The regulatory burden on banks has multiplied since the 2008 financial crash.
Since the 2008 financial crash, banks, investment, and insurance companies have faced a rapidly evolving regulatory environment to protect consumers, avoid insolvency and the strain on government coffers facing multi-billion-dollar bank bailouts. The reality for financial and insurance companies (and regulators) has been a mountainous challenge to keep up with regulations, sometimes locally implemented, and a need to find better ways to gather and collate a complex array of data and convert that into timely reports.
An increased burden demands intelligent automation versus a manual template-driven approach.
While finance departments bear the brunt of this complex data gathering and reporting effort, data is often locked away in departmental silos across each company. Without intelligent automation, the manual effort to mine and convert the data into templated reports is considerable, costly, and prone to inaccuracy. Regulators are aware of this and pressing for greater systemic automation and direct access to the underlying data.
This is the mountainous problem that Belgian startup b.fine solves.
Download the report to find out how.