TeleTalks: Regulatory Technology, Making RegTech Work for You

Key Takeaways

good morning good morning we are gonna wait just a couple of minutes for some people to join in and then we'll jump right in welcome welcome just gonna wait a couple minutes for a few more people to join and we'll jump right in and get started see a few more people joining welcome good morning everyone good afternoon maybe if you're on the east coast uh good morning a couple more people all right let's jump in and get started welcome everyone thank you so much for joining us today for our teletalk quick note this webinar is being recorded by attending you are consenting to this recording i'm tyler mclaughlin telescience event manager and i'm here today with my colleague blake piccolo our resident identity and fraud expert who's going to be talking about the world of regulatory technology blake you want to say hi to everyone yeah hey everyone i'm blake piccolo i do uh identity and fraud advisory uh for our partnership team so any of our partner companies i work with them to help provide advice on our identity and fraud products and run tests and things like that so it's a pleasure to be here today thanks tyler awesome we're glad you're here before i pass the baton over to blake i'd like to take a moment and set the stage shady business practices and fraudulent activity continue to be a nuisance and pose serious financial liability to industries and consumers this has led to governments enacting larger and more robust regulations to protect the stability of our society what does this mean for your business well that means more rules for you to follow of course recent forms of sweeping government regulation include gdpr ccpa psd2 and sca not only are these acronyms difficult to navigate but the regulations behind them can be even more difficult this has given rise to the category of regulatory technology also known as regtech blake is going to cover how regtech works and how your organization can benefit from reg tech solutions i do want to note that telesign is not a regtech provider we are not here to sell you a specific solution our teletalk series is geared towards sharing our insider info and perspective on all things having to do with fraud and security we've taken an interest in regtech because it runs adjacent to our security and identity solutions we're passionate about protecting businesses and their customers and we support any technology that helps to accomplish this before i pass off to blake i do want to note that the q a is open for submissions at any point throughout the session feel free to drop a question in the q a and blake will answer at the end of the session all right blake you ready to dive in yeah let's do it tyler cool i'm going to turn my video off and you're welcome to share your screen all right let me get this presentation shared real quick all right so we're going to go into all things regulatory technology uh i have a quick uh agenda here so we're going to start is what what with what is regulatory technology so a quick look into how the industry developed how these companies came to be and how we can benefit the companies that are getting services from reg tech companies for those of you who don't have a strong background or any knowledge on what exactly regtech is then we're going to look into the technologies behind how regtech handles compliance and what type of use cases they're helping their customers to solve then we're going to help you identify which regulate organizations your company should reach out to for your reg tech needs depending on which industry you are in and finally we're going to look at the future of regtech so what types of things right companies are doing to help support companies as we move into this next decade and finally we'll end with the q a as tyler said so what is regulatory technology and how does it benefit the companies that are leveraging their services uh first off regtech is is a fairly new uh kind of industry in the grand scheme of things uh it started off uh kind of in the middle or late uh part of the first decade of the 2000s in 2008 with the financial crisis that came off of all those uh housing market crashes and all the issues um with the financial services that led to the bankruptcy of a lot of financial organizations and uh reform like the dodd-frank financial reform really started to increase the amount of regulation that financial institutions had to abide by as they were providing services to their consumers and this was to protect both the economy of the various countries that these regulations were put into as well as the consumers of these uh financial services that the banks were providing to uh organizations in the us like the ftc and the sec began to issue large fines and other sorts of penalties for non-compliance to the new regulations that were put out and so companies in the financial sector were having to put a lot more resources into maintaining all of these new compliance standards and regtech companies really saw that as an opportunity to come in and provide services that help these companies gain compliance without having to spend too many of their own the the corporation's own the financial organization's own resources uh to keep up with all these new compliance standards so red tech companies provide a few different services to these companies they provide both advisory services on which regulations that these companies have to abide by depending on the services they're providing to their customers as well as providing tools and solutions that once identified help these companies get to regulatory compliance while still maintaining uh their own resources not spending too much of their own capital um to maintain that compliance uh because what was happening uh shortly after 2008 is these financial institutions were spending so much of their own capital and resources on just maintaining compliance that there was a slowdown in the innovation that these companies were were having with their own