Identification of any RegTech Issue in any Organization and a Solution for it
Keywords:
Identify, RegTech, Issue, Organization, SolutionAbstract
In any organization, particularly, in the banking organization, there were several operation activities. Coupled with the magnitude of data and information used in the banking institution, a significant approach to ameliorate the negatives in performance of activities prompted the idea of introducing RegTech into the banking industry. An advanced processed was developed in the name of RegTech. The main purpose of this study was to identify a RegTech issue in the banking organization and provide a solution for it. RegTech was seen as the management of regulatory processes within a financial industry through technology. Banks were expected to benefit most in the application of RegTech. This study identified a RegTech issue in the banking industry. The methodology for this research included the use of a survey research design with primary data, adopting personally, and self-administered interviews with some staff of six banks in Kaduna. The source of data for this study was primary with five-point Likert-scale. The nature of personal self-administered interviews was applied and validated by four very senior academics in the field of information technology. The analytical statistical tool used for this study was chi-square. In conclusion, it was noticed that RegTech had a promising way of assisting banks in their operations despite the various constraining factors. In conclusion, the application of RegTech in the banking system operations was of great significance if there would be significant performance in business. Findings revealed the issue of the resistance by bank staff to RegTech adoption in their operations of activities in Nigeria. Although we' had seen giant leaps in RegTech adoption in recent years in some countries, not all companies were moving at the same pace, and many factors still stood in the way of widespread adoption. Recommendations were, there should be attitude towards change, legacy systems don't often integrate with new technologies, and when they do, a lot of tweaking is necessary. Therefore the Legacy System which leads to many companies delaying RegTech adoption despite its many advantages should be avoided, there should be confidence in Third Parties, there should be comprehensive change management initiatives and training and retraining of bank staff on the genesis, mission and vision of the importance of RegTech in the banking institutions should be regularly done.