Regulatory Technology (RegTech) refers to the use of new technology such as Artificial Intelligence to improve how companies adhere to regulatory requirements. The RegTech app, developed in MATLAB, aims to accelerate and automate tedious regulatory data extraction processes. Data capturers at financial institutions constantly capture data from IDs, payslips and proofs-of-address. By using deep learning and advanced image processing, the RegTech app allows the user to extract this information automatically.
The RegTech app facilitates the delivery of secure and cost-effective regulatory solutions. This app automates the repetitive process of extracting information from personal documents, thus saving time and therefore money.
The RegTech application is especially useful to Financial Service Providers as it serves as a medium between data, regulations and people. By packaging the advanced functionality of artificial intelligence and image processing into a shareable app, MATLAB can allow the user to save time and effort in a high-stakes environment.
The RegTech app is certainly at the forefront of displacing ineffective and out-dated processes of regulation compliance with the help of Artificial Intelligence and machine learning. Take a look at this video where vacation work students Monaheng and Grace take you through the RegTech app, developed by previous vacation work students Christiaan and Zanele.