The real promise of regulatory technology in financial inclusion
The future of banking is algorithmic. Bringing together big data and predictive analytics is already enabling financial service providers to make better real-time decisions on loans and other products, with a more flexible, customer-centric user experience.
But if banking can be algorithmic, what about financial regulation and supervision?
Financial authorities could someday run digitally, but getting there is not going to be easy. In many countries, regulators today often use fax machines, let alone cloud-based software and analytics. And yet, the future of the financial sector depends on modernizing regulatory authorities.