Filene Fill-in Episode #34
|
Ep. 34: RegTech & CUs—Trench Stories, Love & Aspiration
From our research (dream) team, this is our “Wildcard” for the new research report “Credit Union Regtech: Innovation and Expertise.”
- Regtech Defined: Regtech involves employing computerized processes like automation, artificial intelligence, and transaction monitoring to aid teams in achieving regulatory compliance and analyzing data. It encompasses a broad range of technologies aimed at assisting with regulatory responsibilities.
- Supplementing Human Work: Regtech doesn't aim to replace compliance managers and regulatory personnel, but rather to enhance their work. It automates repetitive tasks, allowing humans to focus on strategic and high-level processes, making compliance teams more effective.
- Empowering Compliance Teams: Regtech provides better information and data for compliance teams. It offers software solutions that gather, analyze, and present data that might otherwise be difficult or time-consuming to obtain, enhancing decision-making.
- Shifting Mindset: There's a growing shift in mindset within credit unions regarding compliance. Many are viewing regulations as opportunities rather than impediments, interpreting them broadly to explore options that serve members effectively while staying compliant.
- Interpretation and Compliance: Regtech aids in executing existing interpretations of regulations but might still require human interpretation for changes or nuances. It helps credit unions stay updated on changing regulations, offering guidance and tracking implementations.
