In today’s fast-paced and rapidly changing environment, regulated technology (RegTech) services are constantly challenged to find innovative ways to manage compliance costs and streamline processes. Navigating regulatory compliance, understanding business priorities and meeting customer expectations is a constant challenge. Juggling these priorities and leveraging RegTech to assist with regulatory challenges can be the difference between remaining competitive or simply losing pace.
RegTech solutions underpin many day-to-day interactions. They make doing business simpler and safer. Examples include; creating secure portals to obtain personal information safely, improving the speed and accuracy with which fraud is detected, and using artificial intelligence to train businesses in making informed decisions. These needs, plus hundreds more, are being radically improved through the work of RegTechs.
The RegTech Landscape
RegTechs gained early momentum in servicing financial institutions and initially supported compliance functions on a narrow range of problems. Today, the sector has vastly expanded into other regulated industries, such as the government, telco and energy sectors, with solutions covering a wide range of needs in compliance and supporting digital transformation. Over 80% of Australian investment in RegTechs has a cross-sector focus, and this diversification has solidified the relevance and importance of RegTechs.
Australia is already home to the 3rd highest number of Regtech companies in the world, and WA is poised to be a significant part of that success. Digital transformation is changing the way the WA government supports its citizens.
Despite the volatile and uncertain global environment over the past three years, the Western Australian Government’s commitment to developing digital innovation remains coherent and strong. This was highlighted by the recent launch of Western Australia’s Innovation Strategy Initiative with its 10-year plan to establish WA as a global hub of invention, investment, innovation and impact.
This is in addition to the $249 million the WA Government has allocated to advance digital transformation and address cyber security risks. This fund underpins the WA Government’s commitment to harness digital technologies, including RegTech, to transform how they deliver services to Western Australian people, communities and businesses.
A leader in RegTech Solutions
Scantek, the leader in identity verification solutions for regulated companies and licensed venues, specialise in enhancing KYC processes by developing frictionless end-to-end identity verification. The company utilises cutting-edge biometric verification and machine learning technology to deliver highly secure and trusted customer screening and verification within any setting.
What is RegTech, and why is it so important?
RegTech is any technology that uses information technology (IT) to enhance a company’s regulatory processes. Whilst this sounds simple, there are several considerations before investing in RegTech:
- Cost: Streamlining processes resulting in cost efficiency
- Customer: Improving customer experience
- Compliance: Enabling and evidencing regulatory compliance.
To achieve all three, Companies must ensure customer information is maintained and evidenced via a single source of truth. Producing a robust audit trail demonstrating regulatory compliance. The newest solution from RegTech company, Scantek, is it’s Venue Entry, which delivers a full suite of risk, analysis and reporting functionality for all Licenced Venues throughout Australia.
What is Venue Entry?
Venue Entry is the newest release for compliance for licenced venues. The solution operates from an iPad, allowing venues to verify the identity of their patrons from anywhere at any time. The product incorporates Optical Character Recognition (OCR) and machine learning technology to guarantee a fast and accurate scan that will detect and flag any issues with the ID and patron.
Venue Entry provides a one-stop solution with scanning capabilities for physical and digital identification forms. Venues are offered the ability to create a venue ban or flag patrons for further review and are granted access to Scantek’s database of over 30,000 existing venue bans.
How Scantek helps
Scantek’s Venue Entry solution brings high-performance identity verification into a mobile-based solution, enabling businesses to accurately, compliantly capture and analyse identity data. Combining optical character recognition (OCR) and machine learning, the experience is touchless, delivering accurate results in seconds.
Ease of Use
Operating from a hand-held mobile device, the Venue Entry solution allows venue staff to conduct hassle-free Identification verification checks from anywhere and anytime. Combining all of the functions of basic verification systems with the latest OCR and machine learning, Scantek’s Venue Entry will revolutionise venue security processes.
Venue Entry users receive real-time scanning results, detecting and notifying venue staff of verification issues or existing venue bans the patron may be subject to. Advanced machine learning capabilities ensure Venue Entry’s technology is constantly updating, helping the system to consistently achieve fast and accurate results.
Prevent entry to banned patrons
Patron bans act as a successful deterrent for antisocial behaviour, which has consequences for the experience of other patrons within your venue and the safety of patrons and staff. With access to Poiice and Government bans plus over 30,000 active venue bans and the ability to create a ban or flag a patron using the application, Venue Entry makes preventing entry to problematic patrons simple.
Alongside the added security of preventing entry to banned patrons, Venue Entry’s scanning technology identifies fraudulent or fake IDs and underage patrons. These functions contribute to a safer environment and protect the venue and its staff from fraudulent activity and the penalties for unknowingly serving minors.
Paving the way in RegTech
As a leading RegTech provider specialising in Identify verification, Scantek is trusted by nightlife venues Australia-wide. Scantek’s latest one-stop solution, Venue Entry, is our most innovative product yet. Combining our existing Nightlife ID verification features with the latest innovations in facial recognition technology in one hand-held device, Venue Entry is set to revolutionise security procedures for Australian venues.
To learn more about Venue Entry or to experience the technology, you can request a demo or contact the friendly team at Scantek.