Established in 2012, Delhi School of Business, (Vivekananda Institute of Professional Studies-Technical Campus) is a private business school located in a 5-acres campus in the heart of Delhi. A member of AACSB, this institute offers 2 two-year PGDM...
With technology blowing our minds away daily, we are constantly made privy to new worlds and systems. One such upcoming field of innovation is RegTech or Regulatory Technology. As the increased and became popular in an enlarging ecosystem, Fintech industries also found it hard to cope with multiple regulations, laws, and rules that they must enforce and adhere to. This included everything from security to customer management and fair financing. This is where RegTech steps in! RegTech is a that helps industries streamline the regulatory process. It became a game-changer for financial institutions (FI) as the regulatory instructions became complex and stringent with time.
How does RegTech help Financial Institutions:
Updated about the news additions of financial regulations by the government Keeps the FI informed about circulars/modifications on existing regulations A cost-effective solution in terms of data management & reporting Increases the efficiency of automation and digitization to meet the pace of regulatory changes Provides standardized approaches, and compatible systems to meet the regulations. Long-term, technology-driven platform Gives real-time reporting with data analytics Protects FIs from fraud and includes risk management
RegTech uses innovative and improved tech services like AI, Blockchain, and Cloud Computing to provide sustainable financial products. They are constantly updated and proactive in working with new evolving regulations and understand a FI's deepest needs.
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