An Analysis of the Role and Impact of RegTech Solutions’ Implementation in Enhancing Regulatory Compliance at Private Bank in Oman

Nusrat Jahan; Prakash Kumar Udupi

doi:10.36948/ijfmr.2024.v06i03.23032

An Analysis of the Role and Impact of RegTech Solutions’ Implementation in Enhancing Regulatory Compliance at Private Bank in Oman

Author(s)	Nusrat Jahan, Prakash Kumar Udupi
Country	Oman
Abstract	This study focuses on analyzing the role and impact of RegTech solutions’ implementation in enhancing regulatory compliance at Private Bank in Oman. The main objective of the research is to study and analyze the current regulatory compliance system, role, impact, and key factors influencing the successful integration of RegTech solutions at Private Bank in Oman. There has been no or very limited re-search on RegTech’s implementation and its impact on Omani companies. This project employs a mixed-method approach, utilizing both quantitative and qualitative data, with research instruments comprising interviews and questionnaires. For the questionnaire survey, the population size is 144 and the sample size is 105. Structured interviews are conducted with the Heads of Compliance and Heads of IT. An online questionnaire is prepared and circulated to 105 employees of Private Bank in Oman. The collected data is analyzed utilizing vari-ous data analysis tools like SmartPLS, Microsoft Excel, and JASP. The types of statistical analysis utilized are descriptive, histogram, T-test, correlation, and ANOVA analyses. After conducting the qualitative and quantitative analysis, it was found that there exists a positive relationship between the implementation of RegTech and enhancing regulatory compliance procedures of the company. Existing or upcoming banks may benefit from this study and implement the recommended RegTech model in their companies. Researchers who wish to further investigate RegTech solutions can take great insights from the study. As there is limited research on RegTech in Oman, future researchers can take this research as a starting point and can go in-depth to find greater results and recommendations on the implementation of RegTech in Oman.
Keywords	Implementation, Private Bank in Oman, RegTech, Regulatory Compliance, Regulatory Technology, Solutions
Field	Business Administration
Published In	Volume 6, Issue 3, May-June 2024
Published On	2024-06-21
Cite This	An Analysis of the Role and Impact of RegTech Solutions’ Implementation in Enhancing Regulatory Compliance at Private Bank in Oman - Nusrat Jahan, Prakash Kumar Udupi - IJFMR Volume 6, Issue 3, May-June 2024. DOI 10.36948/ijfmr.2024.v06i03.23032
DOI	https://doi.org/10.36948/ijfmr.2024.v06i03.23032
Short DOI	https://doi.org/gt2bvh

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An Analysis of the Role and Impact of RegTech Solutions’ Implementation in Enhancing Regulatory Compliance at Private Bank in Oman

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