North America’s financial industry, known for slow change in the prior century, has been disrupted by technology since the turn of the millennium.
The most recent advancement in tech impacting finance is generative artificial intelligence, which is already being applied to the industry in myriad ways.
Vancouver-based yPilot launched this year. Riding the wave of AI, the B.C. startup is focused on how the technology can improve regulatory and fraud issues in Canada’s financial sector.
ComplyPilot, the firm’s flagship app, uses a proprietary intelligence engine to process over 300,000 pages of regulatory documentation in order to automate policy management, compliance training, and regulatory reporting.
yPilot also promises solutions that “allow financial institutions to mitigate fraud before it happens.”
“At yPilot, our mission is to empower financial institutions to simplify compliance, combat fraud, and delight customers by providing next-generation AI-First software solutions,” reads the company’s mission statement. “We are creating the future of financial services one intelligent application at a time.”
The startup was founded earlier this year by Todd Winship and Rayce Rossum.
Winship, CEO, boasts more than two decades of experience across entrepreneurship and the financial realm, including serving Temenos as Global Product Director of Data & Analytics after the Swiss banking company acquired his last startup, business intelligence and analytics solutions firm Primisyn, in 2011.
Meanwhile Rossum, chief of tech for yPilot, is a software engineer with AI experience, having served as a senior AI engineer for Temenos. He holds a Bachelor’s Degree in Computer Science from the University of Calgary and a Masters Degree in Data Science from the University of British Columbia.
The fintech apps from yPilot cut costs, enhance efficiency, and reduce risk, according to Winship and Rossum. A more streamlined path to compliance empowers financial institutions to focus on growth, the pair posit.
The company is a Top 10 finalist for this year’s New Ventures BC Competition. Now in its 24th year, the annual competition highlighting tech innovation across the province culminates later this month at an in-person event at the Stanley Park Pavillion.