{"id":7848,"date":"2018-01-10T06:00:53","date_gmt":"2018-01-10T14:00:53","guid":{"rendered":"http:\/\/www.trulioo.com\/?p=7848"},"modified":"2023-08-29T20:55:21","modified_gmt":"2023-08-29T20:55:21","slug":"regtech-2018","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/kyc\/regtech-2018","title":{"rendered":"RegTech Crystal Ball – Projections for 2018"},"content":{"rendered":"\n

\"RegTech
We wish we had a magic crystal ball to help us make predictions for 2018. Luckily, making projections <\/em>doesn\u2019t require a supernatural ability; rather, projections are about taking known trends and extrapolating them into the near future. No magic required, instead, let\u2019s forecast a future based on facts and trends we\u2019re seeing in the industry.<\/p>\n\n\n\n

What then, does RegTech, identity verification and compliance hold in store for us in 2018?<\/p>\n\n\n\n

The Fight for Data<\/h2>\n\n\n\n

Who owns your data? Or, perhaps more importantly, who controls it? This battle has quietly been building in the background, but 2018 might be the year it becomes a full-blow storm. In Europe, PSD2<\/a> comes into full force, with the requirement that banks open up their customer information to third-parties. It\u2019s also the year of GDPR, with wide-ranging effects on controlling EU citizen\u2019s personally identifiable information (PII).<\/p>\n\n\n\n

In other jurisdictions, the level of hacks is making it imperative for either new legislation or new technology (or both) to combat the issue. However, new data protection frameworks take time, so most companies will focus on complying with GDPR (if applicable) and using the lessons to improve their overall data handling schemes.<\/p>\n\n\n\n

Let the Bot do it<\/h2>\n\n\n\n

Let\u2019s face it, for all the creativity and intelligence humans have, we\u2019re not very good in filling out forms, carefully reading long documents, or performing other rote, boring tasks. We\u2019re expensive and prone to mistakes.<\/p>\n\n\n\n

Thus, the ability of AI, bots, automated workflows, APIs and other systems that replace manual intensive work will increasingly become accepted into the workplace. Sure, we\u2019ll call them names behind their backs and mock them tirelessly, but we\u2019ll appreciate their time and cost savings and their ability to speed up customer onboarding.<\/p>\n\n\n\n

Know Your (Business) Customers<\/h2>\n\n\n\n

Creating a business is now quicker and easier than it has ever been. Numerous tools to help entrepreneurs start, operate, market and sell goods and services are available online.  So, pretty much anyone with an internet connection and bank account can start a business online. Thus, there\u2019s a growing business need to perform Business or Merchant Verification<\/a>, which involves acquiring and verifying company vitals such as company name, address, registration number, and in some cases performing enhanced due diligence<\/a> \u2014 such as UBO (Ultimate Beneficial Ownership) and KYCC (Know Your Customer\u2019s Customer) checks \u2014 to identify and verify the people behind these business entities.<\/p>\n\n\n\n

There\u2019s an increasing compliance requirement to have in-depth company records when opening an account, such as EU\u2019s 4AMLD or US Final CDD Rule. There\u2019s a need to speed up customer onboarding, as the average time to onboard a new client is 26 days. And, there\u2019s a massive burden on staff to keep on top of archaic processes.<\/p>\n\n\n\n

Plus, the public is becoming increasingly fed up with all the offshore accounts and other financial shenanigans<\/a> of the super wealthy. This will be a year that sees major adoption of new solutions in the area. Anyone who can come up with a simple term that conveys the power of the solution will be labelled a hero.<\/p>\n\n\n\n

My Phone is Me<\/h2>\n\n\n\n

In 2017, Juniper Research estimates that $1.35 trillion globally will be spent via mobile wallets<\/a>. By the end of 2018, 27 percent of all US retail e-commerce sales will be through a mobile device. Over two billion people have used their phone for some type of purchase. However, the conversion rate on mobile phones<\/a> is 270 percent less. Something is not adding up; there\u2019s a huge number of devices and people willing to use them for transactions, but they don\u2019t take full advantage of the capabilities.<\/p>\n\n\n\n

