Automation is reshaping how businesses engage with customers through the use of artificial intelligence and robotics. Whilst originally leveraged as an opportunity to reduce costs, automation is the new opportunity to boost customer engagement through improved communication and the ability for customers to serve themselves. In this digital era we live in, automation is quickly becoming a core competency, allowing businesses the opportunity to reduce multiple tasks with minimal human intervention.
Whilst the Royal Commission into the Misconduct in Banking, Superannuation and Financial Services Industry may have concluded, the implications of the hearing and new compliance requirements will continue to affect the industry for years, if not decades. The question from many is now how to manage stockbroker compliance cost effectively. That is, how can a stockbroker ensure compliance and still ensure a profit?
With the royal commission turning the spotlight on compliance in the financial services sector, regulators are starting to ask the hard questions when it comes to the technologies that firms have in place to ensure they’re doing things by the book. The fallout from the royal commission into misconduct in the banking, superannuation and financial services industries is forcing firms to reevaluate their approach to compliance, says Craig Mason, executive chairman of Australian software provider Complii Fintech Solutions.