Regtech solutions have become mission critical for financial institutions as they continue to tackle costly and complex financial regulations. The outsourcing trend has increase due to cost sensitivity and better risk controls as regulatory reporting is deemed a non-differentiating cost. There are significant improvements to the quality of reported data across various regimes and jurisdictions. Continued focus on data quality and new, higher-order regulations governing how firms control their data end-to-end is an ongoing trend.
Tightening of regulations has seen an increased obligation for financial services companies in providing greater visibility into their operations. These firms will need to tread a thin line between privacy and business requirements when it comes to data processing, storage, and investigation. However, this will be challenging for trading, risk-management, and research desks, which rely on personal relationships and often see business and personal information shared in mixed information. This is set to open the space for behavioral-based artificial intelligence platforms that can analyze each communication and focus only on the important data. Retail investment institutions are focusing on digital redesigning of their processes with compliance embedded into that process. Risk tolerance, IPS, and KYC can be built into one digital customer-facing workflow that eliminates the need for countless administrators and compliance officers.
At this juncture, there are a wide variety of solution providers entering the industry with a set of advanced regtech solutions. To help companies navigate through the best-of-breed regtech solution providers, Banking CIO Outlook has compiled a list of ’Top 10 Regtech Solution Providers – 2021.’ The enlisted organizations offer solutions that help combat data breaches, money laundering, and other fraudulent activities. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Banking CIO Outlook’s, “Top 10 Regtech Solution Companies – 2021
