Remote working has proved to be a crucial area where RegTech has been able to demonstrate its capability and importance within the financial services sector. The challenges related to the use of collaboration and chat platforms remain a key risk for firms with RegTech helping to mitigate these risks by offering AI-enabled platforms.
The work-from-home trend has become prevalent during the last two years. This has created a push to automate and digitalise as many regulatory processes and workflows as possible. It has also led to an increased demand for RegTech products and services.
This article also discusses the importance of RegTech solutions following the ongoing pandemic. Financial institutions globally have recognised the need to digitise their operations. Streamlined, automated systems have been welcomed to help companies deal with a surge in new clients. When COVID-19 hit two years ago, there was a spike in demand for advanced technology and digital transformation in the RegTech industry with one of the main changes being how and why companies buy certain products and services.
Two years later, many organisations continue to adapt to this digital-first approach to business, which, in turn, has led to an increased demand for RegTech services. During this time, the RegTech sector has continued to pioneer and revolutionise the control functions of companies through its Regulatory-as-a-Service (RaaS) solutions, offering strategic and operational solutions in a holistic, cloud-based fashion.
As a result, organisations have adopted greater automation and less manual work and made KYC and AML processes operate in a more seamless manner.
In essence, the COVID-19 pandemic has changed the world as we know it.