products so they were looking for ways to leverage outside sources uh and allow them to get back to innovating the products that they're actually specializing in and we're providing services to their customers uh how do regtech compliances help these companies uh to become compliant so first off a lot of regtech companies are cloud-based fast platforms and a lot of you are probably familiar uh with your own products on the benefits that cloud com uh cloud computing uh bring to your various products and this is uh just as true uh in the regtech market so um with the ever-changing regulation uh that their clients are having to conform to the cloud environment really provides an elastic way for them to quickly get up to speed on the ever-changing regulatory environment uh in in multiple ways first off uh size uh and computing power as new regulations come up right tech companies have the ability to bring on new customers uh to expand their processing to new transactions uh and new calculations that are coming through and they also have the ability to bring on features much more quickly so as regulation comes on that may require new types of encryption or new data storage regulations they can use the tools that companies that like aws and azure provide to quickly integrate those new compliances into their environment and then push those out to their customers and the the the tools that they're providing are helping services to reach uh to reach compliance and then maintain it thereafter so not only are they providing the tools that let your company become compliant to all these regulations they're also providing tools that let you monitor this compliance ensure that the tools in place are working and getting you to the appropriate compliance levels and identifying risks before they occur so that you can deal with them in a more pro in a more proactive way and how are they doing this so like a lot of companies these days they're looking at a combination of big data and machine learning uh to comb through all the transactions that are coming into all these different financial institutions look for patterns identify risks and cut down on the overall manual processing that institutions are doing to monitor their transactions and maintain compliance one really cool application that's come about pretty recently is natural language processing which allows reg tech companies and other types of companies obviously to allow a computer to read through new regulation to read through transaction text and really put it uh to condense that down into certain text blurbs that are relevant to the reader so a lot of new tech is coming out of these regulation companies uh to help them look through all of this expansive data that's coming through their systems at any one point in time and one thing that i've noticed that's kind of a common theme across all the reg tech reading and and conferences and things like that is agility speed integration and analysis and i think these four kind of ideals apply to regtech really strongly with the ever-changing regulatory environment you know new regulations coming on every year regulations are also changing on a year-to-year basis they really need to stay agile and have the ability to implement new regulation as it becomes required quickly get up to speed on having the tools to implement that compliance and then making it easy for their customers to integrate uh that compliance into their products through low code no code solutions and then after that uh compliance has been in implemented i have the analytic tools in place to ensure and show that customer uh that the uh tools are helping them maintain compliance there's nothing that's slipping through the cracks on their end and if there is um have the ability to fill those gaps uh and main ship to make sure that they're maintaining compliance on a year-over-year basis so the need for regtech why would a company leverage a reg tech company instead or an organization leverage a right tech company instead of doing things internally so shortly after 2008 a financial institution annual compliance spending was hitting almost a trillion dollars in spending to just maintain compliance and they were looking for a way to lower this burden on their own company and push it out so that they could spend that capital on innovating their own products so they're looking to break their companies are looking to drive down the cost of compliance across the organizations that they have by creating the tools and then spreading them across these various organizations to spread the cost of compliance out across the industry they're also developing scalable solutions so that an organization can go to a regtech company count on them to scale that solution as the organization grows and for instance if i as a company were to bring on a new product that you know was in a new vertical they would provide the solutions to me to maintain compliance in that vertical and help me scale as i bring on new customers regtech companies have the expertise to practically identify risks and issues with new regulations so they're constantly looking at all the new regulation that's coming online for financial and other types of business sectors identifying the risks and issues that a customer could run into with that new regulation letting them know uh and helping them implement the appropriate protocols to meet that new regulation standard and finally they're linking the controls with the risk framework so a regtech provider is going to have a ton of available controls in place to meet regulation for each different kind of business that they're they're suiting in that their customers have and they'll look at the risk frame market one from for one customer and set those controls appropriately to the risk uh profile for that company but if the company were to bring on a new vertical and adjust their risk profile accordingly the controls are in place to change the encryption to change who has access to certain data to help them meet that new compliance