Fintech Industry Reacts to Calls for Paradigm Shift in Tech at Banks in London

“Financial institutions – in London and all over the world – need to fundamentally shift their attitude towards technology in order to keep pace with change and remain competitive. By enabling economies to further grow and develop by decreasing risks for a diverse range of market participants, including lenders, consumers, and businesses, regtech benefits the whole financial system.

There is such a wide variety of regtech offerings today which can help banks slash the cost of compliance and better deliver for their customers. Their data scientists now have access to technology that can incorporate including psychometric and biometric profiles, SME financials, and smartphone data to create intelligent risk assessments that enable credit and lending decisions to be made in fractions of seconds. This not only offers financial institutions enhanced security at a low cost but can also help bring billions of ‘unbanked’ adults across the planet into the financial system.

We’ve worked on mobile scoring projects with major banks which shows there is a growing appetite in this country for increased investment in tech. However, traditional established banks need to work alongside fintechs and regtechs to ensure that their services are accessible to all in society, whether that be through initiatives to upskill more vulnerable citizens in digital banking, or alternative means of accessing credit and services.” Said Paul Randall, CEO at Creditinfo, in reaction to calls for a paradigm shift in tech in banks in London. Creditinfo is the leading global credit information and decision analytics provider. The company’s CEO, Paul Randall, believes that the tech is already there to help banks slash their compliance costs and that a new attitude towards regtech is needed if London and the UK are going to stay internationally competitive.

RegTech refers to the emerging use of technology to streamline and cut compliance costs at financial firms, such as for reporting data on market transactions to regulators and spotting crime.