Revolutionize Financial Services with Cutting-Edge RegTech

A recent Bain study indicated consumers' trust in big tech companies is a growing threat to the finance industry with 54% of respondents trusting at least one tech company more than their own bank. Trust is essential and leads to higher engagement and loyalty, resulting in an improved bottom line. Customer's must feel they can trust the financial services they are provided with - compliant and secure. Implement the risk and compliance processes and automation you need to develop and foster trust.

Make is easier to track regulatory compliance obligations, implement controls and policies and automate workflows to track and manage responsibilities. Millennials are 40% of the financial services workforce—meet their expectations by automating tedious tasks and increasing productivity.

According to a Banking in 2035: Global Banking Survey Report, 57% of executives surveyed have identified digital transformation as their top strategic priority in the next three to five years. Having resiliency as a theme for 2023, risk professionals, financial services organizations, regulators and governments must work together to manage the increasing risks, comply with changing regulations, and attract and retain customers. To do this, risk and compliance innovation must be utilized to its fullest potential.

Financial institutions have experienced a dramatic increase in cyberattacks in the first half of 2020, with a 238% rise according to VMware. Furthermore, IBM and the Ponemon Institute report that the average cost of a data breach in the financial sector in 2021 has reached $5.72 million, and cyberattacks against financial services have increased by more than 70% since 2017. To protect customer data, sensitive and confidential information, financial services must take action to ensure interoperability and compliance with regulations.