In today’s increasingly digitised and interconnected world, businesses face the complex challenge of navigating an ever-changing labyrinth of regulatory compliance.
This is where Regulatory Technology, commonly known as RegTech, comes into play.
RegTech is fast emerging as an essential component of a businesses operations, enabling businesses to efficiently and reliably meet their compliance obligations while at the same time revolutionising traditional processes and practices.
RegTech is not simply about mitigating risks or complying with rules, it’s also about enhancing the customer experience and promoting trust. Businesses now have the opportunity to turn compliance from a manual, time consuming process into a competitive advantage, by integrating regulatory requirements seamlessly into their operations and customer interactions.
An exciting area of opportunity within the modern RegTech landscape lies in customisation. The ability for businesses to adapt and align RegTech solutions with their specific needs and workflows, whilst safeguarding their unique brand experience, is an often understated yet hugely impactful benefit from RegTech providers.
Through this Vaiie Views Insight, we will share insights from our experiences at the forefront of RegTech and discuss how these innovations are transforming business operations, risk management, and customer engagement strategies to deliver a better brand experience for customers while mitigating risks for these businesses.
The Multi-Dimensional Impact of RegTech
RegTech solutions are not just tools for regulatory compliance – they are essential facilitators for superior risk management and customer experience. Through smart, automated processes, these solutions help businesses reduce potential risks tied to human error and generate heightened operational efficiency. The streamlined and user-friendly nature of these tools demonstrates a company’s commitment to transparency and customer service, thereby boosting overall customer trust and satisfaction levels.
RegTech’s influence also extends to the individual level within regulated firms. These solutions alleviate the burden of repetitive and time-consuming compliance tasks from compliance professionals, freeing up their time and energy to focus on high value or high-risk edge cases and strategic initiatives. This not only optimises the utilisation of their skills and expertise for the benefit of the business, but also increases their job satisfaction.
Customisable vs. Off-the-Shelf RegTech Solutions
When considering RegTech solutions, businesses typically face two broad options: off-the-shelf products or customisable solutions. While both serve their purpose and can be beneficial, the value they offer can vary significantly depending on the unique requirements of a business.
Off-the-shelf RegTech products offer a uniform approach. These are pre-packaged solutions designed to meet a general set of needs. As a result, they are typically easy to implement as they require less configuration.
On the other hand, customisable RegTech solutions, such as those offered by Vaiie, cater to the specific needs and workflows of a business. They are designed with flexibility and adaptability at their core, allowing businesses to tailor the processes executed within the solution to their unique operational needs and regulatory landscape. This adaptability ensures that the technology grows and evolves with the business, rather than becoming a restrictive factor.
Brand Experience: Consistency and Trust
The level of customisation adopted is particularly significant when it comes to the brand experience. By opting for a customisable solution, businesses can preserve their unique brand experience that is a key part of customer engagement. Through customisation, they can seamlessly integrate the RegTech solution into their existing processes and interfaces, ensuring consistency in their customer interactions.
For instance, Vaiie’s Identify solution is easily adaptable to fit any businesses branding and design style. This allows the customer to engage with advanced facial recognition and ID authentication technologies that provide additional levels of security while simultaneously immersed in an environment that has the comfort and familiarity of their trusted brand.
This smooth integration addresses potential concerns customers may have when dealing with requests for sensitive information. Often these requests will come directly from the RegTech company and without the visual touchpoints of their trusted brand, customers are right to question; ‘Who is this?’, ‘What is this?’, ‘Can it be trusted?’ and ‘Is it safe?’ These doubts can be mitigated if customers perceive that they’re always within the safety of their trusted brand. Hence, customisation aids in preserving and strengthening trust, reducing hesitancy and delays in direct customer interactions.
Broken or Inefficient: A Measured Approach
When embracing RegTech solutions, businesses often have to assess whether their current processes are fundamentally flawed, or simply inefficient. This distinction can influence whether an off-the-shelf or customisable solution is more appropriate.
If a business’s processes are fundamentally broken, an off-the-shelf solution can provide a complete, ready-made system to replace faulty mechanisms. However, trusting a RegTech process over the knowledge and expertise of your own team can be a leap of faith.
Conversely, if a business’s process isn’t broken but simply inefficient, customisable RegTech solutions can offer a more nuanced solution. For instance, Vaiie’s Onboard solution includes configurable steps, and workflows can be tailored to fit your specific operations, thereby optimising existing processes rather than replacing them.
Vaiie’s Onboard solution merges a suite of features, including multi-factor evidence verification and automated due diligence, to streamline the onboarding process and increase efficiency. Crucially, while providing these comprehensive capabilities, it still allows firms to mould the solution to fit their unique needs, ensuring operational control isn’t compromised.
This adaptive technology allows businesses to retain their tried-and-tested processes, built by skilled risk, policy, and compliance professionals over time, while at the same time taking advantage of RegTech’s innovative capabilities. It supports a balance between respect and utilisation of established best practices and the drive for continuous improvement and efficiency.
The solution
Vaiie’s intelligent technology is highly adaptable to deliver the right solution for any business. Whether that business opts for Vaiie’s house standard workflow out of the box, or a fully customisable solution, Vaiie have developed a suite of products that can deliver the right fit for any business and regulatory landscape. Vaiie empowers businesses to maintain their individuality and brand ethos while leveraging the power of RegTech. They turn regulatory compliance from an obligatory task into a strategic, value-adding function that enhances the customer experience and business performance. Therefore, while off-the-shelf solutions may provide an immediate solution to fundamentally broken processes, customisable RegTech solutions offer a sustainable, adaptable and personalised approach that aligns with the unique needs and identity of your business.
The advent of RegTech, particularly SaaS-based models, heralds a dynamic future. These solutions are designed to learn, adapt, and evolve, continually raising the bar in terms of performance and user experience. They leverage extensive client and data insights to refine and enhance their offerings, driving continuous innovation for all users. In the rapidly evolving world of regulatory compliance, embracing such adaptable solutions not only aids in navigating present challenges but also prepares businesses to swiftly respond to the future, whatever it may bring. The revolution of RegTech has only just begun.
About Vaiie
Our solutions digitise experiences to enhance the way businesses meet their regulatory obligations, particularly when it comes to customer onboarding. Our products utilise intelligent technology that can drastically reduce onboarding time, cost and abandonment rate without ceding your own brand experience or rewriting entire processes.
To find out more about Vaiie or any of our digital solutions, please contact hello@vaiie.com.