As current wisdom says, moving and reacting quickly to the ever-changing marketplace is one of the ways you can achieve a competitive edge. Each day your business partakes in an unseen battle with its competitors to try and win new customers. Speed is key to reaching customers before other companies do, and closing deals before others snatch them up.
When you want to move fast in today's competitive environment, you need the right tools to increase your efficiency. You have Salesforce for sales, Zenefits for HR, and HubSpot for marketing. But what about the tools your compliance team needs to succeed?
The increase of financial services regulations over the past few years has put a strain on compliance teams in this industry, paving the way for a new type of technology: RegTech.
What Is RegTech And Why Does Your Business Need It?
RegTech, short for regulatory technology, is defined by the Institute of International Finance as "the use of new technologies to solve regulatory and compliance requirements more effectively and efficiently." The goal of RegTech solutions is to reduce the complexity and capacity-demanding qualities of compliance while constantly and quickly adapting to new changes in regulations. With RegTech, companies are able to put capital to better use, reduce risks within the system, and improve quality of supervision via enhanced insights.
RegTech solutions have seen tremendous success within the UK and are now making their way to the United States, as can be seen with IBM's artificial intelligence technology Watson, Mitek's KYC compliance mobile photo capture solution, and PerformLine’s cloud-based marketing compliance platform, PerformMatch‚Ñ¢. In fact, according to Deloitte, the key difference between "traditional solutions versus the RegTech era solutions is simple – agility.” Data about financial transactions, customer interactions, and security can be gathered in high volumes and organized to provide insights to compliance teams, allowing them to evaluate compliance and resolve issues faster than ever before.
In the realm of customer interactions, the automated processing and interpretation of emails, spoken word, and chat sessions can greatly increase the speed and accuracy of customer protection processes for compliance purposes. RegTech solutions offer the agility needed to implement an automated compliance monitoring process.
Why Is RegTech Important To The Industry?
RegTech provides a number of benefits to the industry.
For starters, RegTech is akin to the helmet you wear when skiing an Olympic downhill course — it protects you while you move at breakneck speed. Regulation technologies can help to keep companies safe while they innovate and move quickly to stay ahead of their competitors.
Within the financial sector, banks, lenders, and payment centers can use RegTech to monitor the messages and advertisements they use to interact with consumers, while simultaneously developing new technologies that improve consumer access to financial resources in the 21st century. Through RegTech analytics tools, compliance teams can mine big data to unlock important data points that determine how compliant a company is with regulations, and to utilize workflows to streamline remediation processes. RegTech empowers companies with broad oversight of their business practices and a means to ensure they're continually in compliance.
The Bottom Line: Move Fast With PerformLine’s RegTech Software
RegTech solutions are the way of the future for any business interested in moving quickly while effectively maintaining compliance. Fortunately, PerformLine, a leading RegTech company, has you covered for marketing and advertising compliance.
Through PerformLine, you can automatically discover, track, and escalate marketing compliance issues. For additional information on how to effectively comply with government regulations, manage multiple marketing channels, and monitor all communications for compliance, sign up for a free demo of our powerful RegTech solution today.