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.
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