Talan in the UK continues our RegTech innovation journey

Talan in the UK was recently successful in applying to the Financial Regulation Innovation Lab (FRIL) and Fintech Scotland’s Innovation Call for ‘Simplifying Compliance Process and Monitoring with Artificial Intelligence (AI)’ which ran from February until April.

We are very proud of what we achieved during this time, which was to expedite the development of our latest, AI-powered accelerator solution.

From our vast experience gained working alongside our financial services clients, we know that staying compliant is non-negotiable but remains dominated by manual processes, despite the technological advances made in other areas of business. With the increasing volume and complexity of regulatory documents, relying on human expertise is not sustainable, which is why we have developed an innovative, AI-driven accelerator solution in this field.

Our solution saves time, reduces errors and adds business value whilst keeping a ‘human-in-the-loop’ for critical business decisions. Using tools such as Natural Language Processing, Machine Learning and Deep Learning, our accelerator solution can accurately read thousands of pages of regulatory documentation in seconds, distil key regulatory insights from complex, jargon-filled text, and summarise these in a dashboard of key metrics and summaries for a range of technical and business stakeholders.

On the final day of the FRIL programme, we demonstrated our solution to a large audience including members of the Fintech Scotland cluster, industry partners such as Virgin Money, Tesco Bank, Morgan Stanley and Abrdn, and associates from the innovation departments at Glasgow and Strathclyde Universities. Our demonstration was met with praise and resonation, particularly with the industry partners and we are very excited to continue the conversation on how Talan UK can help simplify compliance through AI.

Shortly after the conclusion of this innovation programme, we received the wonderful news that we have been successful in our application to the Lloyds Banking Group Launch Innovation Programme 2024.

The Launch Innovation Programme has been running for a number of years and has helped many Fintech businesses accelerate their solutions and achieve business growth. Launch 2024 is a five-month collaborative innovation programme offering rapid experimentation with access to subject matter experts to refine and test value propositions that solve key strategic business challenges. We will pitch to relevant Challenge sponsors and senior leaders for the chance to run a proof of concept in partnership with Lloyds Banking Group. Watch this space!