New regtech report highlights disruptive impact for financial services
‘Beyond compliance: regtech delivering transformative innovation across financial services’ analyses the importance of regtech in the ecosystem to promote innovation, the role of emerging technologies to enhance the value proposition of regtech solutions and the systemic change resulting from implementation.
Analysing the disruption and transformation in the financial services industry, the white paper also highlights how technology-based innovative products and services have promoted greater agility, better productivity, and lower costs.
Almost a fifth of end users in the banking, financial services and insurance (BFSI) industry (19%) cited “meeting standards and regulatory policies” as one of their top three challenges.
Estimates have indicated that companies expect to spend 10% of their revenue on compliance by 2022.
Enterprise Ireland supports more than 60 fintech client companies exporting to the UK market, helping to benefit wider UK economic growth.
Deepali Sathe, ICT senior analyst at Frost & Sullivan, and the author of the report said that regtech solutions were agile, secure and automated, thus simplifying the adherence procedures.
“These solutions can be integrated with existing systems and complement the current compliance teams.
“The impact is visible with better compliance, reduced costs, and enhanced decision making.”
Commenting on the report, Deirdre McPartlin, UK manager at Enterprise Ireland (pictured above), added: “The regtech industry is expected to grow rapidly and total $6.46bn (approximately £4.92bn) globally by 2020.
“Regtech will facilitate operational excellence as the data analytics and insights can be used to enhance existing products and services.
“The agility and flexibility enabled by regtech solutions can be extended to other activities within the organizations to promote a better understanding of the marketplace and clients.
“The collaborative ecosystem will further promote standardization and better risk management.”