Financial services companies are struggling to keep up with a mountain of new regulatory and reporting requirements — and it’s only going to get worse.
From the 2008 financial crisis through 2015, the annual volume of regulatory publications, changes, and announcements increased a staggering 492%. That’s creating an opportunity for a swath of new companies called regtechs. Regtechs are companies that use technology to help firms decrease their regulatory burden.
In a new report from BI Intelligence, we explain what’s driving the regtech trend and where the biggest opportunity lies. We also provide examples that show how regtechs are providing solutions to compliance problems.
Here are some of the key takeaways:
- Regtechs can help in many areas of compliance. This goes beyond automating legacy processes and can include interpreting legislation, designing new compliance processes, and managing and processing data.
- Large financial firms represent the biggest opportunity for regtechs, but they’re also well suited to help fintech startups.
- Regtechs face a number of hurdles to achieving significant scale and success. These include competition in the industry, the challenges of international growth, and building trust with customers.
- Implementation of regtech solutions will result in staff reduction. These technologies will augment compliance teams in the short term, but could lead to job losses among compliance professionals in the longer term.
In full, the report:
- Defines what regtech is and the problems regtechs are trying to solve.
- Highlights the advantages regtechs have over legacy compliance solutions.
- Provides regtech company case studies.
- Details the outlook for regtechs globally and the impact they will have on compliance teams.
Interested in getting the full report? Here are two ways to access it:
- Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you’ll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now
- Purchase & download the full report from our research store. >> Purchase & Download Now
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.