Regulatory change is a constant, but how do you use the opportunity to create value?
The financial services sector is constantly having to adapt to new and more intricate regulations. APRA Connect, open banking and the upcoming changes to capital requirements are merely examples.
But, whilst all this change is daunting, it presents a significant opportunity for positive change in the data and reporting space.
“Regulatory change often requires a major overhaul of processes, data and systems. However, it gives firms the chance to modernise and transform their operations, including opportunities for automation, reducing manual effort, errors, and costs, and ultimately leading to a better way of working,” explains Martin Whiteley, Director – Business Consulting, Fifth Logic.
“Take capital reforms for our banks as an example. At present, some banks only calculate their capital requirements on a quarterly basis, and even this can be a struggle. The obstacle here is often down to data; moving it across organisations, transforming it using obscure code and using data warehouses that were often designed for a different purpose,” says Martin.
How do you unlock the true value of your data?
It is a big investment to upgrade technology but, according to Martin, the value of data and how it can drive growth and guide business decisions is considerable.
Finding the right people to help you unlock this value, review (and overhaul) your systems, data, and processes, can be challenging. There are a lot of options when it comes to enlisting digital transformation support, according to Martin, however not many of them will have the detailed business knowledge specific to the many intricacies of financial data.
“It can be difficult to find experts who have a really deep understanding of financial services and technology. At Fifth Logic, we have all been at the coalface,” explains Martin.
Martin and the Fifth Logic team have used their wealth of experience in financial services to create a technology framework that can directly address challenges like those posed by APRA Connect or the capital reforms.
“We recently launched FLiQ (Fifth Logic IQ ™), which is not just another piece of software, it’s a framework that integrates with other tools. You might need specific applications for different requirements, but you can have one overarching data framework,” says Martin.
FLiQ offers organisations a powerful engine with infinite data processing capabilities. Setting it apart from other solutions, FLiQ can ingest and blend both structured and unstructured data including real-time voice data, to build a whole of data view.
“You don’t need to imagine a time where you could pull calculations weekly, daily, or even in real-time. That time is now,” adds Martin.
Our bread & butter
The technology underpinning FLiQ™ is exactly the type of modern technology that could be used to make the most of regulatory change.
“To be blunt, this is Fifth Logic’s bread and butter. Regulation across financial services is our core business, and creating innovative solutions to solve mutually felt problems is what we do best. Preparing for reforms will take time and effort, and firms may not have internal capacity to deliver. We can provide the help and expertise needed to remove the burden and move your business forward,” concludes Martin.
Do you need to upgrade your data platform and systems? To find out how Fifth Logic can help ensure you are compliant with new regulatory requirements, or to learn more about FLiQ™, contact the team today.