In part 1 of this vlog series , you learned about what RegTech (Regulatory Technology) is and why it’s important for financial services. Part 2 covered the biggest achievements in RegTech over the past year, what the future holds for RegTech, and the next steps your organization should take to be successful. Part 3 discussed the new regulations to watch for and the nature of the changes. Part 4 went into detail around how internal roles are changing as technology advances, the biggest challenges for compliance, the challenges Chief Technology Officers (CTOs) face, and how firms in the financial ecosystem can work together to solve common problems. In the final part of this series, we’ll talk about the viability of artificial intelligence (AI), machine learning, and blockchain in financial services.
We’re not at the stage where we can say AI, machine learning, and blockchain are 100% foolproof and it’s working. It’s a work in progress, so we need a better understanding around what the key problems are, what we’re trying to solve for, and what the technology needs to be programmed to do. If you’re trying to solve for a particular problem and having AI do some of the solving for you, you need to make sure that the data that’s fed in is accurate, the problem is understood and planned for, and you know what you’re trying to solve for. Remember, if you input garbage into AI, it’s going to spit garbage out.
How Hitachi Vantara Can Help
With regulations constantly changing and data volumes rising, many of the largest financial institutions are looking to Hitachi Vantara for actionable insights into customers, operations, and risks. Learn more about Hitachi Vantara’s RegTech solutions here.