Over the course of the year, that opportunity gap will start to close as various technologies come into play and the experience becomes more seamless, quicker and secure.<\/p>\n\n\n\n

The phones themselves will get better. With the screen already taking up all available real estate on mobile devices, and the form already getting quite long, different form factors will emerge. Every major manufacturer has hints of two-screen designs, flipping out to double screen size. Or, Magic Leap is promising to finally release its AR (augmented reality) system, which will allow for a massive virtual screen.<\/p>\n\n\n\n

Security, through biometrics, is getting there. At a certain point, it\u2019s not a technology issue, but rather one of consumer trust. With the hassles and insecurities of passwords, its mobile biometrics battle to loose; 86 percent of consumers are interested in using biometrics to verify their identity<\/a> or to make payments.<\/p>\n\n\n\n

My API or Yours<\/h2>\n\n\n\n

The big gain will come from integrating these solutions into a cohesive, trusted experience. Can this eCommerce provider be trusted? How do I place my order quickly and easily? What happens with my payment information? For sellers, how can you integrate with shopping carts and payments, how can you verify the buyer, and how can you get paid timely and hassle-free?<\/p>\n\n\n\n

Whether it\u2019s mobile commerce, sending money, doing banking or other transactions, 2018 will be a crucial year in developing a full and verifiable end-to-end solution. For the consumer, they\u2019ll get a safe, seamless online buying experience. For online retailers, they\u2019ll get processes that work together as one, running the necessary compliance and fraud checks, integrating various payment rails and back-office operations by dropping in an assortment of APIs.<\/p>\n\n\n\n

One World<\/h2>\n\n\n\n

Each communication advancement makes the world that much more of a smaller place. Now, people can relate based on shared interests, no matter how obscure, or where they are located. Multiple, diffuse examples of a borderless world are growing, from international travel to cross-border commerce.<\/p>\n\n\n\n

Ken Allen, chief executive of DHL Express, notes that e-commerce globally has been growing at around 25% a year. While he thought it would be domestic eCommerce driving the most growth, \u201cthe international, cross-border segment is growing faster than domestic e-commerce<\/a>.\u201d<\/p>\n\n\n\n

As the processes improve, people become more accustomed to buying from micro-merchants and the trust framework grows, cross-border commerce will continue to expand in 2018.<\/p>\n\n\n\n

RegTech: Powerful Compliance Tool<\/h2>\n\n\n\n

There\u2019s a theme developing for 2018; the proper use of data and technology can effectively diminish money laundering, fraud and other financial dangers. Whether if it is protecting PII, making operations more cost effective (while maintaining compliance), gathering intelligence about prospective business clients, using biometrics and other technologies to improve mobile commerce, or improving cross-border transactions, new technology can improve compliance, customer experience, work life, and the bottom line.<\/p>\n\n\n\n

Two years ago, RegTech needed an explanation every time it was mentioned. This year, anyone in the industry knew exactly what it meant. In 2018, RegTech will become as mainstream as its older sibling, fintech; for those in the know, it will be a much more powerful and useful industry.<\/p>\n\n\n\n

Stay tuned<\/a> to the Innovations in Identity blog for developments over the year. We promise it\u2019ll be exciting, interesting and newsworthy.<\/p>\n","protected":false},"excerpt":{"rendered":"We wish we had a magic crystal ball to help us make predictions for 2018….","protected":false},"author":8,"featured_media":7849,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[335],"post-types":[133],"post-topics":[111,99,101,135],"acf":[],"yoast_head":"\nRegTech Crystal Ball - Projections for 2018<\/title>\n<meta name=\"description\" content=\"What does RegTech, identity verification, and compliance hold in store for us in 2018? 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