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The challenge in Integrating Fintech partner data for a Bank

Integrating data from fintech partners presents unique challenges for banks, particularly concerning regulatory reporting. Key challenges include:

• Data Quality: Inconsistent or incomplete, requiring extensive cleaning and validation.

• Data Security: Sharing sensitive data with third parties raises security and privacy concerns.

• Regulatory Compliance: Meeting regulatory requirements while integrating external data can be complex.

• Data Governance: Ensuring consistent standards and practices across all data sources is essential but challenging.

Even today there is significant reliance on excel sheets for familiarity, manual intervention and cost pressures. 

However, relying heavily on Excel for data sanitization can also pose risks, such as errors and time spent in manual processing, lack of audit trail, and limited scalability for large datasets. 

Banks are increasingly looking at specialized platforms like Drona Pay’s Reporting Platform to address these limitations if they have to leverage fintech partnerships effectively while maintaining regulatory compliance.

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