Buying a RegTech solution is never easy, but there are some things you can consider beforehand.
The Covid-19 pandemic has increased the need for banks and other financial services companies to ensure they meet the compliance demands put upon them by regulators.
However, knowing the ins and outs of what makes a good RegTech is solution is far from easy for first-time buyers.
This is something Anthony Quinn, founder and CEO of RegTech100 company Arctic Intelligence, understands very well.
“If you put yourself in the shoes of a buyer of RegTech solutions it’s actually quite confusing simply because of an explosion of solution providers, many unique, and others solving the same customer problems in different ways,” he says.
“The advice I would give any business looking to engage a RegTech vendor is to clearly understand and articulate your requirements, do a bit of research and draw up a shortlist. Then reach out to a handful, arrange demos and seek to benchmark the vendors features against your requirements.
“Also, it’s important to select a vendor that has proven technologies, used by industry peers and has a demonstrable track record for delivering on their promises. Many vendors are hungry to win trust and will likely go the extra mile and be much faster to move than old school incumbent software companies.”
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