Glue42, the company that delivers simplified desktop experiences to financial institutions globally, has announced an implementation partnership with RocketFin Consulting.
RocketFin will help Glue42 extend its capabilities from classic interop into the world of business analytics, insight and process optimization. The partnership will enable financial institutions to reduce the complexity and costs associated with regulatory compliance - present and future.
Complying with transaction reporting requirements and the best execution framework introduced as part of MiFID II proved an expensive challenge for banks. The looming changes related to Consolidated Audit Trail (CAT) reporting will be similar. Behaviour mining offers a unique opportunity to capture, correlate and record real-time events originating from a person rather than an IT system. This technique significantly reduces the required investment to understand the context in which transactions occurred.
“Financial services organizations looking for ways to make regulatory compliance easier and less costly need to review their regulatory compliance technology strategy. Starting this journey from the breadcrumb trail of log data in the data center is difficult and complex. It also doesn’t give you a clear view about what the users were actually doing,” said Espen Skogen, Director and Co-founder, RocketFin. “Our view is that user behavior is best captured on the workstation - from where it is also easier to monitor the user and capture related details of all apps. This approach makes it quicker, easier and achieves better insight than the traditional approaches.”
“Behaviour analytics has the potential to manage the future business practices of human knowledge workers in an evolving, robotics-driven and automated world,” said James Wooster, COO, Glue42. “Simply integrating desktop apps is not enough. Given that compliance enforcement tends to focus on the end users, then capturing desktop activities as part of an audit trail can help users remember the context of specific transactions. User behavior analytics should be part of every interoperability platform.”
In the near future, joint customers can expect improved support for common financial procedures and regulations, and extended capabilities from the Glue42 Insights product family.