New players are appearing on the scene and new business models, in some cases brought about by the release of services, such as the new PSD2 directive and payments methods.
It is usual, when talking about digital transformation in the financial sector, to address new business models, the improvement of the user experience or the exploitation of data to sell more and better; that is, the increase in revenues, profits, margins. In short, the most grateful side, the most comforting, which, as established, tracts and differentiates in an increasingly competitive market.
However, if anything characterizes the financial sector, as well as the insurance or energy sector, it’s the strong regulation in place. In addition to increased requirements and increasing demands, the large amount of data to be processed and the increasingly short adaptation times are added.
As opposed to the realization of semi-manual processes or carried out through obsolete and inefficient systems, with high economic cost and dedicated personnel, the new technologies available such as Big Data, Artificial Intelligence and Machine Learning, as well as Blockchain have caused a major disruption in this area and the birth of a new philosophy, a new way to comply with the increasingly demanding regulatory requirements: RegTech.
What is RegTech?
RegTech is the digital transformation taken to the world of regulation. A subsector within the Fintech sector that combines cutting-edge technology and regulation, helping large regulated companies to comply with increasingly demanding regulatory requirements, optimizing efficiency, reducing costs and risks and improving the customer experience. In short, efficient and effective management of regulatory compliance.
DOMINION, renowned for making its customers' processes more efficient, has embraced the RegTech challenge. With a deep technological DNA and deep regulatory knowledge, it has conceived Windrose Compliance Suite, a RegTech product line that undoubtedly turns regulatory compliance into a clear competitive advantage:
• Integrated Anti-Money Laundering and Terrorist Financing system with coverage added to agreements related to tax evasion such as FATCA and CRS. (ALERT)
• Regulatory Reporting platform designed by Dominion Digital to help entities comply with the information requisites of the different regulators. (RULE)
• Digital Onboarding Platform with facial recognition designed by Dominion Digital that verifies and guarantees the identity of the person who hires a product and/or a services through a non-face-to-face channel, using biometric facial recognition techniques, making possible a simple and safe 100% online contracting. (SELF)
• Mobile system for recording conversations between agents and customers designed by Dominion Digital, to assists entities to comply with MiFID II Directive. (RECORD)
Among its benefits we can find its agility, since datasets are more easily organised; the short introduction and implementation times; speed and analysis, to make the most of data. Because regulatory compliance goes beyond simple formalities compliance.