Maria Scott, CEO of TAINA Technology, provider of a world-class regulatory technology platform. Read Maria Scott's full executive profile here.
can help institutions fulfill their regulatory obligations by reducing manual processes, mitigating regulatory risk, saving costs and, in some cases, improving the overall customer experience.That said, every institution with the capability to build a solution in-house will have to tackle the"build vs. buy" decision.
One of the key questions is whether the vendor under consideration is committed to maintaining its platform in full compliance as well as continuing to build in this space as the regulations evolve. On the other hand, when considering building internally, institutions should also ask themselves if they can commit resources on an ongoing basis to maintaining a home-built solution.
More recently, however, native digital financial institutions have been opting for building their own RegTech solutions, with customer experience often being the main consideration.
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