June 20206Corporate data breaches, consumer privacy concerns, and a wave of GDPR-like regulations are creating the need for regulatory technology tools that can help enterprises in meeting the different compliance challenges. The use of RegTech to help financial institutions meet the constantly changing regulatory requirements is expected to continue taking off in the upcoming years. Exciting innovations like analytics driven by big data will see its expansion into RegTech to produce insightful results far more quickly to curtail risks, which includes everything from possible insider-trading activity to terrorist-related transactions. With GDPR being a core requirement in many across countries across the globe especially in the European region, companies and businesses are looking at methods to address applicable data protection rules and ways to comply with regulatory requirements. Some of the RegTech trends making rounds in the market include artificial intelligence-based technologies that are driving a phenomenal shift from outdated to modernized regulatory methods. By bringing in advanced RegTech solutions, financial institutions and banks are automating their compliance data management, employee surveillance, audit trail capabilities while preventing fraud. As these solutions provide organizations with a clear view of the rules linked with different banking activities, organizations can now design their internal processes in an easier and simpler manner. Unlike earlier, the integration of advanced technologies into RegTech will result in regulatory report generation systems being more robust and anti-money laundering systems that are triggered more quickly and accurately. RegTech deployment on the cloud is also picking up speed. Regtech vendors are leveraging cloud computing solutions to create better and safer coordination across physical locations. To gear up for a future that is evolving to keep up with the current pandemic situation, organizations will need to adopt innovative technologies that can ultimately drive customer success. This edition of Banking CIO Outlook features some thoughtful insights from subject matter experts along with exclusive information on selected vendors that can help them in their journey forward. Copyright © 2020 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Contact Us:phone:510.402.1463Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com JUNE - 05 - 2020, Volume 06 -04 (ISSN 2644-2418) Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464Sebastian Jacobsebastian@bankingciooutlook.comVisualizerManaging EditorJames RobertsonBreaking the Compliance BarriersJames RobertsonManaging Editor editor@bankingciooutlook.comAbhilash PunnolipparambilCarolynn WaltersJustin SmithEditorialJoseph MichaelKenneth ThomasRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffAsher Blake
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