standard that they have with their new risk profile and it's predicted that 34 of all regulatory spending is going to be within regtech by 2022 so this is a really increasing market a lot of spending is being done here by organizations uh as regtech brings more and more tools online to help them meet their regulatory needs and there's a lot of work between regtech and end clients as well as even the regulatory bodies to kind of build this new regulatory environment to make sure everyone's on the same page and is ready um with the for the challenges that are up ahead with new and adjusting financial uh changes in the market as well as other other organizations as well okay so what as a company are you trying to avoid why are you leveraging a regtech provider and there's a few things that you can be penalized for when it comes to regulation so of course fines have become much a much bigger threat coming off of 2008 facebook was fined five billion dollars for failing to maintain the appropriate customer privacy laws and the top 20 banks globally have been fined uh in the hundreds of billions of dollars since 2008 for not complying uh to the various uh new regulations that have come about since then there's also brand reputation hits that come along with that i think famously equifax a few years ago um not only was fined 600 million dollars or so but they also had a huge brand reputation hit and i think this this reputation it not only affected them but also the credit credit bureaus in general um after they had that data leak and that's something that any organization of course is trying to avoid making sure that in the public eye um they stay and are seen as a trustworthy company and then uh on the lesser level audits and inspections can occur as well so with a lot of this regulation there's obviously yearly and biannual audits that may take place to ensure your organizat and regtech organizations can help you deal with those audits and those inspections and they provide tools for reporting and things like that but you would never want to have to go above and beyond and do extra auditing and reporting steps due to issues that you had with some of this regulation so you just want to make sure that you're using your resources to innovate your product instead of tracking all these transactions above and beyond what you what you should have to do so what use cases can you go to for right tech companies so i'm going to talk about uh four use cases that reg tech companies are helping clients to uh have uh create solutions for um but obviously there's others and i think at the end of this discussion tyler will be providing some links to some resources that can help you look at some of the other things that regtech companies are doing uh as well but we'll look at these four uh use cases and and how regtech is kind of operating this space so first off know your customer and anti-money laundering uh kyc and aml this is obviously a use case that's uh very close to our hearts here at telesign it's something that we we deal in quite a bit and help our our customers to to um work around and deal with these challenges um but uh basically when a new customer is coming into a financial environment either physically or uh digitally much more commonly in the last you know decade or two we want to know who that customer is and we want to know what types of transactions to expect from that type of user and there's a lot of regulation built around banks understanding who their clients are and who they're doing business for to make sure that there's no money laundering going through their networks that's um not have that doesn't have visibility to it and isn't stopped so uh reg tech companies will provide solutions where they're looking at the digital identity that a customer is providing they're looking at the phone number the email the credit history of that person they're bringing together all of those factors and onto their shared kyc platform and they're creating a risk profile for that user as well as a trust profile for that user and then looking at similar users to see what type of transactions they're doing so that later down the road if this user starts moving outside the space you can be vigilant in ensuring that there's no nefarious activity occurring and that's where long-term monitoring of kyc really comes into effect and there's also uh internally not only from a regulatory standpoint but internal reasons for companies to do their kyc due diligence as well companies like amazon uber facebook want to make sure that they're not onboarding fraudulent users and fake users because they could degrade the experience that uh legitimate users of their platform have so for instance on uber they want to make sure that when i call a car the person driving that car is who it should be and who the app is telling me it should be and they're not having issues with fraudulent users on their platform because that can really hurt their overall brand and their overall business operations next we have transactional monitoring so once you have a user on your platform uh you need to make sure that you're tracking all the transactions that go through that user's profile and that go across your entire network and there's a couple goals here one you're trying to identify any issues or risks that come into your platform that may be cause um for issue or nefarious business going on and you're also trying to lower the customer friction for your legitimate customers so that they have the best experience possible and by transactional monitoring reg tech companies are helping customers to build risk profiles for each transaction and cut down on the manual processing that has to occur in order for those transactions to go through so they'll it allows them to look at their transaction uh volume as a whole and cut it down to a much lower percentage that they're looking at manually or actually checking in on while a lot of the transactions with a low amount of risk profiling can just go through unimpeded and then