6November 2021Editor's NoteFinancial Compliance in the Age of Digital TechnologyThe year 2020 has drastically altered the way people work and interact with one another, highlighting the importance of adopting new technologies. Financial services (FS) organizations' compliance departments are not exempt from this impact. The experience of responding to the COVID-19 global epidemic will likely catalyze future transformation, providing businesses with a significant opportunity to transition to a more streamlined and effective compliance strategy. This enables and empowers compliance operations to play a more active role in creating and implementing corporate strategy while also lowering long-term costs.Owning to the increasing digitalization in the financial industry, the regulatory landscape is becoming increasingly overwhelming and demanding to ensure the safest financial environment possible to deal with the uncontrollable nature of the digital world. Financial institutions are under pressure to accomplish multiple objectives simultaneously, such as remaining compliant with regulations while assuring customer pleasure, reducing costs while enhancing efficiency, or safeguarding consumer privacy while providing the best services. These challenges can be addressed through the new ways enabled by digital products and services. Additionally, to overcome the problems associated with complying with KYC and anti-money laundering (AML) rules, financial institutions can leverage AI-powered technology to automate and accelerate customer due diligence (CDD) and identity verification processes. Incorporating AI technology into biometric verifications and ID checks makes it feasible to cut costs, boost the speed, accuracy, and scalability of authentication procedures, and, finally, more effectively detect fraudulent behavior. Using AI-powered technologies for ID verification and CDD procedures can help limit the risk of fraud and money laundering during the digital on boarding process.This edition of Financial Services Review brings you the story of some of the most promising compliance solution providers and most promising compliance service companies that deliver the best outcomes for their clients. This edition also offers thought leadership articles from subject matter experts and exclusive insights from CIOs and CXOs. We hope this edition will provide you with the proper assistance in choosing the best compliance solutions and best compliance service companies according to your requirements.Let us know your thoughts! Copyright © 2021 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorJeff RodriguezEditorial StaffAaron Pierce Ava Garcia Ashik JainJoshua ParkerVisualizerJohn Gowtham*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEmail:sales@financialservicesreview.comeditor@financialservicesreview.commarketing@financialservicesreview.com November 2021, Vol 02-05Published by ValleyMedia, Inc. To subscribe to Financial Services ReviewVisit www.financialservicesreview.com Jeff RodriguezManaging Editoreditor@financialservicesreview.com
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