Digital Technology and Compliance

Digital technology and regulatory compliance go hand-in-hand. With the advent of fintech innovation, fintech companies started to offer various digital finance services to their customers. Financial technology eases the job of the employees in the financial institutions and helps to provide the customers with a range of fintech services seamlessly. The customers are extremely satisfied as they can avail the services online over any device that are connected to the internet. As technology grows by leaps and bounds, so does the organised crime in fintech payments. High-tech organised crimes aim at swindling money from your customers, illegal transactions using your customers’ credentials, and money laundering. This becomes taxing and poses a threat to the regulatory compliance of your organisation.

Whenever your organisation fails to comply with regulatory compliance, it has to compensate the customers and bear the legal proceedings. This will lead to financial losses to your organisation. It will also bring down the reputation of your organisation. Some regulations may also ban your businesses temporarily or permanently within their territory. Regulatory technology comes in handy to effectively and efficiently implement regulatory compliance. It provides an alert on any abnormal behavior in transactions whenever they occur. It also prepares various reports on organised crime by extensive data analysis, and effective utilization of regulatory capital.

Paul Stringfellow from Techstringy hosts this podcast along with Shub Nandi, CEO and Co-Founder of PiChain in a quite interesting manner to discuss the role of digital technology in the Fintech and Regtech industries. Both of them amazingly bring out the roles and challenges of financial technology and digital financial services in offering digital financial services without interfacing it with regulatory technology.

In this highly-informative podcast, they both examine organised crimes and challenges faced by fintech companies in implementing regulatory technology. They also delve into its root cause, ­ black box attitude, and digital footprint and its importance. They bring out the role of the Regtech industry in offering AI and ML-based software solution coupled with blockchain technology. This along with data science, meticulously implements regulatory compliance for the financial institutions offering digital financial services.

Shub Nandi portrays a holistic approach to solve the problems faced by fintech companies in implementing digital technology. He places the challenges of the compliance officers across the table for analysis. He dissects them with utmost care. This brings out the importance of compliance officers in implementing regulatory compliance and curbing organized crime.

To make compliance sustainable, financial technology has to be interfaced with regulatory technology to trace the digital footprints. This is essential to gauge the behaviour of the culprits involved in the malicious transactions. Effective implementation of regulatory compliance helps to improve the regulatory score of any financial institution. It also helps to efficiently use of regulatory capital allocated by the financial institution. PiChain has developed such systems that are powered by AI and ML. These systems improves its intelligence and performance over a period of time from its inception into the financial technology.

Have you implemented regulatory technology into your digital finance services? Do you wonder how fintech innovation will ease the life of your compliance officers that will make them more effective and efficient? Then, listen to the podcast to know more about augmented human enterprise in digital technology to offer seamless fintech services.

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