Author: Bijaya Bhattacharjee

Bijaya, Lead – Brand Marketing & Communication, brings a strategic lens to positioning, storytelling, and go-to-market communication. She partners closely with leadership teams to craft narratives that clarify value, elevate credibility, and accelerate business growth. With experience across industries, she is known for translating complex ideas into compelling stories that connect with diverse audiences and drive measurable impact.

RegTech: Revolutionizing Compliance Management

Posted on by Bijaya Bhattacharjee

Regulatory compliance is a critical aspect of running a business as failing to adhere to the relevant laws, regulations, and guidelines that apply to its operations can result in legal and financial consequences. However, comprehending these ever-changing regulations can be complex, making compliance a daunting task.

RegTech (regulatory technology) is a solution to this challenge. It is a category of FinTech (Financial Technology) that employs advanced solutions to bridge the communication gap between corporations and regulatory bodies. RegTech refers to the use of technology to help businesses meet their regulatory compliance obligations more efficiently and effectively. RegTech solutions are designed to automate compliance tasks, streamline compliance processes, and provide real-time monitoring of regulatory changes. Companies are investing in RegTech by developing their own internal solutions or leveraging external services.

RegTech solutions can help businesses in several ways. Here are some examples:

  • Reduce Compliance Costs: RegTech solutions can help businesses reduce the costs associated with compliance by automating manual processes, reducing the need for manual intervention, and providing real-time monitoring and reporting. For example, with the help of this technology, automated risk assessment software uses advanced algorithms and machine learning to analyze data and identify potential compliance risks, such as fraud, money laundering, or other illicit activities. Solutions like Fortinet, Palo Alto Networks, and CyberArk are being used to provide real-time monitoring and reporting of cybersecurity threats.
  • Improve Accuracy, Consistency, and Customer Service: RegTech can help companies provide better customer service by automating tasks, such as customer onboarding and account management. It can also improve the accuracy and consistency of compliance processes by reducing the risk of human error and providing a standardized approach to compliance. Solutions like Quantifind, Ayasdi, and DataRobot are being used to automate risk management processes and improve risk assessment accuracy.
  • Enhance Risk Management: RegTech solutions can help businesses better manage their regulatory risks by providing real-time monitoring and reporting of regulatory changes and alerts to potential compliance issues. Solutions like Quantifind, Ayasdi, and DataRobot are being used to automate risk management processes and improve risk assessment accuracy.
  • Regulatory Reporting: Many industries, including finance and healthcare, are required to submit regular reports to regulatory bodies. RegTech solutions automate the collection, analysis, and submission of this data, reducing the risk of errors and ensuring compliance. Solutions like AxiomSL, Verisk, and Cognizant are being used to automate regulatory reporting processes and ensure compliance with regulations.
  • Risk Management and Contract Management: Effective contract management includes identifying and managing risks associated with the contract, such as non-performance by one party, changes in scope, or disputes. RegTech solutions can help businesses assess and manage risk in real-time, allowing them to quickly identify potential compliance issues and take action to mitigate them. It can also help businesses automate the process of creating, reviewing, and managing contracts, ensuring compliance with relevant regulations, and reducing the risk of errors and disputes.
  • Data Management and Data Privacy: RegTech can help companies manage their data more efficiently and securely. This can include data storage, processing, and analysis, as well as data governance and data privacy. RegTech solutions help businesses manage and protect this data, ensuring compliance with relevant regulations. One area where RegTech has been particularly useful is in KYC/AML compliance. Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations require financial institutions to verify the identity of their customers and monitor transactions for suspicious activity. RegTech solutions such as identity verification software and transaction monitoring tools help automate these.

The Evolving Landscape of Global Regulations and the Need for RegTech

As the world becomes more interconnected and businesses operate across multiple jurisdictions, the complexity of the regulatory environment is only increasing. Regulatory bodies are constantly introducing new laws and regulations to keep pace with changing market dynamics and emerging risks. For businesses, this means that compliance can be a moving target. RegTech solutions are essential in this context, helping organizations navigate the ever-evolving regulatory landscape while reducing costs and risks. By leveraging advanced technologies such as AI, machine learning, and blockchain, RegTech solutions are likely to become even more effective in the coming years. In short, RegTech is not only a powerful tool for compliance management today but also a key driver of innovation and efficiency in the future.

