Standardizing regulatory processes, providing clear interpretations and automating compliance processes are what makes RegTech solutions valuable. But what turns some of them into great ones?
There are 4 points that top-level RegTech companies focus on when they start to build a product:
- Agility. The technologies you provide should allow for extracting, transferring and loading complex sets of data and turning them into clear and ready-to-use information.
- Speed. Configuring and generating reports quickly is a crucial advantage no company can ignore.
- Integrations. Easy customizing and integration into various environments, as well as the ability to deal with regulatory changes, make it easy to comply with a number of institutions.
- Analytics. Advanced analytical tools that mine and process sets of big data can have an impact on the company’s strategic decisions.
Since regulatory technologies is a very specific domain, it implies the need for strong knowledge in fintech, law, and the particularities of regulatory institutions. When you’re about to build your RegTech solution, make sure the software engineers you hire are experienced enough to deliver a top-notch product.
