Going beyond financial services
Facing a whirlwind of threats, from data breaches to money laundering, financial services firms are adopting tech-driven services to streamline regulatory compliance and risk management.
But these solutions — a.k.a. RegTech — are not for financial services alone.
They can also apply to other companies that need to build trust with stakeholders, onboard new customers and partners, prevent regulatory fines, build reputation, and increase efficiency — all while continuing to transform the business.
RegTech solutions often come in the form of managed services, which combine sophisticated tech and human expertise to tackle these challenges. As-a-service RegTech can address ongoing needs like cybersecurity, identity management, real-time transaction monitoring and customer due diligence.
And since security and financial crime are often related, leading providers offer managed services across the spectrum, with integrated controls and compliance measures.
In addition to addressing the cost and complexity of regulatory compliance, RegTech is playing an increasingly prominent role in customer experience (CX). In fact, enhancing CX may soon become a regulatory necessity, not an optional strategic priority.
Already, some emerging regs around the world — such as the Consumer Duty from the UK’s Financial Conduct Authority — are setting higher standards not only for consumer protection but also consumer outcomes. There are new rules for communications, customer support, offering fair value, and otherwise helping customers achieve their objectives.
Meanwhile, personalized CX is becoming ever more dependent on consumer data, but 92 percent of Americans are concerned about companies’ ability to protect it. It’s no wonder that regulations are increasingly emphasizing data privacy, security and consumer choice.
In a world that’s becoming more digital by the day, leading providers are helping companies improve both regulatory compliance and CX. With the right managed services for cybersecurity and financial crime prevention, companies can:
And stay ready for what’s next.