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.

The post DIT RegTech Mission to US | 22/02 – 26/02 appeared first on Datactics.

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.

The post Meet Datactics at the DIT New York RegTech Roadshow! appeared first on Datactics.

Belfast-based Regtech company Datactics, a leading data quality software provider to global financial services firms, has been selected by the UK Government’s Department for International Trade (DIT) to showcase the best in British innovation during a US roadshow.

The DIT’s RegTech Roadshow takes place virtually 22-26 February 2021.

It will provide ten innovative UK-based regulatory technology companies with the opportunity to meet industry stakeholders, regulators and potential partners. They will also receive guidance and training from DIT partners on how to set up and grow a physical presence and hear from experts on the key challenges facing the US market and how their technology can help solve them.

Datactics was selected following a highly competitive recruitment process. To qualify for the roadshow, each company had to meet the following criteria set by DIT: 10 or more employees, a minimum annual turnover of £1 million, an enterprise-ready solution, and an existing base of clients in the UK and US markets. The companies selected have all achieved great success both domestically and globally, cultivating a strong international client base and achieving a reputation of excellence in helping revolutionize the way the financial services industry manage risk, compliance, and regulatory change. The cohort represents diversity and female leadership within the UK industry, with each firm offering a unique and innovative solution that is revolutionizing regulation compliance and all the companies combined service nearly every Tier 1 and Tier 2 financial institution.

Kunal Khatri, Director for DIT North America, said:

The UK has been at the heart of the global financial services innovation for decades, and in 2021 we will continue to lead the global FinTech and RegTech revolution. We’re excited to showcase the talent and expertise that UK companies have to offer. This roadshow is a great opportunity to deepen our bilateral engagement on financial services with the US and encourage private sector collaboration to make the world a safer, easier, and more equitable place to do business.

Commenting on the selection, Stuart Harvey, Datactics CEO, said:

This is a great opportunity for Datactics to showcase our best-in-breed data quality and matching solutions to the US financial market. We have proven success in the UK and Europe and already work with clients in the US. We are looking forward to helping financial institutions transform their data-driven business, manage risk and regulatory compliance.

The UK leads in the field of regulatory innovation thanks to its high concentration of financial services firms and the institution of the Financial Conduct Authority’s regulatory sandbox. British RegTechs are well-positioned to add value and help revolutionise the way US companies approach compliance.

In addition to the 10 companies, DIT is excited to welcome media partners and advisers who helped to develop the program, including the A-Team Group’s RegTech Insights, and the COMPLY Conference, host of one of the largest RegTech industry events in the US.

For other news and awards about Datactics please read this page. Alternatively, you can contact us by clicking here.

The post Datactics is selected by the UK Department for International Trade to showcase best in British Innovation appeared first on Datactics.

As soon as a firm grows to a size where it needs enterprise IT architecture, changes – understandably – need to have greater scrutiny, and that takes time.

Time, however, is a double-edged sword. If a change takes too long to implement, the opportunity is missed, and more agile competitors can out-flank you. Secondly, failing to make that change can lead to a resigned acceptance in the company’s culture that actively stifles innovation.

Many of these problems arise when firms think about change where all the budgets are located. It stands to reason to think that those big changes mean big budgets, but try turning this on its head: look at where the changes are most needed. This is the approach that British Cycling refers to as “marginal gains” – looking at any change that can give any margin of improvement and getting it implemented.

Starting small doesn’t mean lacking ambition.

Thinking big – winning Olympic gold – was the motivator for pursuing change that matters. Yet British Cycling didn’t turn that big ambition into a series of big infrastructure projects, like fleets of support vehicles or several new velodromes.

“By analyzing the mechanics’ area in the team truck, we discovered that dust was accumulating on the floor, undermining bike maintenance. So we painted the floor white, in order to spot any impurities. We hired a surgeon to teach our athletes about proper hand-washing so as to avoid illnesses during the competition (we also decided not to shake any hands during the Olympics). We were precise about food preparation. We brought our own mattresses and pillows so our athletes could sleep in the same posture every night.“

Sir Dave Brailsford, in Harvard Business Review

None of these changes represents a massive investment in infrastructure, but they’ve led from one medal in 76 years to multiple Olympic golds. The same approach is being taken right now by leading financial services firms. In a notable case, one London-based financial services firm did exactly this in their COVID response, reducing the usual time to configure rules and query the data from three weeks to three hours.

Like them, successful data leaders are focusing on the pain points of data quality right where they’re most keenly felt.

• In the teams who are trying to submit reports to regulators;
• By those who are responding to immediate Operational Risk issues, like the impact of COVID;
• By analytics people who are struggling to gain an edge on poor data.

In each case, they’re identifying a specific problem in one area, for example, client data used in customer communications, choosing off-the-shelf tooling that can be implemented rapidly and then simply getting on with it.

Brailsford’s team invested in paint and the time to actually paint the workshops. Data management heads are investing small sums in business user-friendly tools on one subset of data so that they can quickly achieve successes without having to overhaul the entire infrastructure of the organisation.

This kind of work means that practically speaking it is no longer a pipe-dream to reduce data quality processes that can take up many weeks down to a matter of hours. It stands to reason that by iteratively implementing these processes, in short, clearly defined sprints, the same processes that drove British Cycling to multiple golds, can yield similar rapid benefits the bigger picture of data quality at financial services firms worldwide.

What about you? Have you adopted a “marginal gains” approach to work that’s paying dividends?

To learn more about how how Data Quality fits into modern Data Ops strategies, catch our webinar as part of 2020’s Data Management Insight event (or read a blog post version here).

The post How To Reduce Your Time Spent On Data Quality Down From Three Weeks To Three Hours appeared first on Datactics.