Mitigating compliance risks is indispensable for the success of banking organizations. However, overlapping state and federal regulatory frameworks add complexity to banking operations. RegTech solutions assuage the situation for banks as they automate the rule-based, repetitive tasks associated with know your customer (KYC) and customer due diligence (CDD) processes and enable banks to meet the regulatory requirements.
Banks can deploy RegTech solutions which gather real-time information and subsequently present a clear view of customer profiles, facilitate analysis of compliance issues, and simplify compliance procedures. Designing internal processes that fit the framework of multiple regulations becomes simpler as these solutions present a unified view of the rules associated with a specific banking activity.
Like any other arena, RegTech solutions landscape has no dearth of solutions and thus zeroing in on the apt one remains an uphill task for a CIO. To tread on the right path, Banking CIO Outlook has become a torchbearer in the RegTech solutions landscape. After a thorough analysis of several hundred RegTech vendors over the past few months, our distinguished panel comprising CEOs, CIOs, and analysts, including Banking CIO Outlook’s editorial board has reviewed and selected the top companies in the RegTech domain. In our selection process, we evaluated a vendor’s competency to provide efficient as well cost-effective RegTech solutions and services.
We present to you Banking CIO Outlook’s Top 10 RegTech Solution Providers - 2017.