103 - How AML and Other RegTech Tools Became the Candy Crush Office Game for the Compliance Department

<p><span style="font-weight: 400;">Adding more features, data, and analytics capabilities to your RegTech tools may sound like a worthwhile effort, but it actually does more harm than good in the FinTech world. Tune in today to hear why this trend is more like a Candy Crush office game than an effective business strategy. </span></p> <p><span style="font-weight: 400;">If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies!</span> <span style= "font-weight: 400;">If you are on Apple, just </span><a href= "https://podcasts.apple.com/ch/podcast/compliance-that-makes-sense/id1535160531"><strong>click here to review</strong></a><span style="font-weight: 400;">, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. </span></p> <p> </p> <p><strong>Today's episode:</strong></p> <p><span style="font-weight: 400;">[01:02] The dangerous trend that is taking place in the RegTech industry. </span></p> <p><span style="font-weight: 400;">[01:41] How RegTech companies are trying to differentiate themselves. </span></p> <p><span style="font-weight: 400;">[02:35] The main purpose of compliance tools. </span></p> <p><span style="font-weight: 400;">[02:49] Why I don’t think the strategy that RegTech companies are using is going to work. </span></p> <p><span style="font-weight: 400;">[03:13] One of the biggest compliance inefficiencies within FinTech companies.  </span></p> <p><span style="font-weight: 400;">[05:15] Why compliance professionals often incorrectly believe they need more data.</span></p> <p><span style="font-weight: 400;">[07:54] The mission of most RegTech companies. </span></p> <p><span style="font-weight: 400;">[08:27] Why adding unnecessary data is like a Candy Crush office game for compliance teams. </span></p> <p><span style="font-weight: 400;">[09:21] Advice for