RegTech: Making Technology Our Ally
The concept of being part of a revolution, being against an established “majority” force, is so powerful amongst human nature that, when managed correctly and guided through the adequate path, can achieve incredible things, at times even surpassing this established majority force. The charismatic Steve Jobs, the 1984 ad, and the “apple revolution” are a great example of this. The company was able to build a brand image that revolved around the concept of standing up for your rights, becoming independent, and fighting against the established powerful forces; all this for an organization selling computers. Pretty amazing, right? Also quite ironic that, after the fast-paced increase of technological development seen during the last couple of decades, the tables have turned, and it is now the non-technology forces spiking a very similar type of rebellious feelings in citizens.
It is now no longer governments nor financial institutions to which the general public is rebelling against, but TECH giants that have been the core of technology development throughout the years. The FAANGs (Facebook, Amazon, Apple, Netflix, Google) and many other internet companies, are being subject to a fast-increasing negative trend with Privacy and Data Protection as its core that is growing at a significant pace throughout internet users and general population. Black Mirror, Westworld and many other films and TV shows attempt to latch onto the depicture of this anti-technology revolution by adding negative connotations to the new emerging technologies; AI, Blockchain, Big Data or IoT; and guess what? It’s working. People now see these innovative, disruptive and cutting-edge technologies as a threat to their lives, with a special emphasis on the effect of these on employment stability and activity automatization, seeing technology as the “destructor of jobs”
Far from the truth; it is the exact opposite. Technology has the potential of actually releasing the workforce from mundane and monotonous activities, allowing them to invest their energy in more significant and relevant tasks for companies.In addition to this, it is actually creating more -rewarding, highly paid, and self-fulfilling- jobs than it is destroying them. Shaping the entrepreneurial ecosystem, creating a more transparent and efficient compliance landscape, driving huge improvements in health care etc. Benefits of the new technologies are countless. So, as a society, we need to undergo a cultural change that embraces technology as an ally, rather than an enemy. How to do this? By regulating (with correct policies and not by blocking innovation) the internet companies and ensure that citizens know that their data, personal information and privacy are not being taken away from them. The potential and possibility of turning this situation actually lies within RegTech, empowering the citizens whilst allowing organizations to increase their efficiency and conduct more relevant and innovative activities.
Link to enrol in our RegTech Online Course