Monday, June 24, 2024

RegTech 2020: The future of Digital Transformation

As solutions disrupt different parts of the RegTech ecosystem, the digitisation of financial services has started to take place. With this trend gaining momentum, it is important to understand how RegTech will change businesses now and in the future. Chris Skinner, the FinTech and digital transformation industry expert and Matt Neill, MD of OpTechs, a digital transformation consultancy, provide insight on the latest podcast from Encompass Corporation, titled: RegTech 20:20.

As FinTech and RegTech development continues to accelerate, Encompass Corporation aims to demystify RegTech for listeners and understand what practitioners and banking organisations are doing to overcome organisational challenges. Chris Skinner, FinTech and digital transformation influencer, says that “when it comes to digital transformation and the big banks, you have to start with a complete rethinking of the business from the top to the bottom, led by the leadership team.” He draws from examples in his recent research and book Doing Digital.

When discussing regulation, Chris mentioned that banks should be trying to improve society and be trustworthy sources for customers. He speaks of the next decade in financial services and the likelihood of growing environmental concerns, like sustainability, which will provoke regulation focused on renewables.

“…Banking should be, at its core, trying to improve society and do good for society and the planet which at the moment, it is not. I think in the next decade we will see a lot of regulatory change and a lot of governments will start to look at environmental concerns and equally, sustainable finance,” said Chris Skinner.

Also speaking to Encompass Corporation in this podcast episode, Matt Neill, of OpTechs, mentioned some of the challenges and obstacles which firms must overcome when embarking on a digital transformation journey,

“Getting organisations to the decision point where management can see digital transformation as a critical initiative is important. They must first have a clear idea of what they’re trying to automate and as they take on transformation, ensure that they do not overreach too early and quickly” Matt said.

The future of financial institutions is also discussed as well as the possibility of some banks becoming acquired by far more agile challenger banks, due to unsuccessful digital transformation. You can listen to the full episode of RegTech 20:20 here:

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