{"id":46380,"date":"2024-05-10T15:56:57","date_gmt":"2024-05-10T14:56:57","guid":{"rendered":"https:\/\/dev.solifi.com\/blog\/how-software-can-support-your-regulatory-compliance\/"},"modified":"2024-05-10T17:05:52","modified_gmt":"2024-05-10T16:05:52","slug":"how-software-can-support-your-regulatory-compliance","status":"publish","type":"blog","link":"https:\/\/www.solifi.com\/de\/blog\/how-software-can-support-your-regulatory-compliance\/","title":{"rendered":"Top Trends in Finance: How software can support your regulatory compliance"},"content":{"rendered":"\n

Regulatory compliance in the secured finance industry is non-negotiable, with strict laws protecting data across every continent. Unfortunately, it can be challenging to ensure all bases are covered, especially when lenders are working across multiple countries or lines of business. Technology can, however, take away some of the stress that comes with ensuring compliance. The right software solution will protect your and your customer’s data, enabling regulatory compliance in the following ways: <\/p>\n\n\n\n

Software patching and updates keep you protected<\/strong> <\/h2>\n\n\n\n

When handling sensitive data, especially in the secured finance industry, there needs to be an emphasis on making sure that software is up-to-date. When you are running outdated software, you leave yourself vulnerable to cyberattacks. This is especially true if it has been outdated for a long time, as this gives hackers longer to identify the weak points, potentially resulting in a much bigger data breach. With software that updates regularly, hackers will find it much more difficult to find vulnerabilities, meaning your data is a lot safer. It also ensures all your integrations work the way that they should at all times, leading to less risk of accidental data breaches. <\/p>\n\n\n\n

Customer verification can be streamlined<\/strong> <\/h2>\n\n\n\n

One of the biggest areas lenders would like to implement technology into, according to our eBook, is the verification process. Know Your Customer (KYC) checks are vital in the secured finance industry and are regulatory requirements in many countries. From fines to license removal, or even as far as a criminal record, customer verification is not to be messed around with. Technology that can streamline this process should be of utmost importance, as it not only streamlines your operations but also picks up on any issues you may have missed. Pair this with automated decision-making, and you are onto a winner. <\/p>\n\n\n\n

Managing your database can be much simpler<\/strong> <\/h2>\n\n\n\n

Data protection and privacy are top concerns for lenders, so being able to manage data in a compliant way is a must. However, operating on old systems (or even worse \u2013 spreadsheets) and having data scattered across multiple systems make controlling this data challenging. Using technology like Solifi Open Finance Platform enables you to collate all your data sources into one centralized place securely and safely, with everything you need on one system. You have full lifecycle visibility on every account, so you can track everything you need easily without compromising on security. <\/p>\n\n\n\n

API integrations are your friend<\/strong> <\/h2>\n\n\n\n

Application programming interfaces (APIs) are designed to build out your software solutions so that you have a truly personalized experience that fits the needs of your business. With a cloud-hosted solution such as Solifi Open Finance Platform, you can tie in all the functionality you need, all in one place. These integrations can assist with your compliance efforts; Solifi offers integrations with strategic partnerships that can streamline tasks such as tax compliance, anti-money laundering, and credit reporting, ensuring compliance through the entire workflow. <\/p>\n\n\n\n

Ultimately, innovative software and regulatory compliance go hand-in-hand. Build your defenses today by implementing Solifi Open Finance Platform<\/a> to ensure you\u2019re always on the right side of the law.  <\/p>\n\n\n\n

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