SPECIALIST INSIGHT guidance to the staff and management on the regulatory obligations and best practices . The bank also leverages its internal audit function to verify and validate its compliance performance and effectiveness .
Digital Transformation : illimity leverages its digital capabilities and technologies to enhance its regulatory compliance and reporting process . The bank uses cloudbased solutions , Artificial Intelligence and self-developed IT solutions to automate , streamline and optimise its compliance tasks , such as data collection , analysis , verification and reporting . The bank also explores and experiments with new and emerging technologies , such as biometric authentication and smart contracts , to comply with the new and future regulations , such as the Payment Services Directive 2 and the new MiCA Regulation .
As a leader in the FinTech sector , how do you envision the future of the industry evolving , and what key trends do you anticipate shaping its trajectory in the coming years ?
The future of the FinTech sector is poised for significant evolution , driven by technological advancements and the emergence of Open Banking . At illimity , we fully embrace this transformation , and our vision for the bank of the future revolves around complete digitalisation , a paradigm shift that we are committed to executing without hesitation .
Since its inception , illimity has been guided by the strategic vision to change the face of traditional banking through technology . With illimity , our focus is not on doing everything but on excelling in select areas where we can truly add value . As the first Italian native Open Banking institution , we operate as a platform bank , leveraging APIs and big data to aggregate third-party services and products , enriching our clients ' offerings with leading market players ' expertise . Initiatives like b-ilty provide a unified platform for clients to seamlessly access and manage their financial information .
Looking ahead , we believe that the next generation of banking and financial services will be based on Open Banking protocols , an area that illimity has prioritised since the beginning due to its vast potential . Open Banking technology enables customers to share banking data
with other companies , granting access to a range of new products and services . Banking will undergo a major shift as Open Banking technology proliferates , presenting significant opportunities for forward-thinking banks positioned to succeed in this new environment . Ultimately , we envision the future of banking to extend beyond traditional apps and websites , becoming an ‘ invisible enabler ’ embedded in daily activities . �
The future of the FinTech sector is poised for significant evolution , driven by technological advancements and the emergence of Open Banking . www . intelligentfin . tech
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