Quantum Computing in Drug Discovery Process

Posted on by Bijaya Bhattacharjee

With its unprecedented power to quickly analyze vast amounts of data and simulate molecular interactions, quantum computing has the potential to revolutionize the process of drug discovery and development.

The goal of technological advancement is to produce more with fewer resources. Even if technology has progressed from a room-sized computer to a cell phone, there are still many challenges that the world’s powerful computers can help with. We’ll soon need to accomplish our computing in a whole different method when smaller, more potent computers become necessary. Quantum theory, a subfield of Physics, studies the universe of atoms and the smaller (subatomic) particles that reside inside of them. But the laws of classical physics don’t apply in that little universe of atoms. “I think I can safely say that nobody understands quantum mechanics,” said Richard Feynman. Therefore, the most popular but also most challenging field nowadays is quantum computing.

Today’s computers are made of silicon transistors and use bits of computation. These bits take either of the two values 0 or 1. Instead of bits, a quantum computer has qubits. Qubits can exist in a multidimensional state. Qubits use superpositions to represent multiple states. As a result, a quantum computer can perform multiple operations in parallel, which makes it significantly faster than a traditional computer.

Quantum Computing Advantages

Although designing, building, and programming a quantum computer can be challenging, there are certain advantages as well when compared with the supercomputer. So, what can it be used for?

  • Molecular Modelling: Quantum computing uses a variety of computerized techniques to predict the chemical and biological properties of molecules using theoretical chemistry methodologies and experimental data. These techniques are utilized in computational chemistry, drug design, computational biology, and materials science.
  • Database Searching: Quantum computers are used to store and search through massive amounts of data in a much quicker time than traditional computers.
  • Data Security: In the future, quantum computing may play a significant role in network and cyber security.
  • Weather Forecast: Quantum computing will assist in improving local and global weather forecasting for more advanced and precise warnings of extreme weather occurrences, potentially saving lives and lowering annual property damage.

Quantum Computing: Metamorphosis in Drug Discovery

The drug development process is complicated, costly, and time-consuming, with several stages and regulatory approval. To identify and validate drugs, research must adhere to the strictest safety and quality standards. While technology has advanced at a breakneck pace, the discovery and design of novel therapies is an increasingly difficult endeavor. But identifying previously unknown molecules and drugs has become more difficult, and every avenue that could speed up or improve the process must be explored. Quantum computers could outperform any supercomputer and it is emerging as the next frontier in pharmaceutical research.

Quantum computers use qubits, which can either be on or off, or both – known as the super-position. This superposition enables quantum computers to execute multiple calculations simultaneously, far more effectively than conventional technology. In the drug discovery process, quantum computing ensures accurate data projections while taking into account a wide range of biological parameters at the same time.

According to the experts in drug development, quantum computational tools may add value for designing and developing antibodies, by creating a novel antibody structure. Integrating the quantum algorithms with the classical tools available today may happen naturally while building the expertise and strategizing to solve the problem. By taking the advantage of various algorithms, hybrid algorithms, and approaches the best quantum tool can be decided to best suit the purpose.

There are numerous potential quantum applications on the horizon. It is expected to play a significant role in drug discovery, speeding up processes for testing and synthesizing chemicals for use in medicine, among other applications. Revolution in the bio-medical imaging sector can transform the detection and diagnosis in the advancement of new drug development.

Biogen, an American biotechnology firm, is testing quantum to help with the treatment of neurological diseases. To accelerate drug discovery, quantum-enabled optimization, sampling, and machine learning algorithms can be used, a report from The Quantum Insider. Boehringer Ingelheim, a Google Quantum AI partner for the past three years, is another pharmaceutical company pioneering quantum computing to accelerate and optimize the healthcare services and solutions. Their goal is to develop innovative and cutting-edge new medicines in the future.

Harnessing the power of quantum mechanics is a difficult and delicate task, and there are still many obstacles to overcome. Qubits are delicate and to maintain them in superposition and entanglement, a secure environment is required. If the qubits are not maintained in extreme conditions, then the entire quantum operation is futile. With growing interest and innovations, new applications and products will inevitably emerge. The quantum upheaval could introduce a period of new explorations that surpasses existing perspectives. It’s evident that quantum computing has the possibility to change the way medicine is discovered.

