Ellie Murray, RegTech Women Advisory Board Member and Anuprita Jagtap, Principal Consultant, BCS Consulting recently had a fireside chat to explore the macro view to the specific focus on how and why compliance officers buy RegTech solutions.
Ellie and Anuprita started by discussing an overview of the increased interest and appetite in RegTech over the last year and where the RegTech industry sits within the FinTech space (tip: it's not just as a buzzword!). They expressed their views on the UK Kalifa Review and the latest RegTech research report by the City of London Corporation and RT Associates title '2021 A Critical Year for RegTech' (download the report here). They raised the point that there is a challenge due to the lack of a single industry body and forum for the RegTech industry and discussed the big four consultancies work in this space and whether this may stifle the diversity and choice offered by startups.
They remind us that compliance officers have been implementing technology for the last decade for regulatory requirements, solutions to solve challenges around the tracking of gifts and entertainment to financial crime. They discussed the difficulties of knowing where to start and how to involve the end users as many compliance officers are not from a technology background.
Finally, Ellie and Anuprita summarised by offering ten top tips for selling a RegTech solution to compliance officers:
- Ensure your solution is technically strong and know what it doesn't cover
- Usability and user experience - make the front end easy to use...
To hear the remaining eight tips, watch the replay below.