Explore the potential of Peer-to-Peer Lending using GenAI & Blockchain in mitigating risks and the orchestrated stages to ensure a secure lending experience.
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.
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.