The growing incidents of financial crimes like money laundering, terrorist financing, bribery, corruption, and insider dealing in organizations are driving exponential growth in the RegTech industry. As a result, RegTech integrated with analytics and cognitive capabilities are increasingly being deployed to analyze financial transactions and detect fraud in real-time. The growth of digital services in banking and financial institutions has led to an increasing frequency of data breaches, cyber-attacks, and other fraud activities, which are being combated by RegTech solutions. Alongside, RegTech solutions are also being used in crime prevention where it provides timely alerts on any potential frauds or illegal transactions.
Meanwhile, RegTech solutions with intelligent process automation systems are minimizing human intervention to speed up routine tasks and reduce possible errors. Fueled by technological advancements, the RegTech space is now moving toward solving problems for compliance and risk teams of organizations, saving a considerable amount of time and money while reducing their risks in the process. With financial institutions and enterprises struggling to stay compliant with new and existing regulations, organizations are adopting RegTech to help them in their business transformation.
Stifled by a relentless wave of regulations and legacy infrastructure, organizations are turning toward RegTech solutions that combine the best of software and automation to address regulatory challenges and close compliance gaps. With advanced solutions in place, organizations are now digitizing and automating their key functions and compliance processes, collecting data, and producing reports that follow specific formats. As the regulatory environment demands faster access to more data, this has enabled RegTech solution providers to adopt artificial intelligence-based tech solutions.
RegTech is changing the way businesses look at regulatory compliance. From offering an automated path through the maze of regulations to providing additional insights, RegTech is helping businesses gain a competitive advantage. As the benefits of using RegTech solutions are numerous, financial institutions and organizations need to team up with the right solution provider to meet compliance and regulatory requirements. To help companies find the leading-edge solution providers, Banking CIO Outlook has compiled a list of the “Top 10 RegTech Solution Providers – 2020.” These featured organizations are at the forefront of transforming the financial services sector with their disruptive technologies. The magazine also comprises informative insights on the latest trends, innovations, and suggestions from subject matter experts and industry leaders.
We present to you Banking CIO Outlook’s, “Top 10 RegTech Solution Providers – 2020.”