1 Central Bank of Nigeria, Banking Supervision Department, Abuja, Nigeria
2 University of Michigan, Stephen M. Ross School of Business, Ann Arbor, MI, USA.
3 University of Virginia Darden School of Business, Charlottesville, VA, USA.
4 University of Virginia Darden School of Business, Charlottesville, VA, USA.
5 Sahara Group, Lagos, Nigeria.
Research Article
World Journal of Advanced Research and Reviews, 2024, 23(01), 1830-1844
Received on 08 June 2024; revised on 17 July 2024; accepted on 19 July 2024
This study explores the integration of Regulatory Technology (RegTech) within dynamic regulatory frameworks tailored to the financial services industry, addressing the critical challenge of aligning fast-paced technological innovations with more traditionally static regulatory environments. The core purpose of this research is to develop adaptable regulatory frameworks that support the implementation of advanced technological tools, ensuring compliance while enhancing the efficiency of regulatory supervision. Utilizing a blend of qualitative and quantitative research methods, this paper analyzes the effectiveness of proposed frameworks through real-world application within financial institutions. Results indicate that integrating RegTech solutions streamlines compliance processes, significantly reduces operational costs, and improves real-time risk management. Interpretations of these findings suggest that adaptive regulatory frameworks facilitate a more proactive regulatory approach capable of supporting continuous technological advancements without compromising the integrity or stability of financial systems. The conclusion drawn from this study advocates for a systematic reevaluation of current regulatory practices, emphasizing the need for regulations that are as dynamic and innovative as the technologies they aim to govern. This approach promises to safeguard against emerging risks and foster an environment conducive to technological advancement within the financial sector.
Financial Technologies; Regulatory Compliance; RegTech; Artificial Intelligence; Financial Risk Management
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Bibitayo Ebunlomo Abikoye, Stanley Chidozie Umeorah, Adesola Oluwatosin Adelaja, Oluwatoyin Ayodele and Yewande Mariam Ogunsuji. Regulatory compliance and efficiency in financial technologies: Challenges and innovations. World Journal of Advanced Research and Reviews, 2024, 23(1), 1830-1844. Article DOI: https://doi.org/10.30574/wjarr.2024.23.1.2174