The benefits of Regtech adoption to enhance regulatory processes and streamline due diligence are profound. However, the advantages of the software are not just central to improvements in your governance and oversight. Businesses as a whole have noted improvements on a holistic scale. Improvements regarding compliance workloads have a knock-on effect in wider aspects of your business. That’s why I’ve compiled the top 6 ways Regtech can transform your business:
1. Enhanced Management Reporting
Everyone is aware of the burden monthly, weekly or daily reporting can bring. Especially when you need to access specific information fast! Regtech enables the quick configuration and generation of reports, with in-depth data available to support your notions. Governance is massively improved through confidence in a reliable system, so you can be sure your data is accurate, current and easily accessible for whenever your team requires. No more last-minute panics of rushing to extract data from here, there and everywhere!
2. Competitive Advantage
Automated compliance systems put you at the forefront of business innovation and transformation, with readily accessible data at your fingertips. Advanced, detailed oversight of companies, individuals and activity ensure you are the first to adapt to market changes, making you act faster, smarter and safer than other companies in your sector. Focus on growing your business with sustainable and scalable solutions, whilst a Regtech system oversees your compliance for you!
3. Faster Agency Application Processes
Agency application processes are notoriously long and take up a lot of precious time. Typically, it takes businesses 90 days to open an agency. 90 days? During this period, you could have travelled to the moon and back 15 times! You could reduce the time normally spent creating a business case, carrying out due diligence checks and issuing TOBAs in more than half, by having smart software doing all of the work for you. Regtech allows you to know everything you need to know and more about your counterparties, before you agree to trade with them. Streamline due diligence, automate TOBA issuance and allow Regtech to continuously perform 24/7 checks on the businesses and people you trade with, so you can speed up the agency application process to levels previously only imaginable!
4. Reduced Compliance Costs
Simplifying and standardising processes means less time spent searching, analysing and formatting data. Regtech also alleviates room for human error, which we know could be costly if someone misses a change in the market. A win-win situation! In 2021, there’s no excuse for non-compliance. With £10.4BN regulatory fines issued in the last year for companies failing to meet compliance regulations, don’t leave room for uncertainty in whether you have everything covered. Everyone is aware of the cost of compliance. Ensure you never have to pay the ultimate cost of a compliance violation.
5. Increased Market Stability
Nobody wants to be kept in the dark, especially when it comes to changes in the market that could have an adverse effect on your trading relationships. Knowing when things happen AS SOON as they happen, with dependable market surveillance throughout every second of the day, guarantees the steadiness and stability of your firm. Experience a no risk business model, with the ability to anticipate risks before they happen. Firms who have incorporated a Regtech system at the heart of their processes are renowned for their ongoing ability to conduct business safely; advanced data enabling the mitigation of risks and identification of fraud at the earliest instance.
6. Improved Customer Experience
All of the relevant data and information in front of you means a happy customer. And “one happy customer brings 10 new customers”. Deeper understanding of your customers ensures they know you appreciate their goals and priorities, encouraging them to want to partner with you and form those key relationships. Knowledge is power and having everything you need to know instantly available will put you on the map for customer service excellence!
If you would like to see for yourself how you too can benefit from adopting a Regtech solution, book a demo with a member of our team today or find out more about The REG Network. Don’t get left on the shelf and join thousands of companies who already have access to the profiles and data of millions of companies in 110 different countries!
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