The cooperation between fintech firms and banks offers both parties major advantages: thanks to the new companies, banks are able to present themselves in a more agile and digital way. “Regtech” players can, for instance, help credit institutions and other financial market agents make their regulatory reporting systems more efficient by using automation potential for regulatory issues.
Moreover, innovative solutions based on artificial intelligence are already being implemented to detect cases of fraud and in the automation of processes. There are also high hopes that artificial intelligence can help use credit institutions’ “wealth of data” more effectively – that is, in a way that guarantees complete data sovereignty. Fintech players can, in turn, benefit from expertise and from banks’ customer base.