RegTech | When Regulation and Technology Come Together for Social Betterment
Your RegTech Partner in a Demanding Sector — Shufti Pro
A few years back and the term RegTech had never been heard off.
Did you?
Relatively new, but actively seeing in roads in the financial industry. FinTech came to be, to bridge the gap between traditional financial services and new customer outreach.
Overtime, FinTech grew with a regulatory cloud that consistently loomed like a..bad storm. Like all services, regulations are a key adherence for continuous uninterrupted operations. The FinTech of today proposed an idea of a central solution capable enough to blend regulatory requirements with the advancement in Machine learning and Artificial Intelligence.
And what we have today is a manifest of that very merger — RegTech.
RegTech has been associated with economy level impact, coming down to the very common people that end up becoming it’s end user.
While RegTech seemed as a concept entirely, the introduction of it was fuelled by what society already has been plagued with — fraud and increased security threats.
Through the power and in roads of FinTech, RegTech was introduced to address risk and smoothen the customer journey while increasing on boardings entirely.
Being dynamic, the scalable nature of RegTech Solutions allow itself to be a key player in holding the three ends of a triangle in sync — Regulation, Compliance and Business Requirements. All this, while nurturing more successful on boardings with minimal risks.
RegTech providers that are paired alongside traditional financial services, account for the businesses admitting to securer practices by fulfilling mandatory due diligence requirements. Securing businesses and the people alike with greater confidence.
Despite the authority, RegTech proves to be an area that requires continuous improvement and regulatory proactiveness, for optimal solutions that cater to the growing cyber and financial threat.
