Regulatory watchdogs are constantly on the lookout to update regulations to keep up with new technologies and mitigate financial crimes and other industry-related risks. As regulatory laws become stringent with every passing day, enterprises, financial firms and other regulated entities are in greater need of Regtech solutions customised to their risks that are influenced by the industry trends, customers and business activities. With GDPR being a core requirement of EU countries, organisations within these jurisdictions are searching for ways to address data protection rules and comply with regulatory requirements.
As Regtech strengthens its foothold within the compliance arena, its innovative cloud-based services and offerings are finding their way across the financial space. Another aspect that is gaining steam is the utilisation of SaaS API models for developing enterprise systems for automated compliance processes. Automation in compliance programmes paves the way for intelligent monitoring, checking and report generation, minimising risks of human error, reducing operational costs and the need for supervision.
With the advent of digital tools in Regtech, it becomes easy for enterprises to identify and implement relevant laws and frameworks for effortless compliance. Financial institutions can comply with regulations such as KYC, AML, and PDPA in a more intuitive, accurate and efficient manner.
Regtech grabs the top spot for compliance due to its cost-effectiveness and maximum efficiencies, which is why regulators widely adopt it. Set against this backdrop, this edition of Banking CIO Outlook features some of the best Regtech solution providers in Europe that are at the forefront of change in the industry.
We present to you Banking CIO Outlook’s, “Top 10 Regtech Solution Providers in Europe - 2020.”