if there were to be an issue with a transaction they are also providing tools for case management and investigation so that as a company i can go in and look at what happened with that transaction track the facts around it and even provide reporting up to the appropriate regulatory bodies if an issue was to occur so that i can stay ahead of my reporting requirements and let regulatory buyers know that hey i'm checking into this i have a good grasp on it and and i'm making sure that this type of activity is being minimalized minimized on my platform okay and uh to that point there's also a broader regulatory reporting tool that right some reg tech companies are bringing uh to their their clientele so a lot of times at least in the financial industry and in some other industries as well there's annual reporting requirements that companies have to do to the public to governments to their customers to let them know what's going on on the platform either from a financial perspective or from an anti-money wandering anti-crime perspective as well and right tech companies are providing the data tools for these companies to collect this data log the appropriate fields and then put that data into readable reported formats so that they can keep checks on both their financial health as well as their um criminal health within the organization and not only are these reports provided on demand but they're also providing uh real-time dashboards of this information as well so that internal com company stakeholders can look at that data on a real-time basis and that provides a number of different benefits to your organization it can provide security benefits you can see who has access to what data if you have a breach in data you can see what may have occurred and why that problem may have occurred but it'll also help your sales team even and your marketing team to see what types of transaction customers are becoming more interested in where is um where do we see transaction volume increasing across our client base help us know where to point our innovation to help us know where to point our sales resources and to know what our customers are looking for from us as an organization so a lot of these red tech tools are are multi are providing multiple benefits they're providing benefits both to allow us to maintain regulatory standards and also allowing us to help grow our business and understand what our customers are looking for and be more innovative in the appropriate and the appropriate places so really a lot of benefit from from working with with these red red tech providers and the final one i taught wanted to talk about uh is fraud detection so uh it kind of goes along similarly to to kyc but i think when it comes to fraud detection a much more long-term thing to look at when it comes to your customers so making sure that malicious users aren't coming onto your platform and then for your good users making sure that bad actors aren't trying to take over their account you don't have identity theft issues within your platform if someone tries to change their contact information making sure that that user is still legitimate and they haven't had someone take over their phone and then of course monitoring behavior across your platform to look for patterns that may show risk so if a money laundering event was occurring on your platform it may not be through one account it may be through 15 or 20 accounts spread out to help hide that money laundering so the regtech tools can really come in help you identify small pieces of that puzzle and build a broader picture of fraud that may be occurring on your platform so really tools across the entire client life cycle that helps to protect your customers as well as you as an organization um when it comes to fraud and all the regulations that come alongside that okay so how are reg tech companies meeting this compliance so what is the life cycle of regulation coming out being implemented and then being uh followed down the road to make sure that companies are maintaining and being compliant so rec tech companies kind of fit into a number of spaces there's companies that will monitor regulation parse through that data figure out um which pieces of regulation are important to their customers so that they can then go and educate their customers you know there's a big component of education to the regtech industry let their customers know what's important to them and which regulation they have to follow so regulatory obligation letting me know as a client that this is the new regulation that's come online that i have to follow as a business to ensure that i'm maintaining the compliance standards that are required to me by my governing bodies once we know my obligation uh my obligation as a client maintaining that compliance or figuring out a plan to get to that compliant level which tools do i need to implement what security controls do i have to have in place to ensure that i'm compliant with these new standards and then execute that compliance with transactions as they come through my network and then finally once i'm implementing those tools to get that compliance assessing that compliance ensuring that the tools that i've put in place are meeting the compliance standards of those new regulations and then following those over time seeing if there's any issues there and making the appropriate adjustments uh to maintain that compliance long term so that's kind of the life cycle as regulation comes online to becoming fully compliant and maintaining that compliance over time as an organization and then managing compliance so i spoke a little bit about earlier about how just how much more regulation has come into play since 2008 and um that really shows with from 2008 to 2015 there was an increase of about 500 percent in the amount of regulation that was being published by regulatory bodies so there was really a huge amount of work that was necessary to both track this regulation as well as implement these new regulation standards for each organization