{"id":6126,"date":"2020-09-10T14:17:27","date_gmt":"2020-09-10T14:17:27","guid":{"rendered":"https:\/\/fintech.global\/AIFinTechForum\/?p=6126"},"modified":"2020-09-10T14:17:27","modified_gmt":"2020-09-10T14:17:27","slug":"whats-the-biggest-challenge-facing-regtechs-during-lockdown","status":"publish","type":"post","link":"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/","title":{"rendered":"What\u2019s the biggest challenge facing RegTechs during lockdown?"},"content":{"rendered":"

While social distancing rules may be easing in some regions of the world, other countries are contemplating reinstating lockdowns. So what does that mean for RegTech companies?<\/strong><\/p>\n

The world has changed since the first rumours about a new disease started to slip out of Wuhan at the end of 2019. Those whispers soon turned into an alarm when the director general of the World Health Organization declared that the novel coronavirus outbreak was a public health emergency of international concern on January 30. A pandemic was coming.<\/p>\n

When it arrived nations across the world responded in a number of different ways, but most of them enacted some kind of social distancing rules. Some countries, like the UK, went into full lockdown. Others, like Sweden, introduced more lenient restrictions where they essentially called on their citizens to use their common sense whilst keeping restaurants and gyms open.<\/p>\n

But no matter what level of lockdown the authorities introduced, it provided plenty of obstacles for RegTech industry stakeholders to overcome.<\/p>\n

\u201cInitially, the biggest challenges resulted from the uncertainty about the impact Covid was going to have on their own businesses but also the impact it would have in the short and long-term on clients, partners and regulators,\u201d says Anthony Quinn, founder and CEO of Arctic Intelligence<\/a>, the RegTech company.<\/p>\n

For instance, RegTech representatives were no longer able to attend events and establish partnerships that way. And forget about impromptu lunches or any other type of face-to-face meetings. Moreover, RegTech leaders also had to become accustomed to organising their own teammates remotely, using a selection of collaboration tools like Zoom, Skype and Microsoft Meetings.<\/p>\n

However, these challenges have seemingly been accompanied by further acceleration of digital adoption among financial institutions. \u201cWhilst lockdown has clearly created major disruption to most, it seems to have accelerated the conversation about remote working and the need for tech,\u201d Quinn says.<\/p>\n

Unsurprisingly, the same challenges that RegTech companies have faced have also affected their clients and potential partners. For instance, when they have tried to adjust to the new normal, these businesses have had to introduce new measures to ensure they have remained compliant whilst operating a remote workforce.<\/p>\n

\u201cFirms need to maintain transparency into how employees are communicating with clients and colleagues to ensure compliance with conduct, privacy, and cybersecurity mandates,\u201d says Marc Gilman, general counsel and vice president of compliance at Theta Lake<\/a>, the RegTech company.<\/p>\n

\u201cRecently implemented compliance regimes like the SEC’s Regulation Best Interest as well as existing privacy requirements under CCPA and GDPR pose oversight challenges for firms leveraging new communication tools.<\/p>\n

\u201cGiven the rapid increase in the use of collaboration platforms like Zoom, Cisco Webex and Microsoft Teams to support remote communication, firms must use purpose-built RegTech tools to supervise what was said, shown and shared over these channels. In this sense, the challenge for RegTech should be to understand its customers’ pain points and architect solutions to meet those needs.”<\/p>\n

Add to that a rising number of cyber criminals trying to leverage the pandemic to launch hack attacks, governments introducing new rules to help society cope with Covid-19 and having all of those on top of their regular compliance obligations, and it is clear that there is a demand for RegTech solutions.<\/p>\n

Maybe that is the reason why the RegTech industry has defied expectations and continued to raise massive deals despite the shutdowns. In fact, the RegTech industry raised $3.9bn in total between January and June this year, according to FinTech Global’s research<\/a>.<\/p>\n

This follows from an annual increase in investment seen since 2015 when the sector attracted $1.1bn in investment. By 2019, that figure had jumped to $8.5bn.<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

While social distancing rules may be easing in some regions of the world, other countries are contemplating reinstating lockdowns. So what does that mean for RegTech companies? The world has changed since the first rumours about a new disease started to slip out of Wuhan at the end of 2019. Those whispers soon turned into… <\/p>\n

