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Check out these three questions answered by David Kiener, Managing Partner at DeKan Group and Regtech startup FundsQ, a SaaS platform that automates and industrializes the due diligence process.
(Featured Image: David Kiener founded Regtech startup FundsQ / Image Credit © Olivier Minaire)

How is Regtech changing the financial industry?

Since the 2008 financial crisis, the finance industry has been overwhelmed by new regulations requesting more risk detection and controls as well as enhanced scrutiny. As a result, the cost of compliance became a huge burden for financial institutions. The needs in data, process and system improvements have caused an explosion of compliance budgets.

Regtech helps financial institutions with agile solutions to constantly adhere with regulators’ new rules at an acceptable cost, and more. Regtech goes beyond traditional constraints by bringing new technological ideas to make processes easier, faster, more complete and more efficient.

Could you tell us more about these “new technological ideas”?

Of course, artificial intelligence (AI) is the most well-known but pure AI is still not a technology accessible in many situations. In the context of FundsQ, we focus on the RPA – Robotics Process Automation –, a pre-stage of AI, that demonstrates massive potential within financial institutions. Many processes still require multiple steps with bottleneck approvers, and data spreads into many departments and systems. These types of processes continue today in plenty of organizations with the belief that the system cannot be automated. Our approach is definitively a “case study” in this domain.

As a startup aiming to build and manage efficient due diligence of service providers, what are three pieces of advice to build an efficient due diligence questionnaire?

First advice: Don’t be afraid to ask questions! An ancient Chinese proverb says, “He who asks a question remains a fool for 5 minutes. He who does not ask remains a fool forever.”

Second advice: Good questions make better lives. The better you are at questioning, the better answer will come to you.

Third advice: Asking meaningful questions really matters. The majority of our success in life depends on asking the best questions followed by making the best decisions. Due Diligence questionnaires must help you to select and keep the adequate service providers. It is not just a regulatory obligation.

This article was first published in the 9th issue of SILICON magazine. Be the first to read SILICON articles on paper before they’re posted online, plus read exclusive features and interviews that only appear in the print edition, by subscribing online.

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