In our blog series on the State of RegTech we have explored the current market segmentation and offered some predictions on the future of the industry. At Alyne, we consider ourselves a leading RegTech company and have been identified as such in recent studies (e.g. "100 RegTech startups to follow" by Jan-Maarten Mulder, "Top Regtech Performers" by Market FinTech, "International RegTech Companies Defining the $100-Billion-Dollar Industry" by Let's Talk Payments). We would therefore like to share some of our thoughts on the strategic development of Alyne in the context of the RegTech market development.
The following points describe Alyne’s strategic objectives for the next 12 to 18 months:
1. Grow market share
RegTech products are generally not an impulse buy and selling a product in a developing market does not make that easier. Our target is therefore to maintain our position as thought leaders in the RegTech space, expand our sales focus to forward thinking markets such as the UK, North America, Singapore, Hong Kong and Australia and increase our sales and customer success teams to support that growth. We anticipate greater momentum as the RegTech market and our reputation matures.
2. Broaden functional coverage
In our previous blog post I named one of our categories “One trick ponies”. To a degree, Alyne could be grouped in that box, as we are very much focussed on IT compliance, IT risk management and cyber security. One of our strategic goals is to expand this functional focus to cover additional industries and areas of regulation. We want to work with partners that are experts in the respective domains to increase the value for our current customers through greater coverage of their compliance needs and increase our customer base by branching out into new industries.
3. Expand to additional use cases
A short term objective on our development roadmap is to deploy additional use cases to our current functionality. Thanks to our highly automated deployment process and the nature of SaaS, we are able to deliver new functionality to our customers every two weeks. Some larger milestones on our roadmap are enhanced social media style interactions with Alyne objects, smart workflows to drive risk mitigation and controls implementation along with enhanced object management.
4. Develop new relationships
Until now our focus has been on end customers. We are currently also reaching out to regulators to explore forms of cooperation and interaction. We are also looking to develop a network of partners to help our customers leverage the full functionality of Alyne best and develop new content to provide additional value in their respective areas of expertise.
5. Enhance integration
We want our customers to be able to earn value from Alyne moments after sign up. With that in mind, we developed our platform to require the minimum amount of configuration and no implementation to bring Alyne live in an enterprise. Of course no system can be monolithic in today’s enterprise architecture and we built Alyne knowing we will integrate with data sources soon. A key focus in our strategic development will be Alyne’s ability to leverage external data sources and provide enriched data back to the original source - all while minimising integration effort.
You can tell from these strategic goals that we have an ambitious pipeline ahead of us. We hope that the RegTech market will mature along with Alyne and form a healthy ecosystem to make organisations more secure, risk aware and resilient.
Photocredit: unsplash.com/Dino Reichmut