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Five key benefits of RegTech for financial services

Published on
March 28, 2024
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To keep pace with the ever-changing regulatory landscape, compliance teams at financial firms can turn to RegTech companies like ZignSec to maximize their return on investment and reduce administrative costs. Read on to learn more about the key benefits of Regtech tools and ZignSec’s solutions.

The global economy continues to shift towards an increasingly data-driven economy, so called “big data” and related rapid developments in technology is revolutionizing the regulatory space in the financial sector.

These days, regulators expect firms to be proactive in detecting, preventing, and remediating compliance issues within their own operations. But meeting these expectations as a financial institution can be both costly and inefficient. Now more than ever, speed, flexibility, and robust analytical capabilities are focal points for financial services.

Driven by the ever-growing need for fast and efficient KYC and KYB processes, and burgeoning compliance costs, positive disruptions to the financial sector are being spearheaded by RegTech advancements. Leading RegTech players like ZignSec can not only help compliance teams keep pace with regulatory changes but also help create significant and streamlined return on investment as well.

Let’s take a closer look at some of the key benefits of RegTech services.

1. Detect market abuse

Many firms rightfully fear that regulators have more information than their compliance teams, and being the last to know about market abuse among employees is a genuine and justified concern among firms. Truthfully, the fear is justified. Regulators are processing market data faster and more efficiently than ever, and financial firms are under pressure to ensure that their electronic communications surveillance programs are properly tuned for the business they conduct. With the right RegTech tools, many of which we provide at ZignSec, you can increase your chances of detecting market abuse before it’s too late.

2. Scaling solutions

At ZignSec, we pride ourselves on our ability to utilize sustainable and cross-border and scalable solutions, without sacrificing overall quality. RegTech tools like ours give you the flexibility and pathways for growth, and it allows you to move away from rigid enterprise risk management systems. Thanks to RegTech solutions, scaling has never been easier.

The key benefits of RegTech in ZignSec cubes

3. Better customer experience

With the right RegTech tools, you can help drive significantly improved customer experiences. Whether it is with artificial intelligence (AI) or machine learning, RegTech solutions give you robust fraud detection tools and more seamless transaction experiences.

4. Management of third-party cyber risk

Cybersecurity continues to be a regulatory focus area, and third-party vendors remain a significant risk to the firms that they work with. An obvious but often overlooked way to risk-minimize is to perform ongoing and detailed due diligence on the vendors you work with. Doing so will reduce burden, risks, and costs associated with doing business.

5. Streamline marketing review workflows

Regulators around the world are cracking down on marketing practices by financial services firms, with an emphasis on performance marketing and a focus on companies that market themselves inappropriately. With enhanced standards for marketing communication, regardless of if it is through social media, print, client presentations or other mediums, compliance teams must establish strong, auditable processes for managing, reviewing, approving, and archiving marketing and advertising materials. Automating such processes with user-friendly RegTech solutions can make a world of difference, both in terms of costs and labor.

Let us show you what we can do

Contact us today at sales@zignsec.com, or book a demo, to learn more about how you can protect yourself, your institution, and your beloved customers with our user-friendly, world leading, and versatile portfolio of top-of-the-line RegTech solutions.

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