As regulators turn up the heat, how will you manage the complexity?

The regulatory landscape internationally is heating up with major changes afoot in several areas, including ESG (environmental, social, and governance) issues, transparency, data security and privacy, and cryptocurrency. As highlighted in recent ThoughtLab research Wealth and Asset Management 4.0: How digital, social, and regulatory shifts will transform the industry, regulations are becoming more complex across a range of geographies.

With 49% of investors concerned about regulation and tax changes, businesses need to ensure their processes, especially those around data gathering, are top-notch. The implementation of MiFID (Markets in Financial Instruments Directive) in the European Union has, for example, led to a drastic increase in data volumes that need to be retained. Businesses now not only need to gather more data on products but also process and manage data from other products, such as the fees charged by third-party fund managers.

Managing mounting challenges with manual, paper-based, or outdated legacy systems is clearly unsustainable in the long term. To remain competitive, wealth management providers will need to implement solutions to digitalize and automate manual processes, guaranteeing accuracy in the data collected, precision, and security of workflows.

FNZ supports businesses in achieving the automation and adaptability needed to comply with today’s regulations and to react quickly and effectively to future regulations across the globe. FNZ's digital onboarding solution puts digitization at the core of business processes to automate workflows cost-effectively. With a fully automated onboarding process, data gathering becomes compliant by design, making processes transparent and automatically compliant with different regulations. Keeping up with cross-jurisdictional regulation has never been easier; thanks to FNZ’s digital onboarding, providers will lay a strong digital foundation for whatever the future may bring.

For complete details about the ThoughtLab Wealth and Asset Management 4.0 study on investor megatrends shaping the future of wealth management, download the full report.