In a world becoming ever more digitalised, the need to ensure a smooth and strong customer experience has become increasingly necessary. For those looking to ensure that they can deal with regulatory and compliance issues efficiently, RegTech for many can be the silver bullet.
The pandemic has led many more people to turn to the digital world to conduct a wide range of business matters. With the amount of people now working from home following the uprooting caused by the pandemic, dealing with regulatory and compliance matters digitally is becoming vital.
“Central to RegTech’s purpose is making regulatory and compliance processes more efficient,” said Stacey English, Theta Lake’s director of market intelligence. “So, it’s no surprise that compliance users themselves have a much-improved experience from utilising RegTech to undertake day-to-day regulatory activities and obligations. Many regulatory processes are hugely intensive. Take having to listen to endless hours of Zoom, Webex or Microsoft Teams video or audio calls to determine if there has been instances of market abuse or other misconduct.”
Using RegTech, English claims, with the AI, ML and NLP that underpins it, removes such time-consuming burdens by automatically surfacing risks. She cited her company’s platform, which pinpoints where security and compliance risks occur within what is spoken, shared, shown or typed in collaboration tools, making supervisory processes more efficient. This, she states, allows compliance teams to focus on dealing with other issues to protect their firms and customers, rather than spending their time on manually reviewing content.
English continued, “The benefits extend to the experience of end customers too. While 91% of organisations are using multiple collaboration tools as the primary means to communicate internally and with customers, in practice 83% turn off access to features because of compliance concerns. With technology like Theta Lake’s providing the security and compliance infrastructure to safely use modern communications, organisations are able to have much more engaging and productive meetings.”
She noted that a key concern for customers is making sure that their personal data is protected. Considering this, English added that the fact Theta’s platform can automatically redact any information shared so it’s not exposed further during compliance review processes provides great reassurance.