2021 Trend Almanac: Technologies and trends that will dominate the business and consumer landscape. Get instant access
Regulatory scrutiny means that the finance sector today is confronting a tangled and shifting environment 24/7. The challenges are high. Penalties, credibility and reputation are at stake. Legislation now affects functions across the board, including trading, transaction reporting and client services. It’s buffeting too the very systems that support those functions.
Is your legacy system your biggest threat?
Amidst the scenario of MiFID II reforms, GDPR, AML and global KYC, a non-integrated workaround tactic, tacked onto legacy systems, is no longer effective enough.
The solution? Technology-driven innovation. Artificial Intelligence and Machine Learning, process mining and analytics all offer new ways to boost the effectiveness of regulatory compliance. They bring more workflow control, greater transparency, better data quality, and significant cost reductions.
Virtusa xLabs solutions to underpin robust compliance
With the right technologies and expertise, organizations can simultaneously deliver a customer-centric experience, meet regulatory requirements and ensure compliance. Virtusa xLabs offers bespoke agile solutions for practical surveillance and corporate compliance. They lay out the route to a sustainable regulatory and risk model for the organization, and give confidence to conduct business in a protected and compliant mode.
Open Banking is turning into a global trend. Changing customer preferences, accelerated tech innovation and a growing digital landscape, regulatory interventions build a disruptive potential to drive truly revolutionary change.