Renowned RegTech company Ascent recently shared a successful customer success story involving global banks ING and Commerzbank.
The financial industry grapples with escalating compliance costs arising from adapting to new regulations. The manual effort required for analyzing regulations and understanding their business impact not only incurs significant expenses but also introduces human error, elevating regulatory risk.
To address these challenges, leading banks ING and Commerzbank collaborated with Ascent, a RegTech firm, under the guidance of the UK’s Financial Conduct Authority (FCA). The objective was to streamline and enhance the accuracy of identifying regulatory obligations, specifically for MiFID-II and MiFIR.
Historically, the manual process at ING and Commerzbank consumed 1,800 hours of human effort, equivalent to a full-time employee working for a year. Ascent revolutionized this approach, conducting a comprehensive review and analysis of MiFID-II and MiFIR in just 2.5 minutes. This not only showcased Ascent’s efficiency but also demonstrated its accuracy compared to the banks’ benchmarking efforts.
The partnership with Ascent marked a significant advancement for ING and Commerzbank in automating the generation of regulatory obligations. Ascent’s technology is reported to save up to 49 percent of a compliance officer’s time annually, allowing redirection towards more strategic tasks such as proactive compliance implementation and exception handling. Luke Scanlon, Head of FinTech Propositions at Pinsent Masons Law Firm, emphasized Ascent’s long-term benefits in making remediation approaches more efficient.
This case study illustrates how FinTech solutions, exemplified by Ascent, can substantially reduce the time and risk associated with regulatory compliance. It underscores the transformative potential of FinTech in making traditional banking operations more efficient and forward-thinking in addressing regulatory challenges.
By FCCT Editorial Team
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