Apiax use case Digital Compliance Officer

Here’s our vision of the future: using advanced RegTech and chatbot technology, financial service providers will work with a truly digital compliance officer that provides dependable answers to complex regulatory questions and 24/7 availability.

Challenge: increasing regulatory complexity

The challenge is obvious: increasing regulatory complexity is holding back the financial industry. A tsunami of regulations makes regulatory compliance more expensive and service delivery more complicated. This is especially true in the investment advisory business, where client advisors are dependent on instant and dependable answers to ever more complicated regulatory questions. To all of these challenges, the digital compliance officer offers intriguing answers.

We envision a future in which a truly digital compliance officer will offer serious support to the financial industry.

Chatbot technology to solve regulatory headaches

We envision a future in which a truly digital compliance officer based on advanced chatbot technology will offer dependable answers based on machine-readable regulations provided either by in-house experts or third-party content providers. This will make the digital compliance officer literate in a broad range of regulatory topics, covering the most pressing regulatory challenges related to financial activities, financial instruments, tax, and more. The digital compliance officer would then be deployed in a number of use cases, ranging from cross-border investment advice to tax-efficient investing and digital wealth management.

Perhaps most importantly, the digital compliance officer would be available 24/7. It would process unlimited requests without any restrictions to office hours or any dependencies on time zones. This digital compliance officer would answer phone calls independently of office hours and time zones and respond to questions in a number of digital communication channels, anytime, anywhere.

A truly digital compliance officer based on advanced chatbot technology will be able to provide dependable answers to complex regulatory questions and 24/7 availability.

Hire your digital compliance officer

To make our vision of a truly digital compliance officer a reality, we work with established providers of advanced chatbot technology. Read our white paper to find out more about how to leverage RegTech for digital wealth management. Get in touch with us to start exploring opportunities.