We are happy to attend the Practitioners Conference 2018 today. Organised by the Institute of Singapore Chartered Accountants (ISCA), this event is well attended by more than 500 Practitioners. It is also heartening to catch up with a number of our existing client at the event itself.
One of the topics that was discussed during this event, was “Enhancing Your AML/CTF Process through Technology”. The speaker briefly mentioned 4 key considerations for choosing a Technology Vendor – (1) People (2) Cost (3) Security and (4) Support. In other words, it is to consider the user friendliness for the people using it, cost effectiveness of system, software security and support for the software.
On this regard, we would like to elaborate and add on a few tips on choosing the right Technology vendor.
People The product interface needs to be designed for the end-users, in terms of intuitive UIUX and most importantly serve the needs of end-users. While the initial learning curve may be steep but this phase will pass over time as end-users gets familiar with the software. If the software can serve the needs of end-users and tackle their pain point, the time and effort to integrate with this Technology Vendor will be worthwhile.
Cost Indeed, cost is an important factor to consider as it concerns the company’s budgeting. However, a wise shopper is also one who looks at the long-term value. Going for the cheapest vendor is tempting but you should also consider the value they bring to you. Always remember, it does not pay to be penny wise and pound foolish.
Security As a Technology vendor, security is of utmost priority that they must deliver to their client. While selecting your vendor, find out how they take steps to ensure your client database are secure.
Support Client servicing team is important for a Technology Vendor to be successful. When choosing a vendor, the turnaround time should be quick and fast especially when you run into issues of using the software.
Domain Knowledge Last but not least, is the domain knowledge of the Technology Vendor. In the field of RegTech, this is a crucial factor especially where it comes to compliance, regulatory and risk domains. We, at Cynopsis Solutions, is the leading pioneer of the RegTech industry. Not only do we serve TOP renowned financial institutions, we also service the professional services which we are very strong in.
With all these tips in mind, be sure to choose the right Technology Vendor to tackle your pain points! That said, do check out our flagship AML/KYC solution – Artemis – which is used by professional services, financial institutions, FinTech startups and Cryptocurrencies to fulfil their compliance regulations globally.
About Cynopsis Solutions
Cynopsis Solutions Pte Ltd is a RegTech company founded in 2014 and based in Singapore. We focus on anti-money laundering and counter terrorism financing softwares to automate the manual process and digitise the analogue records and documentation. Our Software-as-a-Service (SaaS) products are deployed in the cloud (Amazon Web Services) using industrial strength encryption, security technology and architecture design to ensure confidentiality and privacy of data stored. The unique proposition of combining our deep regulatory and Compliance expertise with smart use of functional technologies allows us to offer very cost effective anti-money laundering and counter terrorism financing solutions to smaller and medium size financial institutions, professional services companies as well as FinTech start-ups.