We’re delighted to have been selected to join a virtual roadshow to the US: DIT’s RegTech Roadshow.

We will be joined by innovative regulatory technology companies such as: Acin AMPLYFI, AutoRek, ComplyAdvantage, Finreg-E, FNA, Solidatus, Suade Labs, and TAINA Technology Limited.

This roadshow will provide this group of leading UK RegTechs with the opportunity to meet directly with US corporate innovation and compliance teams, receive guidance and training from DIT partners on how to set up and grow a physical presence, and hear from industry experts including regulators about the key challenges facing the US market and how their technology can help solve them.

If you would like to get in touch, please reach out to Kieran Buchanan or Matt Flenley who will introduce you to our US-based case studies within the Financial Services sector and help you understand where Datactics brings value.

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Datactics is a part of the cohort of companies joining the DIT Virtual RegTech themed roadshow this week.

The DIT’s RegTech Roadshow takes place virtually with the aim of providing ten innovative UK-based RegTech companies with the opportunity to meet industry stakeholders, regulators and potential partners. 

Datactics will be visiting New York virtually alongside Acin AMPLYFI, AutoRek, ComplyAdvantage, Finreg-E, FNA, Solidatus, Suade Labs, and TAINA Technology Limited. The delegation this year is one of the most diverse ever, with representation from every region across the UK, including three female-founded companies! On top of this, the delegation has serviced nearly every Tier 1-2 financial institution and raised a staggering $100 million in funding combined. Finally, each of the 10 companies offers a unique solution built to help firms conduct their business safer, easier, and more equitably.  

We thought we would sit down with Kieran Buchanan, Business Development Executive at Datactics, to find out more about the roadshow and why Datactics is delighted to be involved. 

This event being a US RegTech roadshow will have US-based industry stakeholders, regulators and potential partners – this is a market Datactics is keen to establish themselves even further in, isn’t it? 

It is most certainly; I have seen some large banking organisations have a presence at this roadshow so it’s our prerogative to introduce our services as we already have some use cases in the US market. This will allow them to know what we provide in the space of data quality and the data management infrastructure as a whole. US is a significant market bursting with opportunities to invest time and effort into. 

What conversations do you hope to have with the industry stakeholders, regulators, and potential partners? 

There are a lot of innovation-based attendees so I think there will be a natural introduction to who Datactics is and how we can bring value. We’re particularly looking forward to demonstrate how our solution will help organisations that are keen to develop a good data quality culture. Our Self-Service Data Quality (SSDQ) platform will be fantastic for those organisations that want to get ahead of the curve by ensuring they have the proper building blocks in place when it comes to the quality of their valuable data assets.

Throughout the week, what would be the best way for attendees to get in touch with you? 

I have a meeting set up on the platform, Meetaway, so I’ll be contactable via video call using that platform. My profile is on there, fully populated! You can also get in touch with me via email: kieran.buchanan@datactics.com and of course, via LinkedIn.  

There are some great panel talks happening this week! Are there any talks you are keen to go to? 

There’s a talk on the topic of the future of financial services, Regtech and Compliance which I am keen to attend. Another interesting talk would be ‘How US regulators are adapting to new technologies‘ as it reflects the work we do with SSDQ. We are currently helping business users at financial services organisations get their data right for a wide range of regulatory reports, whether that be BCBS 239 or MiFID II, or country-specific deposit guarantee scheme reporting.

If you are attending the event, feel free to reach out Kieran at any time, via email, LinkedIn or Meetaway.

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COMPLY brings together Local, Federal and International Regulators, Compliance Leaders, Marketing Executives, Legal Experts, Leading Consultants, RegTech and FinTech Innovators, Operations Professionals, RegTech and FinTech Investors from around the globe for groundbreaking learnings and connections.

An event for anyone interested in best practices in compliance, regulations, consumer protection, register your details here and the agenda will be released soon. It’s free and qualifies for CRCM or CCB credits too!

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COMPLY brings together Local, Federal and International Regulators, Compliance Leaders, Marketing Executives, Legal Experts, Leading Consultants, RegTech and FinTech Innovators, Operations Professionals, RegTech and FinTech Investors from around the globe for groundbreaking learnings and connections.

An event for anyone interested in best practices in compliance, regulations, consumer protection, register your details here and the agenda will be released soon. It’s free and qualifies for CRCM or CCB credits too!

The post Comply Virtual Summit | 25/03 appeared first on Datactics.

COMPLY brings together Local, Federal and International Regulators, Compliance Leaders, Marketing Executives, Legal Experts, Leading Consultants, RegTech and FinTech Innovators, Operations Professionals, RegTech and FinTech Investors from around the globe for groundbreaking learnings and connections.

An event for anyone interested in best practices in compliance, regulations, consumer protection, check out the agenda and register your details here. It’s free and qualifies for CRCM or CCB credits too!

The post Comply Virtual Summit | 04/02 appeared first on Datactics.

We’re delighted to announce that we’ve been featured in the RegTech 100 for the first time. This comes on the back of some exciting work in AI-enabled data quality for KYC and AML and award-winning implementations in regulatory compliance in both the UK and mainland Europe.

Matt Flenley heads up Marketing at Datactics.

