We are also in the midst of implementing solutions that make use of artificial intelligence and machine learning for regulatory and supervisory processes. These RegTech and SupTech tools aim to augment areas of risk management, regulatory reporting, consumer complaint oversight and regulatory compliance automation.
This includes a chatbot, an automated complaint-handling system which uses predictive analytics to address consumer concerns and an API that automates the collection, processing, and analysis of data from supervised institutions. Supervised entities that cannot immediately migrate to the API-based reporting can use the FI portal in submission of their reports.