In an effort to enhance compliance and reduce costs, the Financial Industry Regulatory Authority (FINRA) is launching an overhaul of its online interactions with brokerage firms.

On Tuesday the U.S. industry self-regulatory organization (SRO) announced the new initiative to transform the digital platform that firms use to connect with the SRO.

Among other things, the project aims to streamline firms’ dealings with FINRA, improving compliance and curbing costs.

“We believe that there is significant opportunity to further enhance compliance and reduce costs by transforming firms’ digital experience when interacting with FINRA, whether that involves sending and receiving data and reports, managing compliance tasks and notifications, or accessing regulatory guidance,” said Robert Cook, president and CEO of FINRA.

The project will take place in stages over the next three years, through 2022.

FINRA says that its plans incorporate feedback from the industry, including the results of a survey of more than 50 firms and a series of industry focus groups.

“This is a user-guided initiative, which helps ensure that the technology will enhance compliance reporting and management, not get in the way,” said Steve Randich, executive vice president and chief information officer at FINRA.

“From the start we have invited users to help us design the future, and incorporated their feedback into our thinking and designs. We will be accelerating that process in the coming weeks and months,” he added.