The innovative technological trends are continuously transforming the B2B landscape, the reason being efforts of industry experts to synchronize the market needs with the upgraded solutions. But they never relied completely on the business needs, they had to keep up the industry trend competitively. For which new solutions, which later became the need of organizations, came into existence.
In recent years, Artificial Intelligence, Neural and Machine Learning, and Blockchain are taking the limelight. Almost all businesses want to opt for solutions built on these technologies, as they make business operations efficient in terms of both time and money.
Covid-19 is another factor why businesses are opting for more technologically advanced services. Video conferencing, remote task delivery, and virtual meetings picked up the pace during pandemics. Giving security to such services became a crucial task as there always has been a risk of hacking and data breaches whenever software enters the market. Cybersecurity is the first thing organizations consider when using the software.
Security – The Primary Concern of Businesses
Businesses are looking for secure and reliable systems, thus investing more in cybersecurity. Yahoo Finance’s survey reports of Feb 2021 revealed that 78% of companies lack confidence in their cybersecurity. Now, professionals have to discover new dimensions constituting the current security requirements. Although no company can 100% secure the system, the highest possible level of security should be achieved.
Several regulations have been introduced to ensure the user’s privacy, data confidentiality, and organization security. Regulatory compliance is the key characteristic of successful software. It not only safeguards the businesses but also builds market confidence in new technologies. RegTech (Regulatory Technology) solves this problem, by providing technological solutions to stay compliant with the worldwide regulations.
RegTech Uplifting the Financial Sector
Most applications of RegTech are in the financial sector, and they have proved much fruitful. One of the associated examples is Know Your Customer (KYC) and AML (Anti-money Laundering) solutions.
These are B2B SaaS (Software as a Service) solutions that can be integrated into the platform of businesses through APIs (Application Program Interfaces). These third-party APIs are available for all operating systems such as Android, iOS, and Windows.
KYC verifies the identity of customers by confirming the bio-data from the ID documents. The process is fully automated with the least user-side effort. The AI-powered solution performs document verification, facial recognition, and data extraction in real-time. The users just have to enter their data and upload the required documents. While AML screens the customers against global sanction and PEPs lists, it further performs EDD (Enhanced Due Diligence) on high-risk customers, which includes ongoing AML monitoring and background checks.
Businesses in the financial sector are obliged to follow KYC and AML protocols. Compliance failure can lead to hefty fines, which eventually affect the organization’s image. The identity verification methods have evolved over the years, from manual to semi-automated and finally fully automated. Traditionally, the staff verifies the identity of customers by examining their documents and physical presence. But now customers can be verified and screened in seconds with the best accuracy.
What to Look for in the Future?
Cybersecurity experts forecast that data breaches and hacking attacks will surge in the coming years. The alarming predictions can be true if businesses continue to ignore the preemptive measures. The use of AI and blockchain can help in identifying, reducing, and mitigating potential risks.
The incorporation of AI is very helpful for analyzing massive datasets quickly and applying customized algorithms to learn the patterns. Hackers also used AI-based software to detect loopholes in the security system. The Attacks of AI can only be tackled through AI. It is used by cybersecurity departments that analyze data given by the defense mechanism, it warns them before any attack. There are many perspectives of AI that are still undiscovered, they could help businesses in ensuring cybersecurity.
With time, the technologies will evolve and mature, this will give a self-security to the systems. Businesses can also incorporate third-party solutions like KYC compliance to secure their channels and meet the regulations. As discussed earlier, 100% can’t be done, but best can be.
