October 25, 2019
Estimated reading time: 1 minute
RegTech: Adding value for consumers, financial institutions and regulators
We explore how compliance can often be overlooked in a Financial Institution’s digitization journey.
Compliance is typically associated with the mitigation of risk and avoidance of enforcement fines rather than being connected in any way to the generation of positive business value, including customer satisfaction and revenues.
Yet, customer loyalty and share of wallet rises when clients feel confident that both they and their assets are secure and protected – which is the ultimate aim of the majority of regulatory initiatives.
However, there is also a currently untapped opportunity for regulated financial institutions and regulators to work together to find a way to extend technology to compliance, so as to assure regulators and customers alike that data is held securely and used appropriately. In doing so they will reap the benefits of heightened trust and customer loyalty, increased share of wallet and positive reputation.
Topics covered by our exclusive White Paper:
- Beyond operational efficiency and cost – Operational efficiency and cost are, of course, the first two gains to be made from RegTech adoption.
- The emerging culture of compliance – How compliance is a consideration at every stage of the business process.
- RegTech 3.0 – Banks must not only know their customers, but they must also know their data.
- Back to the customer – How privacy and security have become a key concern for the public.
- The increasingly collaborative regulator – The regulator is anxious to working with the industry to make the market as safe as it can be.
- The only way forward – How not having someone actively supporting the case for RegTech, the danger is it won’t happen at all.