The latest buzzword in our industry, RegTech, brings more opportunity to expand your technology strategy. Yes, technology costs money but…. coupled with efficiency through workflow you can further operationalize your organization, more effectively leverage data and reduce your costs. The latter is achieved by reducing cycle times and manual workarounds, in addition to minimizing risk of fines and enforcement action. As more RegTech firms enter the mortgage landscape, it will be important to take advantage of solutions that can help to modernize existing compliance efforts and improve your ability to manage data. Firms should evaluate a hybrid approach that embraces new technology by coupling it with workflow automation to accelerate operational proficiencies. It’s time to move beyond simply capturing data to using data to drive operational efficiency and regulatory compliance.
What does RegTech mean for my organization?
RegTech, a subset of FinTech, represents the advancement of technology in the regulatory space that works to improve transparency and efficiency, as well as effectively organize data so it is more useable and manageable. Industry players continue to forego implementing new technology, instead trying to add onto legacy systems, which increases error rates and adds more risk. The industry is well versed in navigating the multitude of disparate mortgage solutions; however, this scenario frequently puts lenders and servicers in a situation where they are only addressing part of the issue, frequently necessitating staff to resort to manual processes in order to bridge gaps in functionality. The correct approach involves linking all processes together, adding controls for management, while allowing the business power to design processes that work for them, not just for compliance or IT. RegTech solutions support this level of flexibility by leveraging existing data and systems, while adding new capabilities that are engaging for both internal users and borrowers.
I already have innovative technology.
The difference is that traditional technology solutions solve specific issues and lack the intuitiveness and flexibility to advance beyond basic process tracking. Even the most innovative solutions tend to test for issues and create exceptions versus solving the problem at hand. These solutions also lack the ability to leverage data in order to predict trends and exposure. Last but not least, managing ongoing regulatory change requires extensive time commitments, an issue that workflow solves by adding real-time management of KPIs with sophisticated rules, alerts and access to status data throughout the organization. In today’s regulatory environment, lenders and services need flexibility to not only make modifications on their own, but to readily incorporate changes to prevent repetitive errors and control risk. Today’s solutions are reliant upon diminished resources (time, money and personnel), process gaps are left unattended or become managed manually. RegTech solutions can transform this paradigm. By simultaneously embracing regulatory repository technology and workflow, lenders and servicers can utilize trends and exceptions to build processes that eliminate those issues negatively impacting the business. Additionally, expanding operational workflow by plugging into regulatory rules engines, will transform your organization and generate output into compliant workflow. Workflow is what organizations need in order engage RegTech opportunities. Clarifire workflow solutions can take your innovative technology to the next level and operationalize change within your organization.
Start With Workflow.
Workflow is critical for kickstarting your company’s efforts to embrace RegTech and FinTech. It is the backbone for navigating the complexity of the mortgage business, the nuances of regulation and minimizing growing costs to remain compliant. Even the best processes and most innovative technology solutions will fail to optimize your operations if the underlying workflow is in conflict.
Workflow augments this intersection of regulation and technology. Increasing and changing regulation will continue to overburden your organization. Now more than ever, you need to embrace RegTech and create increased emphasis on your process efficiency, as well as expand your capabilities to leverage regulatory data. Workflow allows you to control your regulatory input, data and reporting across the organization. Grow your organizational capacity to manage strategy, implementation and ongoing transparency of your regulatory needs. This can be accomplished end-to-end, or one point of pain at a time, connecting all the disparate systems and divisions within your organization, while solving for and mitigating issues.
CLARIFIRE solutions link processes and add controls enterprise-wide, filling the gaps between point solutions and systems of record. With CLARIFIRE lenders and servicers can blend the cost of changing compliance demands on borrowers and improve responsiveness. Add the versatility you need to enable competitive speed to market, including the ability to exponentially improve process execution and change the paradigm today, not a year from now. Create operational efficiencies by transforming your technology strategy. RegTech and versatile workflow will help keep your borrowers front and center, and create a complete end-to-end solution. Don’t let this opportunity pass you by or let your competition get on in front of you. Call Clarifire today to learn more about how workflow can help you leverage RegTech in your organization.
Jane Mason, Founder and CEO
Jane has applied her vast experience (over 25 years) operating process-driven businesses to successfully redefine client-focused service. Jane has worked with expert programmers to apply cutting-edge web-based technology to automate complex processes in industries such as Financial Services, Healthcare and enterprise workflow. Her vision confirms Clarifire's trajectory as a successful, scaling, Software-as-a-Service (SaaS) provider. A University of South Florida graduate, Jane has received many awards related to her entrepreneurial skills.
