Forget Fintech—Regtech is all the rage.
Identifying, implementing, and monitoring various state and federal regulations that apply to financial services is (obviously) a daunting task. Even the most conscientious firm can inadvertently get tripped up. Automating helps, but why not take full advantage of artificial intelligence?
Drawing on a database of what it claims is over 100 state and federal regulatory sources, Silicon Valley-based RegVerse did just that. The company said Thursday that its Avery AI platform and human expertise will “provide 24/7 personalized compliance guidance” while minimizing regulatory risks and saving time and resources for financial advisors.
“Navigating intricate regulations presents an ongoing challenge for firms of all sizes,” Sid Yenamandra, CEO of RegVerse said in a statement. “Avery’s blend of AI-powered insights and human support empowers firms to effectively track and implement best practices, reducing risks and ensuring stringent compliance with ease.”
He added that its three primary value propositions are saving time when identifying regulatory gaps, streamlining regulatory management, and empowering compliance teams with AI.
A recent Financial Services Research Panel Survey found that 66% of financial service leaders expect GenAI to have more potential for benefit than risk to their organization. In addition, 61% of executives in the survey report their firms are increasing investments in AI or plan to do so in the next 12 months.
“Regtech or regulatory technology first emerged as a spin-off to the fintech industry, and it now serves the financial services and beyond,” according to Moody’s. “Regtech plays a critical role in the risk and compliance space – used in the fight against financial crime, it helps prevent money laundering and terrorist financing while enabling good customers to enjoy better compliance experiences.
“Regtech or regulatory technology refers to a range of SaaS (software as a service) solutions designed to automate regulatory compliance processes for businesses across different sectors,” it concluded.
