Going Paperless with ALT/AVE. A RegTech Talks Event Review.

RegTech

The 24th of November saw ALT/AVE attend RegTech Talks, in collaboration with sustainability and environmental consultancy firm Avieco. 

‘Building a Business Case for Sustainable Change in a Regulatory Minefield’ explored how to tackle both sustainability goals and further the digitalisation of financial firms by taking an integrated approach to compliance problem solving. 

Watch the event here:

Summary of the event below: 

Global Shifts in Sustainability Perceptions  

Bianca Cave, a three-year sustainability veteran of Avieco, started by explaining the economic and societal impact of the failures to adhere to the Paris Climate Agreement. She included the specific risks to the ecological climate with rising sea water levels, caused by rising temperatures. Private companies have adopted some of the responsibility and Avieco has seen commitments to sustainability increase 3X in 2020. In line with the UK and France’s pledge to become net zero by 2050, which was announced earlier this year. 

Bianca noted that Avieco’s clients outlook, and priorities has shifted in recent years to fall in line with the current climate. This led onto what Alt/Ave were doing in this sphere, and how they’re focusing on sustainability. 

Saving the Forests with Distributed Ledger Technology  

At Alt/Ave, we use distributed ledger technology to streamline regulated customer communications. Our CEO, Chris Ansara, pointed out that financial institutions fall behind in their communication medium. The UK banking sector still send out 4.2 billion printed documents annually. As an industry they still heavily rely on paper, which inhibits sustainable business in the sector. 

Chris detailed the priorities that the industry has and explained why these might hold back the adoption of paper-free policies. These include customer journey, ROI & legacy systems. However, the industry’s priorities are all underpinned by regulation, which could prove a barrier to paperless adoption in the mind of the financial institutions. 

The most common paperless distribution methods are subject to unique limitations. PDF’s are privy to malware attacks, increase bounce-backs and further blacklisting. Mobile applications lengthen the onboarding process and are difficult for some demographics. Emails are expensive and complicated to embed the content. 

ALT/AVE’s Durable Medium Repository (DMR) nulls the limitations of these distribution methods and increases regulatory compliance. It allows financial institutions to onboard new customers with regulated documents that are immutable and secure, guaranteeing the integrity.