unclaimed Policies
3 Questions to Mister Doe When it comes to the administration of dormant bank accounts and unclaimed life policies, the quality of data, the inflexibility of internal procedures and complex processing is causing banks and insurers big problems. Vladimir Nguekam, CEO of digital analytical firm Mister Doe talks to Mazars about how taking a digital approach […]
Three Key Elements for Building an Effective Human Firewall
Cyber attacks aren’t just getting more frequent, they are also becoming significantly more vicious and sophisticated. According to the latest figures from the Ponemon Institute, the average cost of a data breach has reached nearly $6.5 million in the US, alone. Yet today’s cyber attacks have far-reaching negative impacts that continue to ripple outward long […]
Could regulation play a role in transforming the FinTech business model?
One of the main differentiators FinTechs have is their current positioning within the financial services value chain ecosystem: they focus on customer experience while their operations execution and control activities are often outsourced to banking institutions. However, is this likely to remain given the increasing interest regulators are paying to these new industry players? While […]
Optimizing claims: a Big opportunity for Big Data Advanced Analytics
Thanks to Advanced Analytics, insurance providers can bring claims management into a new era by combining automatic processing of large volumes of data with human expertise. Analyzing data in order to optimize the claims processing chain is not a new phenomenon for insurance providers, notably in the field of health care. The health care sector […]
Permanent tsb: Digitalisation’s role in the ethical banking mix
The arrival of technology has been a game changer for Ireland’s banking industry. Niall O’Grady Commercial Director of permanent tsb (PTSB) talks to Liam McKenna Partner Consulting Services – Mazars Ireland, about how the bank is using digitalisation to create more meaningful relationships with customers. Liam McKenna: Where does technology fit into PTSB’s proposition – as an […]
Data governance : the key to reconciling contradictory requirements
Confronted with legislation that is becoming increasingly constrictive, banks must optimize the management of their data. It’s a challenge that is compounded by the fact that data is often dispersed throughout information systems – a fact that aggregators are capitalising on to offer new multi-bank applications. Banks have a role to play in detecting abnormal […]
The use of Big Data tools to improve the effectiveness for AML/CFT and KYC policy
A series of initiatives designed to help combat terrorism financing have put electronic payment cards in the spotlight due to the fact they guarantee anonymity in the use of small sums. Announced on 23 November 2015, these initiatives supplement the action plan for combatting the financing of the terrorism presented by the Minister on 18 […]
Innovation in payments with Compte Nickel
Compte Nickel is a current account service accessible to all. Operated by the Financial Supervisory Committee of electronic payments (EPF), this new payment account which has been launched recently in France can be opened in 5 minutes at a newsagent/tobacconist by anyone regardless of income requirement. Ryad BOULANOUAR, President of the the French Financial Supervisory […]
Digitalization at the heart of the transformation of AXA Assistance
Digitalization poses many challenges for AXA Assistance as well as bringing great opportunities. Alexis de Schonen, Digital Transformation and Strategy Director, and Roman Puszka, Chief Compliance Officer and Data Privacy Officer, discuss this issue. Does digitalization play a central role at AXA Assistance? And if so, which one? Alexis de Schonen : Digitalization is the […]
Mobile money in Africa: promise and perils
As part of the content program on digital finance that Mazars has launched in partnership with the Economist Intelligence Unit, we are exploring in a new article on how mobile money is driving Africa’s cashless future. Over the last few years, Africa has become a global leader in mobile money with the rate of smartphone […]
What next for Africa’s mobile money sector?
