The past few years have been eventful when it comes to the Australian financial industry. In early 2019, the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry handed in its final report.
It unearthed systematic misconduct conducted by big banks and financial services in the country.
“Post royal commission, 2019 has been a fully controversial year for the Australian banking and financial services industry,” says Dilip Mohapatra, founder of Cognitive View, the RegTech company.” “Many organizations were found to be engaged in misconduct and conduct falling short of community standards.”
However, this is where his startup comes in. “Cognitive View successfully launched our platform to make an impact on the widespread misconduct problem,” he says.
Founded in 2018, the company has already made an impact, which became evident in 2019. “We have been selected as a finalist in the Regtech Association of Australia and made our way to ASIC’s much-publicized NLP trials,” Mohapatra. “We have run a number of successful customer trials and roll-outs including Australia’s number one bank.
His plan to build on this success in 2020 is simple. “Our plan is to focus more on customer onboarding and increase our revenue, expand our presence in Europe and the USA through a channel partnership model,” Mohapatra. “We will also be looking to raise capital to accelerate our growth.
“We have recently launched AFCA(Australian Financial Complaints Authority) compliance feature and supporting complaint monitoring. This will also support AFCA’s fairness project whose key purpose and values are to provide fair, balanced and independent decision making in disputes between financial firms and consumers.”
This will coincide what he believes will be a strengthened wave of RegTech adoption.
“Although the 2019 year has been a year full of scandals and compliance challenges across the industry, the RegTech adoption has been slower,” the founder continues.
“This will change in 2020, with better industry adoptions of regtechs with compliance risk, AI-based automation initiatives. We are also expecting regulators will be taking an active role and will be creating a conducive environment for better adoption of RegTechs.
The Australian senate has also launched an official committee to look into how the country’s FinTech and RegTech sector can become stronger.