What Trends in Regtech Are Emerging in the UK and Globally? – The Fintech Times

Like brakes to a bicycle, fintech must exist within the realms of regulation if it is to ditch its ‘wild west’ persona. Indeed, the adoption of various elements of the industry, like cryptocurrency, has ultimately suffered due to the lack of regulation that surrounds and supports them. Throughout the entire month of May, The Fintech Times will be dedicating its focus to highlighting the most current developments in this ever-perplexing and constantly-changing foundation of regtech.

Nigel Cannings, CTO and founder of Intelligent Voice, said, “Historically, a lot of regtech investment focused on streamlining the onboarding processes for new customers, allowing KYC and AML checks to be automated to increase customer satisfaction and reduce risk. Combined with this was increasing investment driven by covid-related home-working of automated surveillance systems, particularly of voice/video channels, and we are seeing this increase as the technology matures as the ability to capture electronic communications becomes easier and costs are driven down via increased acceptance of secure outsourcing of monitoring platforms.

“These areas are narrow and very regulation focused, however. Recently, we are seeing more of a focus on ‘general’ risk, from cyber to, perhaps more interestingly, culture and ethics. There is an increasing acceptance that a toxic work environment is no longer tolerated by many, and it is believed to be responsible in part for the ‘Great Resignation’ that followed two years of pandemic: research by MITSloan backs this up. So there will be an increased focus on communications monitoring and network analysis to promote a more inclusive environment: a very delicate balance for a ‘Big Brother’ system to achieve!

Full article: What Trends in Regtech Are Emerging in the UK and Globally? | The Fintech Times