Digital Lifescapes

The emerging concept of regulatory technology (Regtech) has taken on new importance within the financial services ecosystem and beyond. During the COVID-19 pandemic, regulatory compliance has become more complicated. Today, Regtech is a highly dynamic and rapidly evolving market.  Regtech solutions will also become important within commercial areas other than financial services, as more regulated vertical industries seek to ease their government oversight compliance burdens. Meanwhile, digital onboarding and how to 'onboard remotely' in a safe, user-friendly way that respects Know Your Customer (KYC) regulations has become of critical importance during the global pandemic. Global Regtech Market Development According to the latest worldwide market study by Juniper Research, spending on Regtech systems that enable banks and other heavily regulated sectors to meet their ongoing compliance requirements will exceed $130 billion in 2025 -- that's up from $33 billion in 2020. Juni...

With the Fintech market gaining momentum across the globe, other markets -- such as Insurtech -- are now being examined to assess the disruptive potential of digital business technology. Regulatory compliance is one such area where IT innovation can transform the sector. More than $340 billion in fines have been imposed on financial institutions in the decade since the financial crisis -- one report estimates that the total is likely to top $400 billion by 2020. Increasing requirements for transparency and growing scrutiny of ethical practices means that the cost of regulatory compliance will surely increase. With an average of 10-15 percent of employee staff dedicated to compliance, banks and insurers are spending more each year to comply with government-imposed regulatory obligations. One solution to this growing challenge is better automation. Robotic Process Automation Market Development According to the latest market study by Juniper Research , insurers will spend $634 mil...

With growing interest in the Fintech market, other related markets are being analyzed to see if technology can revolutionize business processes. One area which has been disrupted by technology is regulatory compliance, primarily within the financial services industry. The UK’s Financial Conduct Authority (FCA) was the first body in the world to recognize and support the growth of Regtech in 2015. However, prior to this, companies were already seeking to leverage technology to help with their increased regulatory burdens. Regtech is defined by the FCA as a subset of Fintech that focuses on technologies that may facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities. Regtech Applications Market Development The appeal of Regtech is that financial institutions can utilize new and disruptive technologies, such as Artificial Intelligence (AI), Big Data analytics, biometrics, blockchain or chatbots to reduce their overall spendin...