Over the last decade, Africa has become a global leader in mobile money. The statistics for the use of smartphones as a payment mechanism are compelling with M-Pesa, in particular, by far the continent’s biggest mobile money triumph. Backed by UK-based Vodafone and launched in 2007 in Kenya by mobile network operator Safaricom, by 2015 […]
Banks: Five Tactics to Survive Fintech Disruption
The revised Payment Services Directive (PSD2) that comes into force in January 2018 will essentially remove many of the barriers to new players looking to enter the payments market by providing access to customer data and accounts through an EEA wide common legislative platform. Already under pressure from regulatory change and increased competition PSD2 is […]
An interview with Ian-Edward Stafrace of Atlas Insurance PCC : Embracing and enabling insurance disruption
As chief risk officer and executive committee member of Atlas Insurance PCC, Ian-Edward Stafrace is passionate about effective enterprise risk management and seeking opportunity from risk. Here Alan Craig and Enrico Federici of Mazars in Malta, talk to him about technological, regulatory and business model changes and how protected cells are enabling innovation. What do […]
IIF annual membership meeting: building resilience amid turbulence and transformation
The IIF Annual Membership meeting is a setting for insights and perspectives from global financial regulators and senior financial sector executives on topical economic and regulatory issues. Being a forum with global coverage means that it is a valuable setting for picking up future economic and regulatory directions. A packed agenda under the theme of Building […]
Interview with Nadia Filali, Head of Blockchain Programs at Caisse des Dépôts et Consignations: Is collaboration the key to developing a strong blockchain eco-system?
Nadia Filali is director of blockchain programmes and founder of LaBChain at the French public group Caisse des Dépôts et Consignations. Here Mazars partner Jean Latorzeff and senior managers Emilie Legroux and Christophe Bonnefoy talk to Nadia about the pioneering role Caisse des Dépôts is taking in the development of blockchain technology. Why and how […]
Achieving digital operational resilience
The digitalisation of banking processes and the introduction of AI-led technology impact the central and strategic role of information systems within the banking system. The growing use of information and communication technology (ICT) exposes all financial institutions to an increasing level of digital risk that could weaken their operational resilience, in particular, due to more […]
EUROFI financial forum: strengthening economic union and European competitiveness
The Eurofi financial forum is a setting for exchanges between European Union (EU) economic and financial regulators and senior financial sector executives from the industry. It occurs bi-annually alongside the Economic and Financial Affairs Council configuration (ECOFIN) meetings. This summary takes stock of the Eurofi discussions, as well as recent publications by the EU Commission […]
EU regulatory framework on the establishment of the digital euro: from investigation to realisation
With the approaching end of the investigation phase of the ECB’s digital euro project in October 2023, and the expectance of a decision on starting a realisation phase by the end of this year, the pros and cons of a potential digital euro have been widely discussed in the past months. The topic became even […]
New DORA regulation: the challenge for insurers to strengthen their IT and cyber risk management
Since the onset of 2023, regulatory news has been adorned with the latest European legislation, under the acronym DORA, adopted on 10 November 2022 by the European Parliament. Standing for the Digital Operational Resilience Act, it will apply to the members of the European Union from 2025, and concerns companies in the financial sector specifically. […]
The digital euro as we know it today
“I see digital as the future of finance”. These are the words of the Executive Vice President of the European Commission (EC), Valdis Dombrovskis, voiced in the summer of 2020. He has undoubtedly been proven right as governments and central banks around the world have heightened their efforts to keep oversight of the digital transition […]
Can BIS develop a cryptoasset regulatory framework without limiting the innovation process?
In summer 2022, the Bank for International Settlements (BIS) published its second consultation paper on the prudential treatment of cryptoasset exposures. The guidelines outlined in the proposed document follow an initial discussion paper released in 2019 and a first consultative document issued in 2021. The complete text is set up as a new standard to […]
New pilot scheme opens pathway for blockchain technology
A new regulation introducing a pilot scheme based on blockchain technology is set to come into force on 23 March 2023. The new European regulation1 is an experiment to develop secondary markets for financial securities based on distributed ledger technology (DLT). Authorised participants in the scheme will be able to provide trading services and settlement-delivery […]
New-style cyber insurance policy models on the rise
Regardless of geography or business sector, many groups and companies have taken out cybersecurity insurance policies in recent years. These policies cover companies against new threats to information systems, including ransomware and data theft incidents that have been making the headlines. For a long time, the risks identified in these policies were on the borderline […]
Can markets in crypto-assets (MiCA) give banks a regulatory edge?
