Nirvana Farhadi

What is RegTech and Why is it Important to Financial Services? – Part 1 of 5

Blog Post created by Nirvana Farhadi Employee on Aug 30, 2018

RegTech (Regulatory Technology) isn’t new, but it’s becoming more critical as the landscape of global financial regulations is constantly changing. With the spread of critical information across business units, geographies and IT systems, the cost and challenge of ensuring that your organization is compliant with increasingly complex and stringent regulations, while also enabling a data strategy that supports innovation and growth, is daunting.

 

In this 5-part vlog series, you’ll learn all about what RegTech is, why it’s important for financial services, what the biggest challenges are for regulatory compliance, the viability of innovative technologies such as artificial intelligence (AI) and machine learning, how firms in the financial ecosystem can work together to solve common problems, and much more.

 

So, What Exactly is RegTech?

 

 

RegTech is the use of technology to solve for regulatory problems, ranging from anti-money laundering requirements to regulatory reporting problems, and more. RegTech also helps automate processes that many financial organizations have in place, as well as streamline processes, making them more efficient. Doing so reduces cost burdens, such as compliance related expenses.

 

Why is RegTech Important for Financial Services?

 

 

Whether we like it or not, we’re in the midst of the fourth industry revolution led by technology. Every aspect of our lives is going to continue to be digitized and transformed, from the way we interact with each other to the way we live our daily lives, and there’s no exception for the financial services industry or its regulations. Innovation and technology are advancing so quickly that we need regulatory requirements, such as RegTech, to ensure there are checks and balances in place and to help make the process of transformation and transition a lot smoother.

 

Why Hitachi Vantara for Financial Services?

 

 

Hitachi is a big brand and very well known for technology and the credibility, depth, and power of that technology. Hitachi has the right capabilities and abilities to handle the disruption that’s hitting the financial services space.

 

How Hitachi Vantara Can Help

 

With regulations constantly changing and data volumes rising, many of the largest financial institutions are looking to Hitachi Vantara for actionable insights into customers, operations and risks. Learn more about Hitachi Vantara’s RegTech solutions here.

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