Regulatory Technology Revolutionizes Compliance in Swiss Banking Sector: Deloitte and Finform Team Up to Automate KYC Process
Streamlining Compliance in the Financial Industry
The increasing complexity of regulatory processes and rising costs have become a significant challenge for financial service providers in Switzerland. In response, innovative solutions that leverage modern technologies are being implemented to streamline compliance.
The Rise of Regulatory Technology (Regtech)
Regulatory technology, or “regtech,” is gaining traction as a means for banks to reduce regulatory burdens while maintaining efficiency. Regtech solutions have the potential to revolutionize the way financial institutions approach compliance, reducing costs and improving outcomes.
Automating the Know Your Customer (KYC) Process
One example of regtech in action is the collaboration between Deloitte and Finform, which has developed automated solutions for the Know Your Customer (KYC) process. Fintech companies like Finform have made significant strides in digitizing the KYC process, with existing solutions catering primarily to standard non-complex customers.
The Untapped Potential of Automated KYC
However, there remains untapped potential for substantial savings by automating processing for more complex cases. To make automated KYC a reality for all customer groups, Deloitte’s Managed Services (DMS) platform integrates the global accounting firm’s regulatory expertise with Finform’s solution.
The Power of Integration
By leveraging newly-developed automated processes, DMS ensures compliance with regulatory requirements across different countries and complex KYC cases. This innovative partnership enables the reliable identification of customer relationships with increased risk, allowing for effective additional investigations to be carried out.
A Game-Changer for Swiss Banks
As Swiss banks continue to face intense cost and innovation pressure, regtech solutions like this collaboration between Deloitte and Finform are poised to play a crucial role in helping them stay ahead of the curve. By embracing regtech, financial institutions can reduce costs, improve efficiency, and enhance customer experience.
Key Benefits:
- Automated processing for more complex KYC cases
- Reduced regulatory burdens and increased efficiency
- Improved compliance with global regulations
- Enhanced customer experience through streamlined onboarding processes