Regulatory Technology * -RegTech- helps financial institutions to increase their confidence, to improve the user-friendliness and speed of action for customers and employees and to reduce costs. Confidence, convenience and low costs are the preconditions for every financial institution to stay relevant.
RegTech can also help to detect risks earlier, ensuring greater flexibility and agile, freeing up compliance capacity and talent. In the past the financial institutions saw regulations as a barrier to innovate data storage, privacy regulations and digital identity verification. Today they realise that RegTech can offer a great competitive advantage. That’s why RegTech is hot.
RegTech can also be a response to increasing demand for data on the part of regulatory bodies. Consider in this regard AQR, stress tests, BCBS239 and AnaCredit. And RegTech can contribute to efforts from regulatory bodies to improve monitoring tools, enabling more granular, predictive and therefore more effective monitoring, internally and externally.
Wondering how we can help you with your RegTech solutions? PwC can help you with: