There is no doubt that the world will be irrevocably changed as a result of coronavirus. Not only in terms of the human impact or the global financial implications, which seem impossible to quantify at this stage, but also in terms of the impact on our working life, our priorities and our collective sense of identity.
How the pandemic will impact the RegTech industry specifically, seems to be the million-dollar question, as industry experts go into overdrive attempting to answer the unknown. As it stands, the development of the virus and its consequences are changing daily. Countries hope to learn from the likes of China and Italy, by focussing on flattening the curve and safeguarding their health services. How impactful this learning will be, is not yet clear.
While systemic change is implemented, global regulators are clear in reminding firms of their responsibility to take all reasonable steps to meet their regulatory obligations. However, they are showing some flexibility in how this can be achieved, for example, through the use of backup sites or with staff working from home. There is no doubt this adds pressure and poses challenges for RegTech organisations large and small, but regulators are expecting that this is where robust contingency planning will kick-in and save the day.
In practical terms, the industry has already been impacted by events being cancelled, and the move to virtual working. Companies with their eye on global expansion are having their ambitions thwarted, as we see a slowing of economies. However, in terms of global financial decline, we’re been here before, and we’ll be here again. It’s time to hold our nerve and work towards a bounce back.
It’s not all bad news, for example, for industries like FinTech, it really is their time to shine. Technology is being called upon to help aid the slowing of the spread of the pandemic via contactless payments and healthcare software. Where there is a crisis, there is also opportunity.
So, should RegTech companies be battening down the hatches and weathering the storm? Absolutely not. Whilst it’s not business as usual, it is still business. Now is the time to be developing strategy, growing existing relationships and aggressively hunting pipeline. Of course, this can be difficult when you must quickly move your workforce to remote working, change your practices and manage your COVID-19 messaging.
This is where a targeted, professional, appointment setting campaign is needed now, more than ever. Step forward our Discovery Agents in their metaphorical hero capes. We’ve said it before and we’ll say it again; our team are ACAMS accredited, many are multi-lingual, all are highly skilled. We don’t specialise in anything other than cold calling. We use our targeted dataset and hit the phones on your behalf without the need for a script.
We don’t yet know for sure how COVID-19 will impact the RegTech industry in the medium or long term. What we recommend our clients and friends in the industry do, is prepare for the long-haul and don’t get left behind.
It’s time to pick up the phone so we can do the calls for you. We’re here to chat about what we do and how we do it. Call us on +44 (0) 203 326 8150.