The financial compliance standards are most essential in the financial ecosystem today as it is viewed as the key source in sustaining public trust in the banking system. Together with the technological breakthroughs and digitalization trends, the risks and the challenges affecting the security of the financial world have started to get more serious. Therefore, the regulations to cover and prevent potential financial crimes have been stricter than ever before. However, technology also has the empowering side to offer the most effective solutions to the financial institutions in dealing with demanding compliance standards and offering the most secure and gratifying service to the consumer of the digitalization age.
RegTech (Regulatory Technology) has entered the financial industry landscape to manage compliance-related activities and continuously keep financial institutions and FinTechs aware of regulatory developments. RegTech's cloud-based architecture has become crucial in satisfying dynamic regulatory requirements, as it increases financial institutions' overall operational efficiency through benefits such
as scalability, cost-effectiveness, security, and adaptability. RegTech allows the most comprehensive, functional, and effective regulatory compliance possible by leveraging technologies such as artificial intelligence (AI), machine learning (ML), and analytics. Furthermore, AI and ML are critical for detecting potentially harmful financial activities and limiting false positives. Financial institutions that employ AI technology enhance the overall quality of their business by assuring client satisfaction while adhering to regulatory regulations.
To help leaders choose the solution that best fits their requirements, Financial Services Review has compiled lists of the most promising compliance solution providers and compliance service companies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for aspiring CIOs.
We present to you Financial Services Review’s ‘Top 10 Compliance Service Companies - 2021'.