How is Regulatory Technology proving to be a worthy tool?
Being dominated by manual work, the finance & banking industry is now slowly shifting towards technology especially to meeting the growing compliance regulations. Artificial Intelligence and Blockchain are the foremost technology innovated by Regulatory technology firms which are gradually meeting the compliance requirements. This is bringing about a revolution in the financial industry.
Listen to a stimulating podcast brought to you by BizSoup Podcast Radio, featuring Shub Nandi, CEO and Co-Founder of PiChain. It covers all that you would need to know about the current reforms in the banking and finance industry. Detailing the use of regulatory technology, it traces how exactly the concept of cryptocurrency, bitcoins and other deep tech is giving rise to the financial revolution.
John DeBevoise of BizSoup podcast radio puts forth all queries involving compliance and its reformation in the finance world. Being an entrepreneur himself, this initiative of John is aimed at helping all budding entrepreneurs to develop their business and guide them through. Following the tagline of “If it’s in Business it’s Business Soup!”This podcast has come a long way and has helped numerous businesses to grow.
Starting with Shub’s experience in establishing a RegTech company, the discussion rounds up to how these solutions can help small businesses with their complex compliance problems and deal with financial crimes. Technology is not just helping in compliance but also in the field of threat identification and Anti Money Laundering. The discussion covers the various frauds under the banner of Money Laundering and how the banking system becomes vulnerable to these Laundering threats.
Blockchain being the token of cryptocurrency has a very unique immutable property which is now being used to ensure compliance in the finance industry. The finance industry is currently going through a technological revolution with deep techs like AI and blockchain being at the forefront of change. The current pandemic has also pushed the financial industry to accept digitization. Needles to say, this is an industry that needs to be prepared for a huge bout of ups and downs to come out as a better and more secured version of itself.
To know more about the reforms brought by regulatory technology and the changes in the regulations, click below.