Michael Howard 21 Nov 19 5 min read

The future of meeting financial compliance obligations

Today’s regulatory environment is complex. Financial institutions are confronted with an ever-growing (and changing) list of compliance requirements. Without the right systems in place, it’s challenging to keep up, and it’s challenging to manage in the long term.

Up until recently, compliance has relied heavily on human resource to get the job done. Increased regulatory requirements put increased pressure on already stretched employees. And despite being business-critical, many organisations have failed to adapt their processes alongside the changing regulations.


It’s time for that to change

The complex and disparate way that compliance and risk management systems have existed up until this point has led to clunky and disjointed business processes, and therefore poor customer experience (CX).

What if your organisation was to instead put customer and employee experience at the heart of financial compliance, to redesign a far more streamlined, intuitive experience?

After all, in a world where technology is democratising product offerings, a customer-centric compliance experience is a huge opportunity for businesses to differentiate themselves from others in the market to better attract and retain customers.


Compliance in a changing world

As more businesses turn to digital channels for connecting with their customers, delays in service or time-consuming procedures are not going to fly. Digital-savvy customers have high expectations when it comes to simplicity, speed and convenience. Plus, fragmented legacy compliance systems with multiple touchpoints will do little to nurture satisfied customers. So the need to optimise CX and minimise touchpoints while maintaining a personal approach has never been more important.

Good CX is easy to recognise, but hard to get right. It’s the combination of brand, people, systems, data, and software that make up the whole of a customer’s journey as they interact with your business. To meet the expectations of today’s customers, while still ticking compliance boxes, financial services business need to focus on understanding and developing CX first, before ensuring that regulatory compliance can fit into the overall experience in the least disruptive or cumbersome way.


New compliance technology

Compliance might be changing, but luckily technology - or RegTech (regulatory technology) as it is known -  is evolving even faster. Emerging compliance technology is helping to relieve the burden of data collection and screening on compliance professionals by working to support and augment their role.

For employees, that means a more efficient way of working, and greater opportunity to focus on engagements that need a human touch. After all, compliance still requires the awareness, reasoning and intuition that only humans can deliver.

Where do you start? Technology that is changing the game for compliance professionals includes:


KYC software -
The process of gathering Know Your Customer data has historically been tedious and time-consuming. However, it's necessary to get a clear picture of customer behaviour, and whether or not they’re a likely risk. KYC software is now automating this step of the compliance process, reducing time and applied cost by capturing and managing documents, generating risk ratings and providing recommendations - all without the influence of human bias.

Transaction monitoring -
Automated AML/CFT software like Jade ThirdEye helps to analyse customer and transactional data for suspicious activity, quickly and accurately. It helps keep false positives to a minimum and enables compliance professionals to direct their attention to where it’s needed most.

Document storage -
Specific information storage platforms also exist to help businesses automate the process of document collection and file sharing, and keep accurate digital records of all documentation related to a client. It streamlines a mundane and otherwise time-consuming task, while ensuring the privacy and security of client information.

Better solutions for compliance professionals ultimately lead to a better experience for customers and therefore, greater retention for your organisation. So, is it time for your business to put customer experience at the centre of your compliance process? Talk to us about how automation could transform the way you handle your compliance obligations.



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