Regulatory Technology (RegTech) has become increasingly prevalent over the last few years with over $9.5 billion being invested in the sector. Below are some ways in which RegTech can aid your Business:
Improve Customer Onboarding
RegTech makes use of Know Your Customer (KYC) to accelerate onboarding as well as to improve customer experience. According to Deloitte, 26% of customers feel that having “easy enrollment and login” is key in helping them decide who they bank with. Users are shifting towards digital and by streamlining onboarding processes to suit their needs, customer experience is improved which is beneficial to businesses. Additionally, RegTech can offer tools like ID verification through video onboarding as well as Instant Face Recognition & Biometric Analysis between ID document and photo or selfie captured on electronic devices. All these tools help with accelerating onboarding and improving customer experience to businesses’ benefit.
Manage KYC/AML Obligations
RegTech aids businesses by better managing their KYC and Anti-money laundering (AML) obligations through risk assessment, screening, record keeping and ongoing due diligence. These are managed through AML/CFT screening, risk scoring and ongoing monitoring.
Manage Risk Exposure
RegTech helps to manage risk exposure by making use of Know Your Transaction (KYT). Real-time analysis is offered so as to identify and report any suspicious transactions. Advanced risk algorithms are also utilised for transaction limits, laundering trends, and layering heuristics and robust cryptocurrency addresses database. These help to ensure that businesses can better manage their risk exposure.
Reduce Cost of Compliance
RegTech can help to reduce the cost of compliance by being more efficient. It helps to consolidate risk and compliance within the same operating model as well as to streamline and automate processes. These help to not only increase efficiency but also help businesses to be less reliant on manual labour. Furthermore, the services offered by RegTech are highly adaptable to the ever-changing regulatory environment. As a result, this helps businesses to be compliant in a more efficient manner, helping to cut costs.
What Can You Do?
Making the shift to RegTech may be a big decision for some businesses. Here at Regtank, we aim to be a one-stop compliance solution for fintech businesses, navigating compliance, security and risk management challenges in the most effective manner. We offer a multitude of services to help businesses navigate compliance, security and risk management challenges in the most effective way possible.
Contact us at email@example.com for a demo!