Crypto-asset markets have been on banks’ radar for some time. While interest and involvement have varied, regulatory developments have been a driving force. In September 2020, the European Union (EU) published a proposal for the regulation of Markets in Crypto-assets (MiCA), offering a uniform legal framework for crypto-assets in the EU. On 14 March 2022, […]
Eurofi financial summit addresses EU’s ecological and digital transition
As a setting for exchange between European Union (EU) economic and financial regulators and senior financial sector executives from the industry, one of the world’s largest financial services conferences, Eurofi, took place in Paris in February. Established in 2000, the Eurofi meetings occur bi-annually* alongside the Economic and Financial Affairs Council configuration (ECOFIN) meetings. The […]
GDPR has controls over subcontractors in its line of fire
Like all industries, the real estate sector has to implement a range of legal, technical and organisational measures to protect the personal data of its employees, customers, prospects and suppliers. Processing must comply with several regulations related to data protection, including, for example, the General Data Protection Regulation (GDPR), applicable since 25 May 2018. Same […]
The imperative of expanding the traditional MRM function
Financial institutions and non-bank financial technology companies (FinTechs) alike make extensive use of various machine learning models (MLOps) in core and non-core areas of their business. Banks, for example, rely on such models for a range of risk assessments, including predictive underwriting, credit risk management, suspicious and/or fraudulent activity management, fair lending compliance, derivative and […]
Remote working: A growing target for hackers
The widespread use of working from home (WFH) during the pandemic, regardless of sector or geographical location has required organisations and their information systems (IS) management to be very agile in deploying or increasing their capacity for remote collaboration. Some institutions were already prepared – for example, following the wave of strikes at the end […]
Deep hedging: application of deep learning to hedge financial derivatives
The recent breakthrough of data science and deep learning make a model independent approach for hedging possible. This hedging approach known as deep hedging is a robust data-driven method able to consider market frictions as well as trading constraints without using model-computed greeks. This article gives the main theoretical tools to understand the methodology and […]
Digitalising the real estate industry
While digital transformation has been disrupting all business sectors for many years, 2020 will be remembered for its particular impact on real estate administrators. A third of French respondents believe that artificial intelligence can be more efficient than a real estate agent. Moreover, 40% of those under 50 years old are convinced that the property […]
Digital transformation and integration with Enterprise Risk Management
Digital transformation has expanded the need for security, continuity and resilience. Today’s business must embrace an enterprise risk management strategy that includes legal, regulatory and political considerations. Enterprises today face a significant level of security challenges across their organizations. IT is no longer a secondary priority; it is now at the very heart of the […]
A Tax Playbook for the Digitalised Economy (Part 2)
In a series of articles aimed at promoting debate on the evolution of international tax regimes, Michael Lennard, Chief of International Tax Cooperation and Trade in the Financing for Sustainable Development Office (FSDO) of the United Nations, discusses the tax-related challenges governments, professionals and practitioners face. Following on from the first article on this topic, […]
A Tax Playbook for the Digitalised Economy (Part 1)
In a series of articles aimed at promoting debate on the evolution of international tax regimes, Michael Lennard, Chief of International Tax Cooperation and Trade in the Financing for Development Office (FfDO) of the United Nations, discusses the tax-related challenges governments, professionals and practitioners face. In the first of this two-part article, Mr Lennard expresses […]
How the insurance industry can emerge stronger
There is little doubt that Covid-19 has had a significant impact on insurers, but there were already factors in play that were adding pressure on the insurance industry. What covid-19 has done is to create new challenges, as well as bringing existing challenges to the foreground. Looking ahead, the actions insurers take now to deal […]
Rebuilding Credit Card Profitability post COVID-19
The current pandemic is having far reaching consequences across all aspects of society. Compared to other industries the impact on the credit card industry is relatively mild and from a customer perspective the value of on-demand liquidity is now clearer than ever. However, there will be significant impacts on industry profitability. Reduced international travel will […]
Re-engineering the banking sector
In recent years, disruption to the banking sector has seen an increasing number of partnerships between banks and FinTechs, as banks look to acquire the digital expertise now required for 21st century banking and FinTechs look to tap into the finance knowledge and consumer reach that traditional banks enjoy. More recently, this quest for technological […]
Should we be concerned by Facebook’s launch into cryptocurrencies?
