By FINTECH Books Contributor, Chris Gledhill
There’s a new sheriff in FinTown!
How is a regulator to keep track of all those new API endpoints, chatbots and aggregation services we’re expecting to see in the coming years?
The answer is regbots! 24 hours a day, 7 days a week RegBots check 1000s of banking systems for security problems and resilience, 1000s of financial products for compliance and goes ‘secret shopping’ across a whole range of financial services.
RegBot can zero-in on particular problems to be dealt with by an institution or zoom out and report on common problems facing a range of financial services.
RegBots turn the concept of regulatory sandboxes on its head, giving instead each budding fintech startup their own regbot mentor and overseer.
The machine intelligence in regbots allows them to evolve with financial systems and highlight problems long before human regulators ever could and at a scale not possible today.
For the unscrupulous fintech companies and banks there’s no place to hide – for those seeking compliance regbots will be your new best friend!