Redefining trust, regulation, and AI adoption in the financial services industry
For Asha Sangray, CEO of Profylr, the future of financial services isn’t just about sleek mobile banking apps and NPS scores — it’s about what happens behind the scenes and how we build trust between regulators, firms, and consumers. One of the industry’s biggest challenges is ensuring the integrity of an ever-expanding volume of data used to address both macro and microeconomic pressures.
Asha has led Profylr in engaging with C-suite leaders and executives from over 40 financial institutions — including regulators across the UK and Europe — to tackle this head-on. ITN Business spoke to Asha about the challenges the industry is facing, the role of AI, and the question at the heart of her business: How do we reimagine a future where trust in data is implicit?
Enter, Information Genetics® — Profylr’s core innovation that is set to transform the relationship between regulators and firms. This groundbreaking solution is paving the way for the world’s first connected financial data ecosystem — where every data point is aligned in definition, fully traceable to firm’s data sources, and ultimately delivering unprecedented transparency and control. By working alongside regulators, Asha and her team are driving a paradigm shift in how data flows through this renewed financial ecosystem. But how did we get here? And where is this revolution headed?
“We’ve engaged in strategic discussions with over 40 financial institutions, delving deep into the intricate data landscape they operate within,” explains Asha. “Our mission is clear: revolutionise the way we manage data to pave the way for sustainable growth and AI adoption. Data is the lifeblood of this critical industry, and our ability to harness its full potential is the key to navigating complex economic challenges and achieving unprecedented success.”
“Embedding trust in data is critical, it fundamentally underpins technology-driven decisions that affect every aspect of our lives. To achieve this, we require a clear understanding of what constitutes high-quality data – which data sets are essential, and what each data point signifies.”
The UK Regulatory Authorities and industry data forums have a pivotal role and responsibility in prioritising this initiative. They are the driving force in harmonising the language and definition of data. Every financial institution is mandated to report performance, risk, and statistical data to the regulators, and these reporting frameworks in play must be positioned to establish a common standard. This standard will be integral for regulatory governance to be effectively implemented.
Technology is changing financial services — how is Profylr responding?
Profylr have pioneered technology solutions which are collectively referred to as Information Genetics® capabilities. These solutions are meticulously designed to eliminate interpretation errors and lower the cost of regulation throughout the data chain, whilst significantly increasing levels of trust within the financial industry. The outcomes are achieved by forging a robust data connection between regulators and industry. In delivering cloud access to regulatory data requirements and underlying data models, all financial institutions can now map and maintain their data sources directly with unprecedented ease and precision.
“Picture this: a direct, robust link between regulators and the regulated, underpinned by standardised industry definitions. This ensures that data is utilised appropriately and consistently across all firms, elevating the entire financial ecosystem to new heights of accuracy and trust,” Asha explains. “The age of fragmented regulation is over; welcome to the future of intelligent, integrated oversight.”
“Each time a regulator proposes a change, firms that have mapped their data sources will immediately see the tangible data implications, enabling them to respond swiftly and accurately. Furthermore, firms will use this comprehensive mapping to collect the requisite data, satisfying regulatory reporting demands seamlessly. This transformative shift heralds a new era for the industry, positioning the UK to sustain and bolster its globally recognised strength within the financial sector.”
Information Genetics® is not just a tool but a revolutionary approach that redefines how data is managed, interpreted, and reported. It harmonises the language of data across the financial ecosystem, establishing a common standard that underpins trust and transparency.
By embedding trust at the source, it eliminates interpretational risk and creates a universal language between firms and regulators, comprehensively improving and elevating transparency and efficiency. This game-changing innovation paves the way for a sustainable, future-proofed data landscape that will drive the financial sector towards unprecedented success and stability.
“By modernising regulatory capabilities, reducing costs, and establishing a sustainable future proofed data landscape, we’re redefining how financial institutions interact with data,” Asha says. “This is a game-changing shift for the industry and will equip the UK to maintain its globally recognised position of strength within the financial sector.”
What are the biggest challenges with data and AI?
“AI is only as good as the data it’s trained on — without integrity, we risk making high-stakes decisions based on flawed information.”
“There is a real, and very palatable industry race to adopt evolving, smart technologies such as GenAI and Agentic. The use of this technology comes with responsibility. We must demonstrate an equal level of investment in ensuring that the data and controls that underpin these solutions is accurate and trustworthy. Getting this wrong can have enormous impacts on every individual, on every institution and on the economy as a whole; data integrity, traceability and trust is paramount”.
The importance of trusted data cannot be overstated, she says. “AI solutions rely entirely on the quality and reliability of its training data. Without investment, there is a significant risk of making critical decisions based on flawed information. Profylr’s Information Genetics® system is designed to ensure that the data used in the future is impeccable, fostering a more transparent and efficient data ecosystem.”
Why is this important for regulators?
Regulators are dealing with billions of pieces of data from industry every day. They rely heavily on this data to preserve market integrity and to establish financial prosperity for the people of the UK. “Even with a 10% error rate, the scale of the problem is enormous,” says Asha. Are regulators equipped to effectively oversee our critical financial system? Currently, this is doubtful. At the same time, political instability and economic pressure are driving a wider rethink of regulatory complexity.
“There’s a real demand to simplify reporting, eliminating low-value high-cost efforts, and ensuring firms can focus on growth… This isn’t about lowering standards – it’s about removing the onerous friction which costs industry billions each year.”
“The 2008 financial crash led to widespread risk aversion, highlighting failures by both regulators and financial institutions. Regulators responded with increased reporting requirements, now considered complex, duplicative and excessive. Information Genetics® enables regulators to clarify these requirements, reducing the need for interpretation. It also allows firms to quickly consider the impact of regulatory changes at a detailed data level.”
Regulators can no longer afford to operate in a reactive model, especially as AI and automation become central to financial decision-making. They need precision, transparency, and trust in the data that underpins every action. Information Genetics® makes this possible — transforming regulation from a fragmented, burdensome process into a connected, intelligent system that is proactive, scalable, and built for the future.
What’s next for Profylr?
“As we develop AI solutions to streamline processes, we facilitate quicker integration for regulators and firms; how do we use the mapped data footprint, which aligns to the regulatory definition and employ AI to gather the correct data? Let’s go further and generate the report… and let’s now use this information to drive internal strategy and process… If all these processes are now powered by AI, how does that drive cost reductions? The Information Genetics® capability enables sophisticated data models and complex expert policy documents, which have long relied on the knowledge of key individuals, to become more accessible, consumable, and actionable by all members of a firm?” That is sustainable cost reduction.” explains Asha.
“We are wholly committed in supporting the efforts of regulators and firms to solve for these real and significant challenges. Our team at Profylr, each with 20-30 years of experience in this industry, possesses a deep understanding of the complexity of balancing operational cost, data integrity and risk appetite. Coupled with regulatory focus on re-engineering for a more agile, growth-oriented future, we are facing an unprecedented period of change. It is essential to approach this with a renewed and determined drive”.
Profylr is at the forefront of this transformation, redefining the future of financial regulation, fostering trust and growth while significantly mitigating uncertainty during this period of global volatility.
To learn more about Information Genetics and Profylr’s solutions visit Profylr | Data Pioneers.
