As regulatory pressure intensifies and personal liability mounts, compliance officers are under increased pressure do the right thing every time. ‘RegTech 3.0’ promises to move away from ‘know your customer’ to AI-led ‘know your data’ compliance practices, easing pressure on compliance teams.
Following new EU Anti-Money Laundering and Counter-Terrorist Financing rules extending the scope of KYC requirements, the cost each year of punitive non-compliance fines is now €3.5 million. When things go wrong, these fines could soar into the tens or even hundreds of millions – and with card ID theft in the UK rising by 59% to £47.3 million last year, things do go wrong.
As businesses are increasingly looking to ease pressure on their compliance teams and protect the business, interest in regtech adoption is on the rise. According to KMPG, by 2020. Whether or not the UK will still comply with EU regulations post-Brexit, it is likely that the UK will introduce new as-yet-unknown regulation to keep the sector in good health. Only then will businesses keep investing despite the turbulent times, keen to minimise uncertainty and avoid risks.
Moreover, regtech is set to dramatically improve customer experience. Digitising the onboarding process obviously appeals to customers, but regtech helps to balance the need for the best possible security protocols with the consumer desire for fast and seamless online experiences. This is taking shape across banking, e-commerce, travel, hospitality and entertainment sectors, just to name a few.
This is a stark reminder that customer experience is not just a ‘nice to have’, but a ‘must have’ – and that it is increasingly important to always keep one eye on what customers want. Combining data analysis and AI-led regtech, which already exists today, compliance is expected to not only to support business and revenue growth, but also to help provide vital customer insights and help predict trends.
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