Banks benefit greatly from digitalisation – whether through an increase in operational efficiency, enhanced responsiveness to customer needs, or improvements in strategic decision-making. Technology companies, such as RegTechs, are a key driving force behind many of these benefits. They harness the evolution of digital technologies for the purposes of risk management and regulatory compliance. RegTechs can enhance data availability, traceability, and/or modularity hence, improving the overall reporting standards (financial, risk, regulatory, and management). It is also possible for RegTechs to facilitate documenting compliance with existing regulatory requirements. But most importantly, RegTechs have the ability to overhaul almost all aspects of risk management at banks and other lenders. Through these benefits, it will be no surprise that RegTechs are a game changer for the credit industry moving forward.
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