If you’re a Payments company, a Regtech solution tailored to a global bank is worse than useless. And financial giants require a very different solution from legal consultants.
It’s a point that potential Regtech buyers often miss: an ideal Regtech solution should be tailormade to YOUR needs. It should be a solution that solves your highly specific issues, frees time and resources, and adds value to your business.
But with an ever-expanding RegTech market, how do you know exactly what’s right for you? Here are our Top 4 Tips on finding your ideal RegTech solution.
You’ll need a solution that has innumerable capabilities – software you can mix and match to create a bespoke solution that’s perfect for your specific enterprise.
Firstly, ensure your solution has the 1 capability you can’t live without: cloud-based back up, to maintain and manage all your data. And then look at the following 4 capabilities in detail to ensure you’re getting what you need from your solution:
- Process and data agility
- Reporting speed
- System integration
If your vendor installs your solution and is never heard from again, they’re not for you! All good RegTech solutions come with comprehensive human back-up: an on-call team who are abreast of ever-changing regulations and technical advances, and are there to troubleshoot and manage in accordance with your evolving needs.
Boutique RegTech providers are usually your best option here. While software giants often install a product they assume is fit for purpose and then disappear, smaller providers offer a continued partnership, and will customise and adapt the solution to your needs over time.
What may be flagged as suspicious client activity in your firm might be considered unremarkable by your competitors. A good provider will set up a solution that’s specifically tailored to your clients’ activities and profiles.
They’ll also ensure the solution is dynamic enough to acclimatise to changing requirements or an evolving risk environment. And they’ll train your staff – even those who aren’t in IT – to capably manage the software.
4. ADDED VALUE
We think of RegTech as a tool for compliance officers. But when you’re choosing your solution, it’s always wise to seek input from other sectors of the company.
Sales and distribution teams frequently utilise RegTech to streamline the customer journey. Back-office can benefit from the increased efficiency of a bespoke solution. And marketing will derive valuable insights into customer experience.
With the right solution, you get added value for your whole business, reaping the benefits of a capable, adaptable tailormade solution that fits the needs of both clients and staff.
As a leading RegTech provider, iSPIRAL understands that bespoke solutions are the way of the future. That’s why we’ve developed the RegTek+ Solution: a bespoke Complete Client Lifecycle Management, KYC & AML Solution with modules that can work either as a whole or as separate entities, and comes with round-the-clock support. Complete with ground-breaking Machine Learning and AI, and cutting-edge AML and Anti-Fraud Analytics, RegTek+ is next-gen technology: the solution of choice for many of the world’s leading companies.