Qumram wins FinTech Breakthrough “Best RegTech Company” Award

By
Lucy Heavens
April 26, 2017
News

 

Qumram has been named “Best RegTech Company” in the 2017 FinTech Breakthrough Awards. This accolade was presented by a judging panel of impartial senior-level adjudicators, including analysts, journalists, and technology executives, who are FinTech industry specialists.

Qumram is a dedicated RegTech provider, with a range of solutions that are purpose-built to address compliance, governance, risk, and fraud issues relating to digitization.

FinTech Breakthrough Managing Director, James Johnson, commented: “With over 3,000 nominations for the FinTech Breakthrough Awards, the competition was fierce, and the RegTech category was perhaps the most competitive. Qumram’s win is exceptional. The judging panel was especially impressed by Qumram’s innovative and unique approach to ensuring compliance, across all digital channels, and its ability to convert the vast big data collected and stored for regulatory purposes, into smart data that delivers customer insights, and improves customer experience.”

“As a company, Qumram’s exhaustive efforts to evolve the RegTech industry, and support diversity, extend far beyond the commercial endeavors of the firm, and are unparalleled in the RegTech industry,” continues Johnson.

This trophy is the latest in a long line of awards presented to Qumram within the last twelve months, including: Swiss Fintech Award (Growth) 2017, WealthBriefing Swiss Award 2017: Most Innovative FinTech, and Private Banker International Award: Outstanding Front-End Digital Solutions Provider.

News of this win comes in the same week that Benzinga, a leading online financial media publication and data provider, announced Qumram as a finalist in the 2017 Benzinga Global Fintech Awards, in the “Best RegTech Platform, Tool, or App” category.

Qumram allows all digital activity and interactions (web, social, and mobile) to be recorded and replayed, in movie-like form, providing a transparent digital audit trail for financial services organizations. This enables global banks, investment and wealth management firms, insurance companies, and other financial institutions, to comply with regulatory requirements for digital record-keeping: MIFID-II, GDPR, FINRA, SEC, ESMA, FFSA, FIDLEG, and more. Qumram also facilitates fraud detection (monitoring digital behavior of employees as well as interactions from external sources), and delivers actionable customer insights that improve customer experience.

Patrick Barnert, CEO at Qumram, said: “We are delighted to have won this award. We made a breakthrough discovery four years ago when we exposed the compliance and risk vulnerabilities facing financial institutions, when utilizing digital channels for customer and prospect interactions. For many years, phone calls, documentation, and emails have been recorded, for legal purposes. The legal and regulatory requirement to record all digital interactions, regardless of channel, was previously overlooked. A website visit is a digital interaction, as is a trader-trader or client-adviser social media exchange, or a digital-banking transaction via a mobile app. All must be recorded, by law. Having solved the digital compliance issue, we have been able to marry the digital marketing needs of the Business with the risk and regulatory requirements of Compliance.”