Financial Technology Partners

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Written By DannyPalmer

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Compliance work is Available for Financial Technology Partners

Financial technology partners can help banks track their investments better, even though it might seem counterintuitive.

The financial services sector in the United States has faced a stricter regulatory environment since 2008’s banking crisis. Financial betances health center institutions are subject to new regulations and laws, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and other regulations and laws that were created in the aftermath of the financial meltdown. Some of these requirements are only now being recognized. For example, a few key Dodd-Frank government rules were published in 2014. This new set of regulations contains reporting requirements for asset-backed securities and over-the-counter derivatives transactions.

“Banks were struggling to understand the requirements of regulatory compliance a year ago. “The regulations were always changing, and it was just not clear what was expected,” David England, director of Alsbridge Inc., a Dallas-based global consulting and advisory service company.

England northside plumbing stated that the industry had made significant progress in understanding regulatory requirements but pointed out that banks are being pressured to ensure compliance.

Financial technology partners are reporting a growing trend in compliance activity: helping customers to tweak their systems and create compliance infrastructure that will facilitate data collection and reporting. The growth in compliance is a significant development in financial services. This space also has a lot of demand for managed services, cybersecurity, big-data technology, and cloud computing.

Compliance Opportunity

Compliance obligations represent a large portion of IT spending for financial services companies at the moment. This is a strong market for solution providers.

Jerry Silva, IDC Financial Insights’ research director, stated that the CIOs of the capital markets and banking industries he studied uw health sun prairie dedicate 40% to 45% to technology related to regulatory compliance.

He said, “That’s a massive sink right now.”

Silva stated that banks are investing in compliance infrastructure with a special emphasis on data collection. He said that financial organizations are examining issues like whether or not they are collecting the correct information and where it should be stored.

These details may be discussed with external IT consultants by banks. Financial technology partners also have the opportunity to retool bank systems in order to meet new reporting requirements.

Financial technology partners are often required to modify or modernize bank systems in order to comply with complex regulatory compliance requirements. Even simple modifications can be difficult.

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