What does RegTech success look like?
When I met with Matt Elton recently, (Finnolux and RegTech Canada CEO, Vice Chair of the International RegTech Association), he highlighted three key characteristics of successful RegTech firms. He said they…
- Show something different
- Demonstrate tangible solutions
- Help financial institutions to better execute their own strategy
Qumram is a good example of a RegTech firm that is hailed as a great success. Having cleaned up in the Compliance Award stakes this year, is that a measure of success? Maybe, but these accolades only come to those who are already successful in delivering points 1 to 3 above. The awards we are most proud of (and thankful for) are the trophies that celebrate:
- the achievements of the Qumram team (Best RegTech Company from FinTech Breakthrough)
- the innovation of our solution (Best Compliance Solution – 2 awards from financial services mega-media WealthBriefing and FTF News)
- the recognition of growth in our homeland (Swiss FinTech Award 2017)
Rankings can be a strong indicator of success too, because they are not a one shot wonder. It takes blood, sweat and tears for your firm, or your senior executives, working continually on points 1 to 3 above, to remain #1 (or wherever) on an influential RegTech ranking list. It is no accident that Qumram is ranked #2 in the Planet Compliance “Top 10 RegTech Power List”, and that no fewer than 3 Qumram execs (Patrick Barnert #1, Mathias Wegmueller #11, and Patrick Siegenthaler #14) feature in the Top 50 RegTech Influencers list – today, at least! And what an honor to make it into the FinTech50 ranking this year. Certainly the buzz generated when TechBullion named Qumram one of the 10 RegTech Companies Every European Banker Must Know About has led to many interesting engagements.
So – what is Qumram getting right?
- Showing something different. Qumram is the only vendor who can capture all digital interactions, in a fully-compliant, and easily accessible form… AND replay them in a way that blows every other solution out of the water. Non-technical users (compliance, marketing, legal, for example) can easily find digital sessions, view them, and prove exactly what a customer (or employee) saw or did, on any digital channel, in an instant. This extends to social media – according to Gartner, Qumram is the only provider to have cracked compliant WhatsApp session recording. That’s different!
- Demonstrating tangible solutions. Qumram solutions are real and proven. UBS. Russell Investments. The bulk of the Swiss Cantonal Banks. Household name insurers. Global Banks. Enough said…
- Helping financial institutions to better execute their own strategy. This is what makes RegTech really interesting. Many RegTech firms are young, innovative companies, created specifically to solve the huge operational challenges that spiralling regulations have generated. This is what Qumram does.
- We know you want to be compliant; not only because the regulator requires it, but because it is in customers’ best interests.
- We know you want to simplify your compliance process, so that you can answer regulatory enquiries quickly and confidently.
- We know you want to meet customer demand for digital interactions, but in doing so you also need to de-risk your business, as you embrace digital transformation.
- We know you want to cut time and cost out of routine compliance processes, and increase focus on forward-looking work.
So, what does RegTech success really look like?
Awards? Rankings? Bountiful PR? Maybe… but the kind of success that truly counts comes from doing the right thing for your customer, at the right time, and at the right price.
See for yourself what Qumram can do for you.