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Reimagining Compliance in Banks and FIs: The Role of Regtech
What’s in this whitepaper by TCS adviser Sunil Kumar:
Digital transformation is reshaping virtually all industries, and banking and financial services is no different. Few functions in the industry remain untouched by advancements in technology, from blockchain to machine learning.
Regtech, a global market expected to surge to more than $22 billion over the next five years, is driving transformation in many financial services functions, including critical compliance functions. In fact, as Sunil Kumar argues in his whitepaper, “Reimagining Compliance in Banks and FIs: The Role of Regtech,” now is the time to re-imagine compliance in this changing environment.
Among the benefits of taking a regtech-based approach to reimagining compliance, according to Kumar, are:
- Increasing capability to meet compliance and regulatory obligations
- Improvement in overall customer experience
- Automating repetitive compliance processes
- Presenting informed choices to compliance office to mitigate compliance risks