Banking as a Service (BaaS) and Top Financial Services Trends

Posted on by Bijaya Bhattacharjee

The rapid wave of digital transformation set forth the transition of banks from rigorous to responsive, conventional to digitally savvy, and more receptive to change than ever before. Besides just being digitally established, they are moving fast-forward towards innovation and bringing a change in the industry practices.

Over the last few years, the banking sector has gone through an inevitable transformation as more and more fintech businesses come into the market. Financial services are evolving to the point where new products, channels, partnerships, and opportunities are being created. At the heart of this digital storm, lies the concept of Banking as a Service (BaaS).

So, what is Banking as a Service (BaaS)?

In simple words, Banking as a Service (BaaS) is the provision of banking products and services through third-party distributors. It is an end-to-end approach that uses APIs to connect fintech companies and other third-party organizations to a bank’s system. This helps such third-party Fintech organizations build innovative financial services upon the provider bank’s regulated infrastructure while enabling open banking services.

Banking as a Service (BaaS), disaggregating the traditional banking value chain.

The typical structural functions of a bank as we all know are accepting deposits, lending deposits to businesses, remittance, and payment processing. To facilitate these, banks require huge investments and other physical assets like property, infrastructure, etc. All these processes create  gridlocks.

BaaS is bringing revolutionary changes in the finance industry by reconfiguring the value chain and promoting new sources of growth. FinTech companies & Non-banking Financial Services providers are working with traditional banks to create BaaS that enables innovative, specialized offers to get to market faster by combining the strengths of both institutions. With increasing problems of customers with existing banking barriers of regulation, security, and technology, Baas is delivering fast, agile and seamless offerings. The winning factor of BaaS is the ability to capitalize on technology investments and create value.

According to Finextra, the top companies that are actively pioneering BaaS strategies and have already experienced all the advantages first-hand are solarisBank, Bankable, Starling Bank, Pi1, Green Dot, and BBVA.

The future of banking is driven by next-generation technologies, enabling customers to make seamless, safe, and rapid payments in order to meet their changing needs. Let’s look into some of the key trends that are disrupting the banking industry in 2022 and opening new doors of growth for banking.

Embedded Finance or embedded banking: According to Juniper Research, the value of the embedded finance market will exceed $138 billion in 2026, from just $43 billion in 2021. Embedded finance is the seamless integration of financial services into a typically non-financial platform, enabling customers to use apps to avail banking services. Apart from the easy-to-use user experience, embedded finance is having a great deal of success because of its already existing broad customer base.  In addition to embedded payments, there are also emerging trends for embedded credit which allows customers to take credit within the non-financial platforms. For example, Amazon offers EMI options which purchasing any product. Moreover, embedded investments and insurance are integrated within the non-financial apps for a smooth customer experience. In fact, embedded insurance has the potential to increase the purchase of insurance for high-value products among eCommerce customers. Research reveals embedded insurance premiums to grow to over $10 billion in 2026, from just $3.8 billion in 2021.

Emerging technologies in financial services: Advanced technologies like AI (Artificial Intelligence), Machine Learning, Blockchain, Internet of things (IoT) are rapidly transforming customer experiences by increased responsiveness, security, transparency, and time efficiency. Today, customers are exploring the benefits of open banking where they are thoroughly aware of their financial condition, they can plan investments, compare the alternatives and make better financial decisions.

Increase in Mobile Banking: According to 2020 mobile banking survey, approximately 58% of respondents indicated that they were visiting branches less frequently due to the pandemic; among them, over 61% indicated they were also using mobile apps more frequently. This trend is likely to continue as users are more comfortable than ever in availing mobile banking. Mobile banking enables users to have account information access, transaction access, investments, support services, and news and offers alerts. One of the biggest reasons for the rapid growth of this trend is because users can conduct almost all sorts of banking activities anywhere, anytime. This has further helped the bank to cut down on its operational costs by maintaining customer satisfaction.

To conclude, both banks and fintechs are imbibed in a symbiotic relationship. The difference between the structure and functions of the two is even making the relationship more valuable. Along with the provisions of banking infrastructure, regulatory legitimacy, and the existing customers who still rely on banks; fintech brings the freedom to create, design, and experiment, offering user-friendly and tailor-made solutions for the customers. Finally, it would not be wrong to say that banks, fintechs, and BaaS firms are most effective when they collaborate to reduce risk, maintain compliance, and provide the modern financial solutions that customers demand.

