Digital banking involves using digital technology and online platforms for banking transactions and services, covering various financial activities.
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The Banking and Financial Services industry operates in a dynamic environment characterized by constant change, evolving customer expectations, and stringent regulatory requirements.
Financial landscape is constantly under siege from financial crimes, such as money laundering, fraud, insider trading, and cyberattacks.
CESOP regulation was born out of the need to tackle the rampant issue of VAT fraud within the European Union.
In 2022, financial institutions were slapped with a staggering $5 billion in fines, marking a dramatic 50% year-on-year surge, as they struggled to thwart the increasingly sophisticated tactics employed by criminals.
European tax authorities have been facing a significant challenge: e-commerce VAT fraud.
RegTech solutions are designed to automate compliance tasks, streamline compliance processes, and provide real-time monitoring of regulatory changes. Companies are investing in RegTech by developing their own internal solutions or leveraging external services.
The rapid wave of digital transformation set forth the transition of banks from rigorous to responsive, conventional to digitally savvy, and more receptive to change than ever before. Besides just being digitally established, they are moving fast-forward towards innovation and bringing a change in the industry practices.