Glue42 partners with RocketFin to bring behaviour mining to banks’ regtech suite
Desktop integration platform Glue42 is partnering with digital transformation consultant RocketFin to help financial institutions (FIs) reduce complexity and costs of compliance processes by using ‘behaviour mining’ – a way of capturing human actions in real-time.
UK-based Glue42’s COO, James Wooster, thinks capturing desktop activities as part of an audit trail “can help users remember the context of specific transactions”, given that compliance enforcement “tends to focus on the end users”.
With the help of fellow UK company RocketFin the desktop integration platform, which works with the likes of JP Morgan Chase, will use these behavioural analytics to make it easier for FIs to comply with transaction reporting requirements and last year’s enacted markets in financial instruments directive (MiFID II) framework implementation, which have been expensive challenges for banks.
The looming changes related to Consolidated Audit Trail (CAT) reporting will be similarly complicated and expensive, Glue42 predicts in a company statement.
“Starting this journey from the breadcrumb trail of log data in the data center is difficult and complex,” says RocketFin’s director and co-founder, Espen Skogen. “It also doesn’t give you a clear view about what the users were actually doing.”
Skogen says his company’s ethos rests on the belief that “user behavior is best captured on the workstation”. “This approach makes it quicker, easier and achieves better insight than the traditional approaches,” he adds.