News 23 November 2018

FinTech-Solutions for Banks: YouControl Conducted a Roundtable Discussion

YouControl with the Independent Association of Ukrainian Banks gathered representatives of banks at a roundtable event to discuss the role of FinTech-solutions for the development of the banking market and the improvement of internal processes in financial institutions.

On November 2 a roundtable discussion on the topic “FinTech-Solutions for Financial Monitoring/Compliance, Analysis and Risks Prevention” was held. It was organized by YouControl together with the Independent Association of Ukrainian Banks (IAUB). During its opening Nataliia Vasylets, the Deputy Chairman of the Board of JSB “UkrGasBank”, said that such event was useful to all participants of the banking market, since they had the need for knowledge and understanding of their client, their business model, as well as for the assessment and prevention of risks related to cooperation with different counterparties.

Among the speakers of the roundtable discussion there were representatives of large Ukrainian banks. One of them, Tamas Hak-Kovacs, the Chairman of the Board of JSC “OTP Bank”, said that the task of FinTech-solutions, among other things, consisted in adding comfort to the work of banks. “One of the main problems of the sector is control over a client at the entrance to the bank, till the opening of an account. This is not the easiest task, because everything needs to be done in a quality and quick manner,” the expert said. In his opinion, up-to-date solutions will help improve this process and switch it to an automated level.

Sergi Milman, the founder and CEO of YouControl, said that bankers were the main drivers of the development of business intelligence and compliance and that such situation had arisen in the course of history. Thus YouControl pays a lot of attention to their needs while developing its own product.

“We have been working on the automation of checking counterparties for five years. Our work aims at minimizing the human factor in the process of compliance, as with the increase in the volume of data in open access it is becoming more difficult to carry out a comprehensive analysis and to make a decision on their basis. And the result of our work in this direction is the product YouScore – an API-service which allows to receive information about a partner or client directly into the internal system of an organization. While creating it, we combined the scientific approach and expert opinions of participants of the banking market. We hope that in the future its use will become a generally accepted standard, as the possibility to work in a predictable and transparent business environment is interesting to all players of the market,” Sergi Milman assured.

The next speaker, Roman Kornyliuk, a Candidate of Economics and financial analyst of YouControl, explained that the strengthening of requirements that we saw from the NBU and other regulators regarding banks also determined the vector of their development. “Pressure build-up requires digitalization from banks. On the one hand, such changes make it possible for compliance officers to much easier process large amounts of data that they face every day. On the other hand, such a situation in the market encourages the development of relevant startups around the world. And in Ukraine at present the search for innovative technology solutions for financial institutions is intensifying, for which banks are creating more and more accelerator programs,” the expert stated.

Dmytro Kapulovskyi, the Head of the Department of Process Optimization of JSC “OTP Bank”, also confirmed that modern solutions for the banking sector could completely change the “backstage” of such institutions. According to him, recently many processes in the bank which he represents have evolved. Earlier checking a potential counterparty consisted of four steps: the search for information, its structuring, analysis and decision making, entering of data into the internal system of a bank. Now, due to modern FinTech-solutions, only the latter two of them remain, but entering of information into the system is planned to be also automated.

But Andrii Hlevatskyi, the Director of the Department of Retail Market Risks of JSC “Raiffeisen Bank Aval”, said that due to the innovations the bank had managed to change its customer tracking system. Earlier the employees of the bank had to gather information about clients, who were provided certain credit limits, in the mass media and from online reviews. However the modern solution for automatic monitoring of companies considerably simplified this process and the employees of the relevant department of the bank simply need to process and analyze the received information in time and make immediate decisions concerning problematic customers.

In the course of the discussion its participants offered options for improving the compliance scripts that would be included in the plans for developing the express analysis of the analytical system YouControl and the module of the API-service YouScore.

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