<\/div>\n

Read More<\/a><\/p>\n","protected":false},"author":10,"featured_media":6127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\nWhat\u2019s the biggest challenge facing RegTechs during lockdown? - AI in Financial Services Forum<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s the biggest challenge facing RegTechs during lockdown? - AI in Financial Services Forum\" \/>\n<meta property=\"og:description\" content=\"While social distancing rules may be easing in some regions of the world, other countries are contemplating reinstating lockdowns. So what does that mean for RegTech companies? The world has changed since the first rumours about a new disease started to slip out of Wuhan at the end of 2019. Those whispers soon turned into... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/\" \/>\n<meta property=\"og:site_name\" content=\"AI in Financial Services Forum\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-10T14:17:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fintech.global\/AIFinTechForum\/wp-content\/uploads\/2020\/09\/medicine-5103043_1280-696x464.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"696\" \/>\n\t<meta property=\"og:image:height\" content=\"464\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"James Haxell\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Haxell\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/\",\"url\":\"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/\",\"name\":\"What\u2019s the biggest challenge facing RegTechs during lockdown? - AI in Financial Services Forum\",\"isPartOf\":{\"@id\":\"https:\/\/fintech.global\/AIFinTechForum\/#website\"},\"datePublished\":\"2020-09-10T14:17:27+00:00\",\"dateModified\":\"2020-09-10T14:17:27+00:00\",\"author\":{\"@id\":\"https:\/\/fintech.global\/AIFinTechForum\/#\/schema\/person\/7ae8d9db346a6c8e7b29caa3ac2bce71\"},\"breadcrumb\":{\"@id\":\"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/fintech.global\/AIFinTechForum\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What\u2019s the biggest challenge facing RegTechs during lockdown?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/fintech.global\/AIFinTechForum\/#website\",\"url\":\"https:\/\/fintech.global\/AIFinTechForum\/\",\"name\":\"AI in Financial Services Forum\",\"description\":\"The most senior-level event event for the adoption of AI in Financial Services\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/fintech.global\/AIFinTechForum\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/fintech.global\/AIFinTechForum\/#\/schema\/person\/7ae8d9db346a6c8e7b29caa3ac2bce71\",\"name\":\"James Haxell\",\"url\":\"https:\/\/fintech.global\/AIFinTechForum\/author\/jhaxell\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What\u2019s the biggest challenge facing RegTechs during lockdown? - AI in Financial Services Forum","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/","og_locale":"en_US","og_type":"article","og_title":"What\u2019s the biggest challenge facing RegTechs during lockdown? - AI in Financial Services Forum","og_description":"While social distancing rules may be easing in some regions of the world, other countries are contemplating reinstating lockdowns. So what does that mean for RegTech companies? The world has changed since the first rumours about a new disease started to slip out of Wuhan at the end of 2019. Those whispers soon turned into... Read More","og_url":"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/","og_site_name":"AI in Financial Services Forum","article_published_time":"2020-09-10T14:17:27+00:00","og_image":[{"width":696,"height":464,"url":"https:\/\/fintech.global\/AIFinTechForum\/wp-content\/uploads\/2020\/09\/medicine-5103043_1280-696x464.jpg","type":"image\/jpeg"}],"author":"James Haxell","twitter_card":"summary_large_image","twitter_misc":{"Written by":"James Haxell","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/","url":"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/","name":"What\u2019s the biggest challenge facing RegTechs during lockdown? - AI in Financial Services Forum","isPartOf":{"@id":"https:\/\/fintech.global\/AIFinTechForum\/#website"},"datePublished":"2020-09-10T14:17:27+00:00","dateModified":"2020-09-10T14:17:27+00:00","author":{"@id":"https:\/\/fintech.global\/AIFinTechForum\/#\/schema\/person\/7ae8d9db346a6c8e7b29caa3ac2bce71"},"breadcrumb":{"@id":"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/fintech.global\/AIFinTechForum\/whats-the-biggest-challenge-facing-regtechs-during-lockdown\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fintech.global\/AIFinTechForum\/"},{"@type":"ListItem","position":2,"name":"What\u2019s the biggest challenge facing RegTechs during lockdown?"}]},{"@type":"WebSite","@id":"https:\/\/fintech.global\/AIFinTechForum\/#website","url":"https:\/\/fintech.global\/AIFinTechForum\/","name":"AI in Financial Services Forum","description":"The most senior-level event event for the adoption of AI in Financial Services","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fintech.global\/AIFinTechForum\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/fintech.global\/AIFinTechForum\/#\/schema\/person\/7ae8d9db346a6c8e7b29caa3ac2bce71","name":"James Haxell","url":"https:\/\/fintech.global\/AIFinTechForum\/author\/jhaxell\/"}]}},"_links":{"self":[{"href":"https:\/\/fintech.global\/AIFinTechForum\/wp-json\/wp\/v2\/posts\/6126"}],"collection":[{"href":"https:\/\/fintech.global\/AIFinTechForum\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fintech.global\/AIFinTechForum\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fintech.global\/AIFinTechForum\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/fintech.global\/AIFinTechForum\/wp-json\/wp\/v2\/comments?post=6126"}],"version-history":[{"count":0,"href":"https:\/\/fintech.global\/AIFinTechForum\/wp-json\/wp\/v2\/posts\/6126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fintech.global\/AIFinTechForum\/wp-json\/wp\/v2\/media\/6127"}],"wp:attachment":[{"href":"https:\/\/fintech.global\/AIFinTechForum\/wp-json\/wp\/v2\/media?parent=6126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fintech.global\/AIFinTechForum\/wp-json\/wp\/v2\/categories?post=6126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fintech.global\/AIFinTechForum\/wp-json\/wp\/v2\/tags?post=6126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}