and organizations were seeing upwards of 10 to 15 and greater of their capital being spent on maintaining compliance and so in order to cut that down what started out as a very manual process had to become more automated so these identity management risk management reporting transaction monitoring started as a very manual process a lot of labor being spent to comb through these transactions make sure we're compliant and right tech companies help to bring on workflow automation to these tasks identify which transactions were worth looking at first which transactions uh could be gone could go through with less friction and then continuously monitoring um those workflow automations to ensure that they were providing the appropriate compliance levels to their customers and finally we've gotten into a lot of predictive analysis lately uh within the regtech industry where ai and machine learning are proactively identifying risk risks and issues so that we can put the controls in place uh to stop those before they actually become a big issue or before um big uh regulation is sweeping to to to circumvent those um those risks okay so how to identify your organization's regulatory needs so there's a lot of different right tech companies out there providing a lot of different services and i have a slide shortly that'll just kind of look at the overall market what different types of tasks companies are doing but really you should ask yourself uh these three questions what industry do i fall into so regtech has expanded outside the financial industry and now applies to other types of of companies as well that deal with industries that also have regulations so you know medical marijuana uh healthcare legal companies all of those have standards that they have to apply to um or have regulated regulations that they have to follow so um that's really important first question to ask you is is am i in an industry where regtech can help and the answer is probably yes which regulation standards apply to you so once you know what your vertical is as a new company you have to look into which regulations regulatory standards apply to you and there's plenty of companies out there that can help provide guidance um on which regulations apply to the specific types of transactions that your organization is dealing with and then those companies will help you partner with organizations that actually provide the tools to get to the appropriate compliance level and this can be a very complex problem right depending on the industry you're in and region you're in these standards are always changing and there's a lot of different regulation out there that you may have to comply to depending on which region you're operating in so in the u.s we have specific standards like the dodd-frank financial reform that i mentioned earlier which deals with consumer protection reforms and that can even go down to a lower level as tyler mentioned in california we have the ccpa which provides even more specific rights to california citizens so depending on where you're operating you're going to have to ensure that you have the right controls in place uh in each region even within your own country or a single country when you're dealing with those different transactions with different customers from different areas and and some other u.s standards are the privacy and consumer information financial information so that governs the use of customers private data and the bank secrecy act which is about knowing uh kyc standards and also their expected transactions so that you can identify risks if customers start doing transactions outside of what is expected of them and then this obviously varies as you go global as well so there are uh both standards within each country as well as ones that are regional and global as well so of course we have the gdpr in the eu that protects uh eu customers and their data so if you were to expand from the u.s to the eu you would have a whole new set of standards that you had to look into and make sure you were following to get up to compliance and red tech companies can really help you to navigate that transition from a regional company to a more global company in a much more streamlined fashion and then there's also um standards that are regional and that cust countries are signing on to as well so we have for instance the financial action task force which has set up an international set of kyc standards and dozens of companies including like the us and the uk have signed on to this uh to say hey we are going to follow these kyc standards and that's good on both sides right it creates more consistency across regions and how you're dealing with them but it also creates of course more complications and having to ensure that we have the proper controls into each of these locations and this is true across all sorts of use cases as well right there's regulation that deals with know your customer and anti-money laundering transactional reporting uh security controls you have to have in place so you really have to look at each piece of your business to understand what regulation applies to how i'm protecting my customer data from an encryption standpoint how i'm monitoring the transactions that my customers are performing and ensure that i'm i'm compliant across the board and then on this last slide we're looking at some of the different companies and what they're doing for their customers so as i said before we have our financial services at the top so obviously reg tech reg tech started with these different financial obligations that these companies had for that regulation but it's expanded it's gone into government and legislation environment health and safety regulatory technology companies healthcare reg tech companies uh vendor risk so it's really grown out to cover a large um uh environment of different companies so really no matter what industry you're in there's probably a reg tech company that can help you um to get to the compliance that you have to do or even cut your cost for um