This is great news, because the firms we see listed alongside us are all involved in pretty cutting-edge projects which all help to make the financial industry more transparent and protect consumers and markets. It’s extremely rewarding to achieve the status of being recognised as innovators in this sector, by designing solutions that put regulatory technology in the hands of business, risk and compliance specialists. Thanks to all at RegTech Analyst and Fintech Global for their work in compiling the list from all the applications.

About the RegTech 100

The 2021 RegTech100 is launched today by specialist research firm RegTech Analyst.

The prestigious list recognizes the world’s most innovative technology solution providers that address the challenges of dealing with regulatory pressures within financial services.

The RegTech (regulatory technology) industry has experienced huge growth in the last few years as banks and financial institutions grapple with the unrelenting pace of regulatory change across all jurisdictions. Over $5bn has been invested in RegTech companies so far in 2020, according to data published by RegTech Analyst, as the compliance challenges have only been exacerbated by the shift to remote work during Covid-19.

As a result, this year’s process to identify the 100 RegTech innovation leaders was more competitive than ever. A panel of analysts and industry experts voted from a longlist of over 1,000 companies produced by RegTech Analyst. Sixty-two new companies entered the RegTech100 for 2021 and the finalists were recognized for their innovative use of technology to solve a significant industry problem, or to generate efficiency improvements across the compliance function.

RegTech Analyst director of research Mariyan Dimitrov said, “Banks and other financial institutions need to be aware of the latest RegTech innovation in the market in order to avoid new compliance risks and stay competitive despite new regulations around customer onboarding and remote communication post Covid-19. The RegTech100 list helps senior management filter through all the vendors in the market by highlighting the leading companies in sectors such as identity verification, risk management, communications monitoring, information security and reporting.”

A full list of the RegTech100 can be found at www.RegTech100.com. More detailed information about the companies is available to download for free on the website.

About Datactics

Datactics specialises in self-service data quality and matching software designed for non-technical business users in financial services firms. The platform helps to eliminate roadblocks common in data management where firms are overly reliant on IT to interpret and hard-code rules into core systems.  

Solutions ensure compliance with data-driven financial regulations; deliver a true “single customer view”; and increase the accuracy, and reduce the cost, of AML & KYC functions.   

For more information go to www.datactics.com or get in touch with the team today.

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It’s just as easy to say that we wouldn’t think of ignoring this kind of data. Last week’s blog looked at the reasons for why measuring data is important for retail banks, but unless there is a strategy taken to react to the results it’s arguably pretty much meaningless.

Internal product owners, risk and compliance teams all need to use specific and robust data measurements for analytics and innovation; to identify and serve customers; and to comply with the reams of rules and regulations handed down by regulatory bodies. Having identified a way of scoring the data, it would be equally as bizarre to ignore the results.

However, navigating a smooth path in data management is hampered by the landscape being vast, unchartered and increasingly archaic. Many executives of incumbent banks are rightly worried about the stability of their ageing systems and are finding themselves ill-equipped for a digital marketplace that is evolving with ever-increasing speed.

Key business aims of using data to achieve necessary cost-savings, and grow revenues through intelligent analytics, snarl up against the sheer volume of human and financial resources needing to be ploughed into these systems, in an effort to meet stringent regulatory requirements and to reduce the customer impact, regulatory pressure and painful bad press caused by an IT outage.

Meanwhile, for those who have them, data metrics are revealing quality problems, and fixing these issues tends to find its way into a once-off project that relies heavily on manual rules and even more manual re-keying into core systems. Very often, such projects have no capacity to continue that analysis and remediation or augmentation into the future, and overtime data that has been fixed at huge cost starts to decay again and the same cycle emerges.

But if your subject matter experts (SMEs) –  your regulatory compliance specialists, product owners, marketing analytics professionals – could have cost-effective access to their data, it could put perfecting data in the hands of those who know what the data should look like and how it can be fixed.

If you install a targeted solution that can access external reference data sources, internal standards such as your data dictionary, and user and department-level information to identify the data owner, you can self-serve to fix the problems as they arise.

This can be done via a combination of SME review and through machine learning technology that evolves to apply remedial activities automatically because the rules created through correcting broken records can contain the information required to fix other records that fail the same rules.

It might sound like futuristic hype – because AI is so hot right now – but this is a very practical example of how new technology can address a real and immediate problem, and in doing so complement the bank’s overarching data governance framework.

It means that the constant push towards optimised customer journeys and propositions, increased regulatory compliance, and IT transformation can rely on regularly-perfected data at a granular, departmental level, rather than lifting and dropping compromised or out-of-date datasets.

Then the current frustration at delays in simply getting to use data can be avoided, and cost-effective, meaningful results for the business can be delivered in days or weeks rather than months or years.

Head over the next part: ‘Build vs Buy – Off-the-shelf or do-it-yourself? ‘ or click here for part 1 of this blog, covering the need for data quality metrics in retail banking.

Matt Flenley is currently plying his trade as chief analogy provider at Datactics. If your data quality is keeping you awake at night, check out Self-Service Data Quality – our award-winning interactive data quality analysis and reporting tool that is built to be used by business teams who aren’t necessarily programmers.

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