As we say goodbye to 2020, it is time to look ahead to what 2021 will bring for the world of compliance and RegTech.
The world is not going to forget 2020 anytime soon. It was a tough year for many people and companies around the world. Financial institutions had to dramatically change their services to ensure they could continue operations, turning their five year digitalisation strategies into five month strategies. With staff working remotely and consumers unable to go into branches, 2020 pushed more people to the online world and things are unlikely to go back to pre-Covid ways.
This posed a lot of challenges for compliance processes at financial institutions. With compliance teams working from home, banks needed to ensure employees had the right tools to continue doing their jobs efficiently. It also brought in new compliance challenges. With the rise in services like Zoom and Cisco Webex, firms needed to ensure the video meetings were compliant with various regulations, such as Dodd Frank that requires communications to be captured and monitored.