Big Data Security Intelligence – Analytics Tools

Posted on by Bijaya Bhattacharjee

The rapid progress of technology is changing the course of the world and how we live in it. Today, we are generating and consuming data at enormous rates, creating a need for platforms of storage, tools for data analysis and retrieval, and data security. Companies (TechTarget) have migrated from traditional work processes and environments to cloud networking and online data storage as a result of digital transformation. Cyber security is one such critical requirement for facilitating efficient digital data processing, as any exposure to sensitive information could result in serious data security and vulnerability compromises. Advances in data analytics have resulted in the development of advanced tools that can evaluate and process data and information in order to accurately predict the occurrence of cyber-attacks and prevent them before any security lapse occurs.

 

Transition to Big Data Processing

The advent of smartphones and SaaS systems has led to the generation of information at an enormous rate that cannot be handled by traditional data processing tools and methods. Nearly 90% of all data generated has been in the past two years (Kommandotech). The use of digital tools to analyze huge sets of data and retrieve essential information and interpretations of the data, forms the foundation of Big Data Processing. Smartphones and other devices generate vast amounts of data containing highly sensitive information like bank details, transaction details, and personal details too that could be retrieved from data storage using big data analytics, bringing about the need to create fail-safes that will prevent abuse of these tools.

Data Security using Big Data Analytics

Big Data Analytics has a wide number of applications in Data Security as it helps facilitate information retrieval from various security sources like firewalls, security devices, web traffic etc. Its ability to integrate unstructured data from multiple sources under a single analytical network enables superior data analysis and interpretation for companies and enterprises. Experion’s big data security solutions have helped businesses detect anomalies up to 40% faster, significantly reducing the risk of data breaches and ensuring a safer digital environment. A few of the applications of data security using big data analytics are:

  • Network Flow Monitoring to Track Botnets – Analytical tools like MapReduce can identify and track infected hosts participating in a botnet by evaluating enormous amounts of NetFlow data within a short span of time, largely simplifying data processing as compared to traditional processing systems. It is the process of discovering patterns in large data sets using methods from artificial intelligence, machine learning, statistics, and database systems. Data mining is used to extract information from a data set and convert it to an analytical structure.
  • Enterprise Event Analytics – Multinational Companies and enterprises generate overwhelming amounts of data every day, creating a need for highly efficient analytical tools to generate valuable information by analyzing data. An effective enterprise analytics strategy can provide a comprehensive vision and end-to-end roadmap for data management and analysis. It can help with risk management, mapping out a company’s data management architecture, identifying and removing redundant data, establishing responsibility and accountability, and improving data quality, among other things.
  • Advanced Persistent Threats Detection – Advanced Persistent Threats are one of the most serious threats faced by organizations today. It is the strategized attack of specific, high-value assets in the digital architecture that operates in different modes like “Low profile” and “Slow” to avoid detection and prolonged execution respectively. Detection and tracking of such threats are cumbersome as huge loads of data must be evaluated to identify them, making big data analytics the ideal solution for tracking them. It is suitable for compliance needs and forensic investigations while also offering insights on user behavior that help track future threats efficiently.
  • Data Sharing and Provenance – The use of big data analytical systems allow companies and enterprises to research and review the results of cybersecurity experiments conducted across the world. The Worldwide Intelligence Network Environment (WINE) (Cloud Security Alliance) provides a platform for data sharing and analysis to research on the field data aggregated online by Symantec. These platforms allow companies to test out and validate novel ideas on real-world data and compare different algorithms and systems against reference data sets to evaluate efficiency. Data Provenance is information about the origin and process of data creation.  Such information helps in debugging data and transformations, auditing, evaluating data quality and trust, modelling authenticity, and implementing access control for derived data.

Conclusion

 

Big Data Analytics holds the potential to unlock high levels of efficiency and performance from companies and enterprises as it simplifies data analysis of massive amounts of data and provides access to actionable information easily. The element of versatility it holds in serving various applications in data analytics makes it a critical requirement for data processing companies. Big data analytics helps in making better-informed decisions, improving the supply chain, operations, and other strategic decision-making areas.

 

Robotic Process Automation (RPA): Saving enterprises time & money

Posted on by Bijaya Bhattacharjee

Robotic Process Automation (RPA) applies technology governed by business logic and structured inputs to automate business processes. Thanks to increased competition, dynamic market requirements, and widespread adoption of digital transformation solutions, enterprises are banking on robotic process automation. The latest forecast from Gartner Inc predicts that worldwide Robotic Process Automation software revenue will reach nearly $2 billion in 2021. It also indicates that the RPA market will grow at double-digit rates through 2024, despite the economic pressures caused by the COVID 19 pandemic.

