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.
Hyperautomation alludes to the utilization of cutting-edge innovations, for example, AI and mechanical technology process automation (RPA) to robotize manual assignments. It is basic to comprehend that hyper automation isn't intended to replace human specialists, yet rather to coordinate them into the cycle.
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.
The question raised by most people regarding robots in banking is the unsurprising “How can you trust robots with your money?” and while we can agree to disagree that “they aren’t human” is a good answer, it advances some questions about the “new-normal” that we may soon need to acquaint ourselves with. While RPA is growing in popularity among financial companies around the globe, we recap some of the top bargains it offers, both to banks as well as their clients.
Traditionally, the business of wealth management has been based on personal relationships and trust, as client engagement involves several individuals and manual processes. This business model has poor scalability and efficiency and the need of the hour is a next-generation operating model that is supported by Data, Analytics, and Technology. We are currently at a juncture when the industry’s business models are getting disrupted, with digitization accelerating the change. In this article, we take a look at a few of the several drivers bringing changes to the world of wealth management.
Among all the industries that got shaken up by COVID-19, the payments industry is arguably the one that saw the most disruption. However, in the past six months, e-commerce, digital payments, and other online services have all registered excellent growth. The pandemic has reshaped how consumers and businesses interact with each other and this will shape the future of the payments industry. Here are a few of the trends that were observed during this time.
COVID-19 has undoubtedly had an adverse impact on the financial world. Firms are scrambling to survive this downturn by looking for new ways to generate revenue and cut costs. This has effectively reduced spending within the economy and thus, banks and other financial institutions are faced with a tough market to sell their products off. […]
One of the main reasons for the rise in popularity of the gig economy was the flexibility and freedom it provided to its employees. Being able to work on their own schedule, having the option of pursuing multiple careers, or even just having a side hustle as an extra source of income, made the gig […]