Regtech Challenger Launches New Communications Suite to Support Smaller Financial Players
- RegTech , Compliance , Data
- 03.06.2021 11:10 am
SteelEye, the compliance technology and data analytics firm, has launched a new suite of communication compliance solutions to give financial firms of all sizes and risk profiles access to best-in-class record-keeping and oversight tools.
The Covid-19 pandemic has accelerated digitalisation in the financial markets, with increased adoption of cloud-based RegTech solutions. However, restricted by budget and resource, the options available to smaller financial firms have been limited. Many of the incumbent providers have not innovated in line with technological advancements, are still operating legacy platforms, and make it prohibitively difficult and costly for firms to access and use their data. Yet 88% of buy-side firms in Europe and 99% of buy-side firms in the United States can be classified as ‘small’ financial firms (with AUM of less than £10 billion per annum).1
SteelEye’s extended communications suite gives firms of all sizes access to flexible tools for communications data-hosting, monitoring and surveillance – with unlimited data access and exports and enhanced visualisation tools to give firms full value from data
Matt Smith, Chief Executive Officer at SteelEye, said:
“COVID-19 has posed huge data challenges for financial services businesses – impacting many firms’ ability to manage their regulatory obligations. Aside from the almost overnight acceleration to a cloud-based environment, the pandemic has introduced a variety of challenges around how to capture, store and analyse the vast volumes of data produced by a remote workforce.”
“We have created this three-tiered communications compliance suite to enable financial firms of all sizes and risk profiles to effortlessly bring together, monitor and use their communications data. The new lite solution revolutionises how smaller firms meet their communications record keeping and oversight obligations – a move we think is delivering the right solution to those requiring it.”
The SteelEye platform is unique in its ability to bring together and make sense of large volumes of both structured and unstructured data covering any asset-class, communication type or system. This enables financial firms to effortlessly and accurately comply with a range of complex and ever-changing regulatory obligations, whilst also giving them complete control of their data.
Matt Storey, Chief Product Officer at SteelEye added: “Regardless of what tier a firm chooses, they can feel safe in the knowledge that our unique, fully integrated, and cloud-based platform will simplify communications archiving and oversight, whilst increasing automation, reducing risk, and saving cost.”
“By introducing three distinct product sets we can ensure all our customers, no matter their size or risk profile, have a sophisticated solution – rooted in advanced data management – that enables them to meet regulatory obligations more quickly, efficiently and accurately.”