Robotic process automation (RPA) should be at the forefront of any organization’s transformation plans, irrespective of industry and size, if the aim is to leverage advancements in technology and automation to improve efficiency, reduce costs, and build organizational resilience. RPA systems’ ability to automate and enhance process quality, speed, and productivity make it a ubiquitous and necessary tool to stay ahead of the competition during these unprecedented times.

Here are some use cases for RPA in various fields:

  • Customer Relationship Management
    CRM systems have become an integral part of modern enterprises staying connected and maintaining excellent customer relationships. RPA systems automate rule-based, repetitive tasks and ensure customer processes that demand quick, consistent, and accurate services. With advancements in technology and benefits associated with RPA in terms of cost-effectiveness and operational efficiency, organizations rapidly integrate and streamline their critical, customer-facing processes.
  • Invoice Processing
    Invoice processing is one of the areas where high human intervention, high volume repetitive tasks, the high scope for errors, and high risk are involved. According to Automation Anywhere, 50% of companies spend $5- $25 for manual invoice processing.
    Invoice processing goes through various levels of approvals, leading to it being time-intensive and cost-intensive. RPA systems automate monitoring for new invoices & capturing and evaluating invoices in any format. If any discrepancies are found, it notifies the concerned employee to address and fix the errors without delay. Any organization aiming to bring down costs, improve the cycle time of invoice processing, and the efficiency and accuracy of their invoice processing operations cannot go forward without realizing the potential of RPA systems.
  • Inventory Management
    From inventory monitoring to stock update to stock reconciliation to order management, inventory management involves many human interventions, making it a perfect candidate for RPA. RPA systems have transformed the inventory management ecosystem by automating inventory monitoring, notifying users about product stock updates in near real-time, automatically reordering products beyond the defined threshold level. Enterprises that have realized the power of RPA have now successfully eliminated any possibility of manual errors and made their inventory management operations efficient, self-driven, and intelligent. RPA systems enhance the productivity of enterprises as they freed the employees from monotonous tasks and let them focus on other critical areas of the supply chain.
  • Payroll Processing
    Due to the complexity of payroll processes, payroll administration has not been a leading candidate for RPA. However, thanks to the widespread adoption of digital transformation, HR functions are digitized, and documentation is now universal & standard. As a result, RPA systems can verify and validate employee data from various systems such as attendance (biometric systems), timesheets (project management tools), and calculate the remuneration details accurately and efficiently. As a result, RPA systems save time and effort and enable meaningful utilization of resources to generate real value.
  • Recruitment and employee onboarding
    For enterprises looking to optimize their recruiting processes, such as candidate screening, interview scheduling, and candidate onboarding, RPA systems are the ultimate solution. RPA systems enable the hiring team to conduct high-level repetitive tasks such as candidate and resume screening quickly and efficiently. In addition, automating and streamlining onboarding processes helps the HR team to eliminate excessive HR workload and provides more time to establish a consultative relationship with candidates to deliver an excellent experience. RPA systems also reduced the paperwork involved, streamline coordination across departments, increase recruiting accuracy, and help reduce bias in the recruiting process.

Conclusion 

RPA has been revolutionizing the business ecosystem for a while, and it is going to be the savior for business resilience in the turbulent times ahead. Enterprises that want to improve their efficiency and increase their productivity must capture the advancements in the RPA without fail.

The results of RPA implementation are tangible:

  • In a study by IBM, more than 90% of C-level executives using intelligent automation say their organization performs above average in managing organizational change in response to emerging business trends.
  • Gartner expects that by 2024, organizations will lower operational costs by 30% by combining hyper automation technologies with redesigned operational processes.
  • EY found that RPA can provide cost savings ranging from 20%–60% of baseline FTE costs for financial services.
  • Deloitte’s Global RPA Survey found 85% of respondents report that RPA met or exceeded their expectations for non-financial benefits such as accuracy, timeliness, flexibility.

If you are curious and want to know more about what RPA systems can do for your organization or if you would like a subject matter expert to connect with you to set up an exploratory discussion, drop a mail to sales@experionglobal.com.