What is Financial Compliance and what is FinTech?
Financial crime has increasingly become of concern to governments throughout the world. The emergence of vast regulatory environments furthered the degree of compliance expected even from other non-governmental organizations that conduct financial transactions with consumers, including credit card companies, banks, credit unions, payday loan companies, and mortgage companies.
Technology has helped financial services address the increased burden of compliance in innovative ways which have also yielded other benefits, including improved decision-making, better risk management, and an enhanced user experience for the consumer or investor.
The rapid development and employment of AI (Artificial Intelligence) techniques within this specific domain have the potential to transform the financial services industry.
FinTech (Financial Technology) solutions have recently arised as the new applications, processes, products, or business models in the financial services industry, composed of one or more complementary financial services and provided as an end-to-end process via the Internet. You can find additional interesting information in this article.