How to reduce regulatory IT development costs
Many financial institutions aim to meet all regulatory requirements. Despite the commitment of resources to add changes to enterprise software, there is no guarantee of success. Implementing changes to an existing core banking system is time consuming and costly, certainly because you don’t know which regulatory changes will be on next year’s roadmap, so you can’t anticipate. Maybe you will need to adapt the implemented changes again. So how can you keep pace with the latest regulatory changes and keep your IT budget under control?
Use of a cloud-based SaaS solution can bring the solution.
Client Due Diligence business processes are becoming more and more purely data driven technologies with recognition and automation in real-time. A SaaS solution has many advantages, but generally speaking a lower set-up cost and the short deployment time is certainly important as we speak of compliance procedures. The sooner you meet the legal requirements, the better you can focus again on the needs of your clients and boost the business again. But the biggest advantage is that the SaaS solution is expected to be the expert in the compliance domain and so will anticipate on regulatory changes. Harmoney is this (white-label) SaaS solution!