The ongoing digital transformation of banks – and financial institutions in general – is not new. Yet, digital is so vast and the amount of work to be done so important that new entrants are able to provide innovative services focusing on specific aspects. Pascal Morosini (CEO, i-Hub) and Abdelha Tayeb (CIO, i-Hub) tell us more about the creation of the i-Hub RegTech, describing its value proposition while discussing their collaboration with BGL BNP Paribas and Fernand Lepage (Director KYC Office, BGL BNP Paribas). The experts also focused on the added value of EBRC and its key participation in making this collaboration a success.
Providing an innovative customer journey in a constantly evolving regulatory environment
According to a recent survey published by the ABBL’s Digital Banking and FinTech Innovation Cluster, focusing on mutualization and outsourcing on the financial services industry, KYC is seen as one of the priorities for most respondents. 93% of them believe that mutualization of certain functions between institutions is valuable for the financial services community and 71% believe that Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) are the most attractive areas to embark on. As explained by Pascal Morosini, “KYC outsourcing is clearly accelerating and there has been a specific need and growing demand from the Luxembourg financial centre for the last 10 years. This dream about the creation of a centralized KYC utility has now become a reality, made in Luxembourg”.