Technology is a vital ally for regulators. It can improve the user experience for citizens, reduce costs by automating processes, improve compliance by streamlining routine tasks, and allow access to services around the clock. But it can also be expensive if not executed well.
In the post-coronavirus (COVID-19) world, governments will be supporting their citizens’ needs and leading economic recoveries. Digital transformation will play a key part as technologies assist in creating new or modifying existing processes to meet business needs. The recovery period will offer a unique opportunity for regulators to review the digital transformation activities they implemented to support operations during the pandemic. They will be considering what should continue, what was misaligned and what opportunities are available.
This short guide provides four steps, drawing on research and experience, which are a useful start for any regulator attempting digital transformation.
- Understand your objective
- Adopt design thinking as part of regulatory design
- Consider benefits for both the regulator and the customer
- Adopt privacy and security by design approach: Minimising data holdings and keeping information safe