Whether the launch of Facebook’s Libra will threaten global monetary and financial stability is a question that has been on all regulators’ and politicians’ minds since Facebook announced its cryptocurrency project on June 18, 2019. Donald Trump himself tweeted that, as a virtual currency, Libra “will have little standing or dependability” and that Facebook should […]
Real Estate Data Lake
Mass data… The real estate sector is gradually going digital, and recent constructions now incorporate equipment and connectivity to allow both use and maintenance to be optimised. However, as the renovation of the stock is naturally slow, the majority of these assets are not “connected”. Nevertheless, a great deal of data is available and constitutes […]
Is one single payment standard the way forward for the banking sector?
The financial sector is bursting with disruptive Fintech start-ups at present who are shaking up the banking and insurance sector with innovations varying from online mortgage banks to online payment services. With innovation occurring at such a rapid pace, how are banks responding? To some extent, the arrival of the revised Payment Services Directive (PSD2) […]
Cryptoassets: Accounting for an emerging asset class
The sweeping growth and prolific collection of technologies that make up cryptoassets today have made it incredibly challenging for regulators worldwide to standardize and issue authoritative guidance. Professional accounting standard-setting bodies, like the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are certainly no exception. What started out as just bitcoin […]
Robo-advisors: turbo-charging the race for unit-linked sales?
With a portfolio in excess of €1300 billion in 2017, euro savings are firmly established as the preferred life-insurance product for people in France, thanks to their threefold benefits of guaranteed capital, attractive returns and instant liquidity. However, recent financial and regulatory developments raise questions as to the legitimacy of this product in the savings […]
Crypto-Funds: Regulation? Yes please!
While 2018 has witnessed some turmoil in the crypto-currency markets, interest in this new asset class – and also in investment funds which allow easy access to crypto-currencies – remains high. On 26 June 2018 CBOE Global Markets filed an application with the US Security and Exchange Commission (SEC) seeking approval for a Bitcoin Exchange […]
GDPR and PSD2: what are the issues for FinTechs?
The FinTech model is reaching a new level of maturity. The first stage saw them disrupt the traditional banking business models using technology to impact the customer experience and relationship. The second wave offers FinTechs the opportunity to expand their service offering and develop their independence, provided that they understand their relationship with the regulatory […]
DORA: how to move from operational risk management to operational resilience?
DORA (the Digital Operational Resilience Act) is the key regulatory outlook for IT and Cyber risk between now and 2025. The European Supervisory Agencies have sought to strengthen the resilience of institutions by emphasising the need to evolve the approach to operational risk management, of which information and communication technology risks are a part. DORA […]
New regulatory requirements for insurance companies – focus on Germany
Because of its importance in society, the insurance industry has always faced a considerable amount of regulatory requirements at the national (BaFin) and international (EIOPA) level. Although this is generally something to be welcomed, this also presents a range of different challenges – not least because the regulations have indirect effects and unintended side effects. […]
Will the emergence of big data analytics lead to a new wave of regulation in the financial sector?
Big data analytics is one of the most discussed topics in the world of finance. Application of these methods has led to better assessment of credit quality, improved pricing of insurance contracts as well as automation of client interaction. Processes that were previously cumbersome, such as customer on-boarding, have been streamlined and their costs drastically […]