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Financial adviser using RegTech in your firm?

Journalist: Laura Miller, Freelance

ended 26. April 2023

Looking for a financial advice firm that has successfully integrated a RegTech solution to benefit the firm in terms of compliance etc. To use as a case study for an article for CISI. 

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We are fully integrating RegTech into our bespoke IT systems because it takes an awful lot of the mundane applicant analysis work away from human hands and into the hands of powerful algorithms written to an exact specification and open to further improvement. I am not saying that a qualified adviser can't do an excellent job in carrying out the regulators Know Your Client practices manually but who wants to when it can be done faster, slicker, and with fewer potential errors? Take our Open Banking system - yes I can easily analyse 6 months' bank statements by hand and pose queries on particular transactions featuring in them with applicants but can I "really" say that after the 30th page that I am working at the same efficient level as was the case for the 1st page - I think not. Can I effectively analyse a 60-page 4 bureau credit report and gain all the nuances and fine detail that a decent piece of analysis code can - certainly not? RegTech is about improved systems and controls.