security that you're putting on yourself of course everyone doesn't no company wants to leak customer data so there's right there companies out there that can help you maintain compliance be security positive and protect your customers whether that's a regulation due to a regulation from an authoritative body or not okay and then quickly we're going to go into the future of reg tech so what are we looking for in the next four or five years from reg tech companies um that we should be looking to leverage and i think uh there's a few things kind of top-level ideas that rug tech companies are looking at to bring them into these next four or five years so as i mentioned just on the previous slide they're applying their technologies to new industry industries so now that they've kind of gotten a good grasp on the financial regulation they're saying hey we have all these technologies in place how can we expand our customer base by bringing them to new organizations bringing on healthcare organizations bringing on manufacturing organizations allowing them to use our tools to maintain their regulatory compliance as well which can allow us to get the most out of our investment into these regulatory tools they're continuing to improve in their adaptability so regtech companies and super and supervisory boards are becoming much more proactive in how they look at regulation of course in 2008 um if you look at what the events leading up to to that financial crash there's a lot of signs there um that a problem was about to occur and it was going to be big so they're getting being much more proactive in looking into these risks as they come up looking at new financial transactions looking at new practices of different organizations and identifying regulation ahead of time to kind of prevent that type of event from occurring again they're becoming more data holistic so they want to look at as much data as possible they're bringing in more and more data um to conduct these um to be more adaptable and to go into new technologies and they're focusing on accuracy instead of cost of course in the last decade or so there's been a huge decrease in cost in getting to the point of regulation and at some point you reach the kind of line where it becomes more cost-worthy the risks and the fraud within your platform become a bigger cost than actually the compliance tools do so they're looking to become more accurate so that you can get ahead of your risks and cut down on the loss that your company may have due to fraud to cut costs that way as your newest cost-saving kind of mechanism okay and so here are some other or here are some of the ways that they're performing those tasks so i think these first few bullet points really drill down into how regulatory bodies and red tech companies and then even the industry companies like financial institutions or medical companies are working together to kind of bring in the new new regulation and the new beliefs and how their their their industries should be regulated um they're being more adaptive so looking at things that are occurring being responsive to that in real time in taking an iterative approach to that regulation instead of just doing big large regulations that cover a lot of different pieces of information at once and they're also creating a lot of sandboxes where regulators and companies can work together look at new technology figure out the best way to ensure that it's regulated and that customers are protected to stay ahead of um of issues in in the near future and then they're collaborating across the globe so companies are countries are becoming much more collaborative when it comes to this regulation because unless you're looking at both sides of a transaction because a lot of transactions are global nowadays you can't really get the full picture of security so there's a lot more regional work to ensure that customers on both sides are protected when it comes to financial and other types of transactions okay so that is kind of my quick glimpse into regtech of course there's a lot more information out there as to what red tech companies are doing and how your organizations can can get benefit from those companies but i want to leave you with some key takeaways from this presentation so the first being that there's a huge burden of regulation out there for a lot of companies in a lot of different industries and reg tech companies can really help you to both accelerate your compliance with those standards as well as cut down on the cost of maintaining that compliance so it's really multi-facet of its benefit beneficial to you both as a feature as well as from a cost-saving point of view next is compliance there's a lot of different tools out there that these regtech companies have available so look at the type of things that you have to do as an organization to maintain compliance and i'm sure that there's a company out there that can help you that you can leverage to help you get to compliance in that in that silo whether that be knowing your customer transactional monitoring reporting or any of those other operations that red tech companies are providing innovation so regtech companies are always looking to leverage new innovations to help their customers uh maintain compliance and this is coming into play even on the supervisor's supervisory side as well where regulators are leveraging technology companies to pick what the new regulations should be and look into transactions and find out the best ways to go about regulation on a year-to-year basis and that's really good because we have technology coming into both sides looking at the data and making smart decisions on how to move forward and finally expansion so regtech is really moving outside the financial sector very quickly which is where they kind of got their start to other industries that also have regulation associated with them and allow those companies to benefit from the tools that reg tech companies have developed so that's kind of my my kind of intro to regtech and kind of an