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The Role of CLOUD in FinTech and RegTech

Author

Listed:
  • Dubey Vivek

    (Insights & Data Practice, Capgemini, United Kingdom)

  • Sonar Rakesh

    (Insights & Data Practice, Capgemini, United Kingdom)

  • Rohit S. Walimbe

    (Digital Engineering Excellence Practice, Capgemini, United Kingdom)

  • Anindya Mohanty

    (Insights & Data Practice, Capgemini, United States of America)

Abstract

The paper advances the theme of the digital disruption arising in the financial industry that has formed a boom in new alliances connecting fintech companies and banking institutes. It is the latter that has to deal with the abundance of regulations by control entities, in addition to being responsible for the technologies they implement. Furthermore, it discusses that due to the rapid emergence of financial solutions, evidenced in recent years, regulators in different countries have had to face a dilemma: evolve or fight. This dilemma has induced financial institutions to now have an extensive volume of data collected from their users, which must be processed and evaluated to ensure that they comply with the regulatory requirements of control entities. It is focused on the discussion around the value of data being made available on the Cloud and its usage right from – making simple bank statements available on the Cloud to Image processing against the legal documents, digital authority, and photos available worldwide for identification and verification process. It also touches upon the value of digital signature in the time of COVID 19. In the end, it summarizes the main points while describing that this is where RegTech appears as a risk reduction solution. For example, artificial intelligence (AI) parameters have been used to detect applications and profiles that present risk or irregular descriptions, facilitating the management and compliance of financial institutions.

Suggested Citation

  • Dubey Vivek & Sonar Rakesh & Rohit S. Walimbe & Anindya Mohanty, 2020. "The Role of CLOUD in FinTech and RegTech," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 3, pages 5-13.
    • Handle: RePEc:ddj:fseeai:y:2020:i:3:p:5-13
    DOI: https://doi.org/10.35219/eai15840409130
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    References listed on IDEAS

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    1. Petros Kavassalis & Harald Stieber & Wolfgang Breymann & Keith Saxton & Francis Joseph Gross, 2018. "An innovative RegTech approach to financial risk monitoring and supervisory reporting," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 19(1), pages 39-55, December.
    2. Anagnostopoulos, Ioannis, 2018. "Fintech and regtech: Impact on regulators and banks," Journal of Economics and Business, Elsevier, vol. 100(C), pages 7-25.
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    Cited by:

    1. Teichmann, Fabian & Boticiu, Sonia & Sergi, Bruno S., 2023. "RegTech – Potential benefits and challenges for businesses," Technology in Society, Elsevier, vol. 72(C).

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