Neota’s award-winning no-code AI automation platform allows professionals to rapidly automate any aspect of their expert services. CEO Kim Massana is a legal technology leader with 15+ years of experience at Thomson Reuters, Innovative Interfaces, Inc, and prior to that as President of Elite. Kim discussed about his journey in Regtech Space with our Journalist Antara Tripathi. Following are the Excerpts from the interview.
How do you define the term RegTech?
We define the term ‘RegTech’ as the application of technology to assist regulated companies to better comply with processes, procedures and audit requirements for their regulators. A positive side effect of this is that it also improves the ability for the business to deliver a six-sigma quality outcome to their clients.
Who are the critical players to build the successful RegTech company?
We’re currently a team of approximately 50 people, based in offices over the globe. All our staff are critical players in our journey to build a successful RegTech company. One third of our employees are Lawyers, one third of our staff have PhDs and we have a great commercial team who understand our product and the challenges organizations face today.
Brief overview about your product/service offering?
Neota is an award-winning no-code AI automation platform, providing professionals with a wide range of easy-to-use tools to rapidly build applications that automate any aspect of their services. We have many clients in the legal and regulatory space building RegTech apps with our platform. The Neota platform allows accurate, consistent and swift expertise to become more accessible to the business and to deliver that expertise securely and effectively at the point of need.
What inspired you to build the above product?
The demand for regulatory compliance, risk management and legal services is vastly greater than can be economically delivered by individuals on a one-to-one basis. Networked machines have created an enormous opportunity to deliver that advice in all routine situations and that’s what led us to build Neota.
How did you overcome initial mindset challenges of the regulators ?
Our technology provides multiple reoccurring fact patterns as well as removing human error in the decision making process by providing consistent answers and the added benefit of providing an audit trail to mitigate risk.
What was the most critical aspect of your journey as the CEO of Neota Logic?
The most challenging aspect has been bringing ‘Decision Making’ software, a fairly new technology, to the marketplace. Adapting and changing our technology in line with client feedback has been a critical aspect. Through regular engagement with our clients we have identified that their needs require a complex platform, more than we originally expected, but luckily our platform has the capability to offer this.
Where do you see yourself in next three years?
Decision automation delivered to customers on their mobile and PCs will have profoundly impacted the RegTech market over the next three years. I anticipate at least 25 – 50% of all RegTech operations will happen using decision making engines like Neota.
Which countries do you feel you can expand to with your offerings?
Neota Logic already has a global presence with offices in New York, London and Melbourne supporting North America, Europe, APAC and beyond.
Have you built any consulting model for the consultants from different countries?
In Europe, Transform Data is a licensed re-sellers who delivers consulting services for products built in the Neota platform. We’re currently in negotiations with an organisation in Singapore for a similar arrangement and offer full consulting services of our own to our clients in all three regions. Two of the big four consultancy firms also licence our platform and use it to deliver compliance applications to their clients.