RegTech for small financial institutions
How can small financial institutions easily adopt RegTech solutions?
The most evident option for small financial institutions to implement regtech is to make use of ready-to-use systems. These regtech systems provide pre-configured analytics and are most often Software as a Service (“SaaS”) which saves the financial institution the efforts of IT implementation.
Such ready-to-use regtech systems are frequently found for anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) screening. They allow the financial institution to automate specific steps in a larger process while the financial institution continues carrying out other steps manually.
Increasingly, these ready-to-use regtech systems automate even entire processes or task management, for example the management of review cycles and the tracking of the expiry of documents in addition to AML/CFT screening.