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Banking operates in an increasingly complex environment. Due to the increased need for compliance, margins are diminishing and costs are rising. To stay competitive, banks are looking at various ways to differentiate themselves, whether by specializing their products and services, adapting their operating model, or engaging with their customers in new ways.
While the point of differentiation is to drive business, compliance is—in contrast—rarely seen as a business driver. Compliance is viewed as a cost of doing business, and therefore banks try to keep its costs low. While it’s important to keep expenses in mind, banks must nonetheless ensure that they can quickly access compliance resources at any given moment in time. If they can’t, chances are that many banks will experience a bottleneck when their compliance department tries to meet deadlines associated with regulatory changes. MiFiD II and the automatic exchange of financial account information are just two examples of noteworthy regulations that were recently introduced and that have put pressure on banks, and more specifically, on their compliance departments. Banks must decide now how they will handle future compliance-related demands.
As compliance burdens have grown over the years, banks have increasingly sought new ways of navigating the challenging landscape, such as through employing ad-hoc compliance expertise or managed compliance services. Audit and risk advisory firm Deloitte's response to this market situation has been to extend their offering exactly into this problem area, by creating new out-of-the-box RegTech (regulatory technology) solutions based on the Appway Platform's automation. These new solutions are also designed to complement existing Appway client onboarding and customer lifecycle implementations.
Banks can make use of Deloitte’s specialized regulation services in two ways: either reactively and on demand or proactively, if they want to outsource parts of their compliance procedures systematically to a reliable third party. Deloitte’s managed service offering provides banks with the option to buy compliance-related services at varying degrees, allowing them to balance business growth with regulation risks more effectively.
Appway enables partners such as Deloitte to offer their services and expertise through the Appway Platform, empowering them to build their own solutions for their end customers.
Please go to Deloitte's managed services website for more information.
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