CustomerXPs: Intelligent Regtech Redefining Fintech
Posted: 23 November 2017 | Source: CustomerXPs
Banks worldwide are inundated by a multitude of compliance regulations. While they have been expanding their compliance teams to keep pace with an ever-changing and hyper-dynamic regulatory landscape, the frequency and complexity of the regulatory changes, coupled with the dramatic growth in data volumes have seen several instances of banks failing to comply with norms. Banks have already begun feeling the need for complying with regulations efficiently and inexpensively.
Regtech provides “nimble, configurable, easy to integrate, reliable, secure and cost-effective” regulatory solutions (Deloitte). While technology has been used for many years for regulatory compliance, regtech has provided the tools and technologies to gather data from various sources, organize, analyze, design solutions and implement them, thus enabling quick, agile, efficient and effective compliance to regulatory obligations.
This paper examines how AI-powered regtech enhances a bank’s overall regulatory compliance efficiencies and why banks must make it a key component in their operation risk management strategy.