How can RegTech be used to improve customer experience?

As part of a RegTech Analyst article, MAP FinTech’s Sales and Relationship Manager, Stefanos Daniel commented on how regulatory technology can be used to improve customer experience. Read full article here.

In a world that is becoming ever more digitalised, the need to ensure a smooth and strong customer experience has become increasingly necessary.

An automated onboarding process is very important for improving customer experience in today’s competitive market. Customer is king and it is imperative to streamline and smooth the regulatory and compliance process as much as possible.

Moreover, RegTech has provided the ability for stakeholders, especially in the area of regulatory reporting, to take the proverbial weight off their backs when it comes to manual tasks.  Reporting parties found that, whilst regulation undoubtably posed a burden on their business, they could claw back important time and effort previously spent by their operations and compliance staff, and instead direct that work to their core business, knowing that they remained compliant and retained full oversight.

The article also discusses that the use of RegTech leads to more knowledgeable employees that are compliant with up-to-date information from regulators and they manage customers in a way that is consistent with the business ethics and therefore, their experience is enhanced.

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