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Create a focused proof of concept around a ring-fenced area of your organization, building in early and frequent test points to ensure key requirements are met. Only then can you begin to construct a compelling business case before making a significant investment.
FREMONT, CA: Every company has its own set of problems, whether it's the cost of compliance monitoring, a high volume of complaints, or complicated reporting methods. Selecting a Regtech solution that can solve your most pressing challenges while also adding cross-departmental value can save you time and money, resulting in a higher return on investment. Here are three tips for choosing the right Regtech solution:
Look beyond the established market
Digital disruption is at the heart of FinTech and Regtech. If you're engaging with the same firms or utilizing an outmoded method, you're unlikely to find cutting-edge technologies to save expenses and enhance productivity. Consider younger providers who may have a different approach and solution to your business objectives and problem issues for an entirely different perspective.
Technology must adapt to changing regulations, technological breakthroughs, and your expanding business needs, as history and onerous legacy systems have taught us. To ensure that the product you buy remains viable throughout the contract term, you should ask vendors for continual improvement. This is a field where newer, smaller Regtech firms may be able to outperform larger firms. Larger suppliers' off-the-shelf products are convenient, but there is often an expectation that the technology is appropriate for the purpose and will stay so in the future. Smaller, more agile providers are more likely to collaborate with you to customize and adjust solutions as needed over time.
Involve a cross-section of people
The advantages of a Regtech solution are probably far more extensive than you might think. You may find that the solutions you seek to tackle compliance and regulation issues also have benefits in other areas of your organization. Regtech can help sales, marketing, and distribution teams, for example, improve back-office system efficiency, expedite the customer journey, and gain deeper insights from the customer experience. As a result, involving personnel from risk, operations, sales, and marketing in the process can help to ensure that the chosen solution delivers significant benefits to the entire organization.