·
Companies like Hummingbird and Babel Street are successfully applying new technologies to improve the efficiency of long-cumbersome aspects of compliance.
As underwriting turns toward AI, experts agree if credit solutions have a hope of meeting their potential, alternative data is vital.
Cybercrime is a growing problem with ID theft hitting a record high in 2016 affecting 15.4 million people; Credit card fraud resulted in $21.84 billion in losses across the world; synthetic identities are a top risk for the banking industry and banks need next-generation KYC tools to protect themselves. Source
The FT has seen regtech as one of the fastest growing areas of fintech with a surge of applications to their Future of Fintech awards; new regulations such as the EU’s Mifid II rules, increased compliance and KYC checks by financial institutions looking for more cost efficient ways to verify customers has helped to bring new startups into the market; fintech has moved well beyond lending and the diversification of the market continues to grow. Source.