THE IMPACT OF COVID-19 ON THE FINANCIAL AND REGTECH INDUSTRY
CORPORATE FINANCE - REGTECH
offer seamless and improved experiences to their customers ,” he explains .
However , Ghanem details that while there are many benefits , RegTechs do come with their own set of challenges which shouldn ’ t be overlooked . “ A key challenge in adopting RegTech is data security , followed by integration issues .” According to Capgemini ’ s World Retail Banking Report 2020 , over 70 % of banking executives highlighted data-related security concerns as a challenge to collaboration .
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“ Due to the pandemic , there has been an uptick in financial fraud and call spoofing . In the United States alone , high-risk calls were up by 30 % after three weeks starting March 16 ”
— Elias Ghanem , Head of Market Intelligence , Capgemini Financial Services
THE IMPACT OF COVID-19 ON THE FINANCIAL AND REGTECH INDUSTRY
“ While COVID-19 has brought about uncertainty in all businesses ,” and has certainly “ impacted the funding of startups in different sectors including RegTech firms .” Ghanem believes that overall , “ RegTechs seem poised to gain from this disruption . Due to the pandemic , there has been an uptick in financial fraud and call spoofing . In the United States alone , high-risk
OCTOBER 2020