early look at how you can leverage the tools that regtech has out there and then we're going to move into q a so tyler um let me know what questions uh we have from the audience thanks blake that was great uh we do have a few questions here from the audience uh let me pull these up here all right we got one from paul here who has asked how do you see the rise in regulations affecting the financial burden placed on businesses yeah so i think this is um an issue in the last decade that has started that companies have started to get a grasp on right as i stated a little bit earlier um 10 to 15 percent if not higher was what was pretty commonly being spent by financial companies to make sure that they were maintaining regulatory compliance but that has quickly decreased as regulatory companies have gotten more technologically advanced they've gotten better at proactively looking at the risks that their customers have so that that cost has really gone down over the last four or five years and i think will continue to decrease as these companies get better and better at proactively identifying risk so i think um now is a really good opportunity to go in and and look at red tech companies that your company can can leverage to cut the costs that you currently have um for maintaining that compliance there's a lot of companies that provide real good end-to-end solutions um in a lot of these these uh silos um that you can leverage great got another one here from allison um she asked with so many solutions where would you recommend companies to invest yeah so i think this really depends on the type of company that you are and what your core business is i think that the first place to look is what has the most exposure to your customer base i think those are the solutions that are going to be where your money is best spent ones that benefit both you as an organization and maintaining compliance as well as those that benefit your customers by giving them either better service or a better experience with your platform so it right now if you have a lot of friction for your customers in any specific area i would try to identify right tech companies that can help you to lower that friction for those customers and give them a better experience while also increasing the regulatory compliance of your company so you really get benefit on both sides from leveraging those technologies and i think that's really a good place to start when it comes to to leveraging these companies right we've got a couple questions here about various technologies um the first one came from an anonymous uh attendee here and it said blockchain technology is this used in regtech as well yeah so uh there is blockchain technology that's being used in regtech and uh i think the main use case right now for blockchain i know it's something that right tech companies are researching actively and trying to find more applications for but the one right now is centralizing regulation so it's allowing you to spread out um your reporting and your transactional monitoring across multiple organizations so there's real good visibility into all of the different tracking data that's out there so any regulation is regulatory data isn't centralized to one location it's spread out there's multiple checks and balances around that data so they're really using blockchain to ensure that no one organization owns all the data for any particular reporting metric uh come on along those same lines of technologies here we've got rahman who asked how do you see biometrics fitting into all of this yeah so i actually have a really strong background in biometrics uh from from a previous job that i had but i think biometrics really started playing a huge role um when it came to know your customer and other sort of red tech applications when cell phones started to bring online those biometric readers so for a long time you may go to your bank and enroll a fingerprint and then when you're at the bank you could you could do um verification that way um but now that i have a facial reading camera on my phone i have a fingerprint reader on my phone biometrics have become more mobile with um mobile enrollment stations it's much easier for companies to leverage biometrics as they move forward both for security and know your customer purposes so biometrics is just an explosion the availability to your day-to-day consumer that's made it much more accessible from as a technology to leverage for your everyday companies yeah biometrics are definitely like the future is here kind of moment uh we got one last question we've got time for one more here uh josh said i work in healthcare and you mentioned healthcare applications could you talk a bit more about that yeah so of course healthcare is another org industry-like finance that has a ton of regulations surrounding it and of course there's different silos of regular regulatory companies that can help you do different things within the healthcare industry so of course you have um hipaa tracking so all that hipaa data and who's allowed access to certain patient data there's regtech companies that have controls in place that help you regulate access to information across your organization which is probably one of the biggest concerns within the medical industry but of course when it comes to prescription drugs as well there's tools that regtech has put in place to help you track you know supply and demand across your organization for those access to those everything like that so there's a lot of different applications that can go into play when it comes to the healthcare industry awesome well that takes us to our time there uh thank you so much blake uh thank you to everyone who joined us today we here at telesign are passionate about all things identity and we've enjoyed spending the last 45 minutes sharing our thoughts with you please let us know if you have any additional questions you would love to keep this conversation going and enjoy the rest of your day we hope to see you again soon thanks so much everyone