Regulation experts champion cutting-edge technology to guide organisations and consumers through COVID-19
In the latest episode of the RegTech 20:20 podcast, guest speakers Gus Tomlinson, General Manager of Identity Fraud for GBG, and Alan Samuels, Head of Product for Encompass, discuss the ongoing role of RegTech in a changing world.
As they reflected on its impact and place right now, they spoke specifically about the benefits regulatory technology has had on business, finance and consumers alike.
In fact, Gus stated that:
COVID-19 emphasises 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.
Whilst both parties acknowledged that regulation has grown more complicated over the past decade, by getting more strict and overlapping between previous policies, it was generally agreed technology has played a key role in enabling businesses to meet regulatory demand more efficiently, more accurately and without any human bias or error.In reference to how COVID-19 will impact RegTech, Alan commented
For the last few years certain industries have been trying to decide whether they need systems on-site 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.
You can listen to the full episode below.
news, interviews and analysis on all things regtech in the UK and beyond
Encompass' intelligent process automation platform for KYC dramatically improves the client experience, significantly speeding up KYC processes. Encompass automates gathering, processing and collation of primary and premium information and news discovery for KYC purposes - be that for new customer onboarding, event-driven refresh, or remediation.
Using their customers’ existing internal KYC policies and processes, Encompass constructs corporate ownership structures, discovers beneficial owners, and comprehensively screens entities and persons for risk - be that across structured watchlist data sets or unstructured adverse media sources.