RegTech 20:20 podcast: A round-up of this year's industry trends

The RegTech 20:20 podcast was launched at the end of last year, with the aim of demystifying RegTech in the UK, Australia, and beyond, by focusing on key industry issues and answering the questions that listeners have about the place and importance of solutions today.

Hosted by Alex Ford President, North America, Encompass), the monthly podcast has focused on many aspects of RegTech and compliance, with episodes dedicated to topics including how RegTech has earned its seat at the table, how banks can succeed when it comes to implementing digital transformation projects, and the role of technology in fighting financial crime.

A range of experts – from regulators, vendors and industry associations – have offered their insight and experiences, as they have discussed how they see RegTech adoption and compliance obligations evolving, particularly with financial institutions in mind.

Each guest has brought great knowledge and expertise, enabling the podcast to be a platform that informs and engages listeners. As we near the end of the year, here is a round-up of just some of the talking points we have explored over the past 12 months.

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How RegTech has earned its seat at the table

As regulations ramp up, RegTech is being brought more to the fore. But has it really ‘earned its seat at the table’?

In February, Alex Tame (Global Director, Partners and Content Integration, Dow Jones Risk & Compliance) and Janine Hirt (COO, Innovate Finance) joined us to give their take on its reputation, growth and why key financial services players are now taking notice.

Janine also told us that the next logical trend in FinTech and RegTech is around the ethics in its practice and, specifically on inclusion, said:

Of course there is more to be done, specifically ways in which we can get more women into the space and how we can get more female talent into FinTech and RegTech, whether that’s about helping co-founders and founders that are female to raise more capital or whether that’s facilitating women of all levels in an organization to utilize their skills and their talent.

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The role of RegTech in a changing world

The COVID-19 pandemic has been front of mind for most of the year and, like people across the board, those working in compliance and RegTech have had to adapt to the challenges faced.

This has been a consistent theme for the podcast, with the increasing reliance on RegTech in these times and how it can help organizations respond being discussed by Gus Tomlinson (General Manager, Identity Fraud, GBG), and Alan Samuels (Head of Product, Encompass) who looked at what’s happening now, as well as what the future may hold.

According to Gus:

COVID-19 emphasizes just how important RegTech is, not just in making sure businesses comply with regulations, but also in making consumers feel safe and providing a good experience to guide us through these unprecedented times.

Meanwhile, Alan pointed out:

For the last few years certain industries have been trying to decide whether they need systems on sight or whether SaaS will be a real game changer for ongoing regulatory demand. Really, COVID-19, which has forced people to work and access information remotely, has set a new industry standard. Going forward, I think there’s a lot more comfort people are finding [with RegTech] that they never necessarily expected they were going to find when operating and being consistent with various regulations in this environment.

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The evolution of RegTech and SupTech

We were also pleased to share the view of a regulator, as Francesca Hopwood Road (Head of RegTech and Advanced Analytics,Financial Conduct Authority) spoke about the FCA’s work with RegTechs, the growing link between RegTech and SupTech, and more.

Breaking down the data strategy and highlighting the work of the FCA and how it strives to be data led, Francesca noted there is “a lot of work that continues around really understanding what activity is alive within the wider RegTech ecosystem”.

When asked about the future of the RegTech sector, she said that “internationally, there is a huge opportunity”.

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Women in RegTech

In celebration of Ada Lovelace Day, which recognises the achievements of women in STEM careers, we brought listeners a special panel episode, focusing on women in the industry.

Joined by Victoria Martin (Head of Risk, 11:FS), Marisol Lopez Mellado (Head of KYC Services, IHS Markit) and Lucy Heavens (co-founder, RegTech Women), host Alex facilitated lively discussion about female representation, how to encourage the next generation, and more.

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