Through the lens of Vaiie’s RegTech female innovators

Part of the Jersey Post Group, Vaiie provides cutting edge technology that enhances, secures, and digitises compliance processes for its clients.

As the business has continued its growth trajectory, it has also invested in its people, nurturing talent from across the financial sector. Operations Manager, Louise Flynn, Product Development Executive, Réka Wilson, Assistant Project Manager, Hannah Falvey and Senior Marketing Manager, Sonia Ferri each bring multifaceted skills to the business, using their passion for technology to help organisations enhance their customer lifecycle management. 

Vaiie’s core purpose is to help organisations envision how they can use technology to operate more efficiently and make smarter decisions, but what makes Vaiie’s people and offering so unique?

A slick user experience

Creating a seamless user experience is at the heart of Vaiie’s RegTech offering. Poor client experience can be costly for businesses, which is why systems need to be sophisticated and not clunky. Take digital identification for instance, not only can digital ID verification enhance risk management, including through streamlined KYC and AML processes, but it can also be an opportunity to improve client experience and boost efficiency.   

As explained by Louise

 The RegTech world has a wider impact than one would think, regulation impacts us all through our day-to-day interactions with financial and regulated institutions, so the user experience is critical - as we all know, no one likes admin tasks.

With a rapid number of services moving online and digital demands from clients increasing, it is paramount that any digital programme implemented into business processes provides a best-in-class client experience with low friction. Réka, who heads up the development and implementation of the Identify and Locate product lines added, “The culture at Vaiie represents values that are close to my heart, looking to make people’s lives easier through innovation, which brings user experience and accessibility to the forefront.” 

The user experience must put the client first so that they have the best possible chance of passing through the verification process the first time, whatever device they are using. If the experience does not meet client expectations, it can be an easy way to lose clients to drop-off and abandonment, which can negatively affect an organisation. This is why Vaiie’s solutions are device agnostic and work in any web browser.

Multifunctional skills

Compliance is increasingly becoming a multi-disciplinary effort bringing together different skills from across the financial sector. Hannah, who recently started with Vaiie, previously worked in financial services and realised the potential of RegTech when looking for her next role. She said, “Compliance is constantly evolving with tougher requirements and changes being implemented every day, which is why professionals need to stay ahead of the curve. Vaiie is a business at the forefront of RegTech development, so it’s a very exciting and fast-paced industry to be involved in. It’s clear there is a strong and positive team culture with a shared passion for improving user experiences through technology.”

Louise, Vaiie’s operations manager, has brought a wealth of skills with her from previous roles, “I am relatively new to the industry having only worked in it for a couple of years, however, I have worked in operations and executive assistant roles within financial services, legal and hospitality industries since a young age. I was drawn to the industry as I felt driven to be part of the solution that helps businesses become more efficient and reduce time and effort spent with long, manual and heavy paper reliant processes.”

The same applies to communicating a product which is where Sonia’s role comes into play. Put simply, a business could have the best product in the marketplace, but if the target audience doesn’t understand its value, it is less likely to succeed. “People in their everyday lives are getting more accustomed to using technology, whether dealing with online banking, booking travel, controlling lighting and heating from a mobile app, to even asking Alexa for instructions on how to perform emergency CPR”, explains Sonia.

The challenge ahead

When looking at the challenges, there are two barriers to consider: cost and investment strategies. Sonia adds, “The majority of budgets are being spent on existing infrastructure, and therefore, there is limited capital for innovation. Whilst our clients are driven to drive technical efficiencies within their business, we understand that it can be a challenge to implement change as there are many moving parts to bringing in a new technology, and this can slow down the process.”

Louise goes on to add, “another big challenge for financial industries is remaining up to date on new regulations. New regulations demand human capital to address compliance issues, which is time-consuming and resource-heavy, which is why the team at Vaiie work quickly and seamlessly to produce the very best products. The regulator needs to set a tech positive, and defend a neutral stance, to encourage RegTech adoption across the market.”

Equally, compliance functions are already being challenged by the need to continually evolve to be more industry-driven while also becoming more proactive and able to produce results in real-time. Successful firms will be nimble, flexible, and able to quickly implement cutting-edge technology that leverages data analytics, AI, and distributed ledger technology to continue to have an advantage in an increasingly competitive field.

As processes continually become smarter companies will have the upper hand when it comes to cybercrime. Sonia explains, “It’s not a standstill game. Criminals and organised crime are getting more and more sophisticated, but so are we. It is exciting to see how technology can protect organisations and their end clients from fraud and how we continue to evolve products in an ever-changing environment.”

It is predicted that RegTech will continue to take centre stage in 2021 and beyond. With regulation and client expectancy having changed at a fast pace over the past couple of years, and with the need to digitise processes having been recognised - there are clear signs that this is only the beginning.

By creating efficiencies through processes and embracing technology as part of this journey, organisations also have the opportunity to invest the regained time and effort into the overall user lifecycle, enticing new clients and effortlessly retaining existing ones. 

Article first published in issue #108 of Connect Magazine.