Is Nigeria's Compliance Industry Ready for Challenges of Regulatory Technology? - THISDAYLIVE

Today's customers demand more options, more creative solutions, greater flexibility and faster responses from banks and other financial institutions. Survival and success for financial institutions in this new world requires that they operate with intelligence, agility and speed to keep up with evolving customer preferences and technologies. Consequently, more and more customer interactions and financial transactions are going digital as online and mobile payments, customer on-boarding and account opening are on the rise. Yet, while digital interfaces present an opening for innovative business services, they also yield new challenges, such as pressure on back office operations or increased regulatory scrutiny. Largely automated interactions generate more data to analyse, demand higher volumes of sample testing, and expand the compliance burden. To create a flawless customer experience, the back office has to keep up as well.