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Ana Guzmán
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RegTech: we continue with the era of technological solutions
RegTech will accelerate the digital transformation of the financial sector
The Atlas Team :quality(70))
Digital transformation is taking center stage for the financial sector in Latin America. Argentina is no exception, and in the last two years, even more innovative solutions have emerged to simplify and accelerate this digitalization.
According to data from the New Payments Index 2022 by Mastercard, throughout 2021, 94% of consumers used at least one digital payment method such as digital wallets, QR codes, cryptocurrencies, among others.
Methods that are increasingly used and common in the daily lives of consumers. Therefore, the financial sector is paying more attention to accelerating its digitalization strategy by focusing on 3 objectives: continuing to promote the use of mobile banking, applications, and financial inclusion.
Timely, FinTechs are becoming leading companies in this new wave of technological innovation in a sector as relevant and regulated as finance.
At least 50% of Argentine companies are associated with a Fintech company. This is according to PwC's Global Fintech Survey. This shows that technology is becoming an important ally for the business sector in general.
However, beyond the conveniences and facilities for the consumer, the financial sector is paying special attention to digital transformation to ensure its Compliance and the mitigation of certain risks, such as cyber risks. This is how the term 'RegTech' is arousing curiosity and interest.
RegTech are technological solution tools focused on the management of regulatory processes specific to the financial sector. As we know, with the accelerated digitalization, regulation and legality have become difficult issues to manage.
Before this, that's when the solution offered by the same FinTech is born. It is worth noting that this regulatory technology has been defined as the future of digitalization for the financial sector and part of the most accessible route to comply with regulations with transparency.
RegTech seems to be the beginning of a promising and accessible future for digital transformation, as by including Compliance solutions, it offers a secure environment where information and data are not exposed to potential cyberattacks. Therefore, it has also become a strategic factor for risk management.
RegTech: we continue with the era of technological solutions
It is clear that as market needs increase, so will technological solutions. However, it is important to highlight that RegTech is just part of the wide range of technological tools that ensure improving Compliance and transparency in the organization alongside cybersecurity.
Examples of this are GRC (Governance, Risk and Compliance) software, focused on simplifying and unifying processes related to Corporate Governance, Risk management, and Compliance of an organization. On the other hand, we also find Corporate Governance software, specific tools to create a safe environment for Boards, ensuring the effectiveness of the same body and the optimization of time in such management.
It is important to understand that digitalization involves a series of strategies and tools that work and simplify everyone's work in an organization. That is why now more attention must be paid to all these technologies which, together, could mean optimizing the results of an entire organization and an accelerated evolution in the market.
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