Technology has redefined the way we live, work and play – and never more so than over the last 12 months. Who could have predicted that we would spend the last year locked in our homes, victims of a global pandemic that’s rocked our lives to the core?
Without technology, 2020 and 2021 would have been infinitely worse. But this vital aspect of today’s world has provided us with endless options, allowing us to work, study, shop and even socialise through a digital medium.
Countless sectors have been revolutionised by new technologies, and that includes the compliance industry, which is benefiting hugely from these 4 game-changing technologies…
1) AI and Machine Learning
Once the purview of science fiction, machine learning has produced a boom in productivity and efficient task execution. Today, AI contributes to the hyper-automation of compliance processes, creating endless value through the automation of tasks such as Data Analysis, Ticketing, Client and Transaction Monitoring.
Not only does this automation and cognitive machine learning generate operational efficiency, it also delivers a vastly improved experience for both customer and employee.
Without such technology, businesses are left floundering in a sea of complex rules and regulations. But with state-of-the-art regulatory technology solutions, firms can automatically identify threats and mitigate risk – even before it occurs!
2) Big Data & Predictive Analytics
An incredibly powerful piece of technology, Big Data enables the management of unstructured data gathered from data systems, social media, the internet and other data storing forms.
This cutting-edge tech really comes into its own is in the field of compliance. Today, the vast amounts of data required for each client, transaction etc. can easily overwhelm even the most prepared corporations. But with the analytical capabilities of Big Data, that plethora of information fuels rather than swamps the compliance process, used to great advantage
in the prediction of undesirable risks via patterns, and the accurate prevention of financial crime.
With the second rise in cryptocurrencies, we’ve seen any number of regulatory concerns begin to surface. However, there’s a lot to be said for the blockchain technology on which they’re based: various compliance processes, including KYC, Reporting and Transaction Verification all draw on the advanced technology one sees in cryptocurrencies.
4) Cloud Technologies
Cloud technologies have been on the rise for a while now, but the past 12 months have transformed them from a business tool that’s merely valuable, to one that’s utterly essential.
With many firms putting great effort into developing multi-cloud approaches, companies are now able to deliver complex and advanced services to their clients, including distance working, easily accessed digital interfaces and software, remarkable online client and employee experiences – all at great speed and scalability.
With such a wealth of efficient, cost-cutting and time-effective technologies right at your fingertips, why settle for outdated, obsolete methods of compliance? Compliance technologies have gone from being the way of the future to a present necessity. Why not be part of this incredible technological revolution?
Our Onboarding, KYC & AML (RegTek+) Solution comes with the latest technologies, such as Advanced Analytics and Machine Learning to revolutionise the way you conduct compliance. The platform is offered both On-premise and SaaS, designed to fit your unique requirements and accessible anywhere your device and connection can go!