By FINTECH Books Contributor, Anna Velvet Follow: @velvet_anna ‏  RegTech is the buzz word and solution to solve real life industry problems in the world of finance. So, what is RegTech and why is it important in this digital transformation?  Well first, you would need to identify yourself as a digital customer/end user. Second, you would need to know what RegTech is. And thirdly, you would need to know if the RegTech solutions and tools provide you with security for your everyday financial activities and transactions. Are you a digital customer/end user? Any type of transactions that require you to transfer money, pay a bill, do trades, borrow and lend online or via digital devices such as mobile/tablet would qualify you as a digital customer/end user. What is “RegTech”? It is the process and system of regulating,updating, and keeping the financial industries in compliance through technological tools and solutions.  How does RegTech fit into your life? After the effects of the 2008 financial crisis, RegTech is becoming the surety that digital customers/end users are looking to in order to build confidence in the financial industries that deal with their money. What are the components and why should we care? There are several factors that should point out the relevance of RegTech for us as digital customers/end users. Data protection Keeping up-to-date with technology (speed) Protection from misconduct externally and internally Providing easier ways of access and doing transactions without losing our privacy. Every year, new regulations for financial institutions are imposed which are very costly and have lengthy processes. Coupled with digital transformations coming into the fold, these institutions/firms still struggle to deal with the main problems of our digital users of today (i.e. data protection, hacking, and money laundering).

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