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

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.  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! If you are on Apple, just click here to review, select "Ratings and Reviews" and "Write a Review" and tell me what your favorite part of the podcast is.    Today's episode: [01:02] The dangerous trend that is taking place in the RegTech industry.  [01:41] How RegTech companies are trying to differentiate themselves.  [02:35] The main purpose of compliance tools.  [02:49] Why I don't think the strategy that RegTech companies are using is going to work.  [03:13] One of the biggest compliance inefficiencies within FinTech companies.   [05:15] Why compliance professionals often incorrectly believe they need more data. [07:54] The mission of most RegTech companies.  [08:27] Why adding unnecessary data is like a Candy Crush office game for compliance teams.  [09:21] Advice for founders who are thinking about adopting additional RegTech tools. [10:03] Let me know about your experiences with this topic!    Show links: Interested in FinTech compliance? - consider investing in the FinTech Compliance Self-Starter Package!   I would love to invite you to sign up for my newsletter. If you are interested, please click here.  

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