Regtech solutions seemed to offer the solution to financial institutions’ (FIs) compliance woes when they first came to prominence around 24 months ago, gaining support from regulators and investors alike.
However, many of the companies offering these solutions haven’t scaled as might have been expected from the initial hype, and have failed to follow the trajectory of firms in other segments of fintech.
This unexpected inertia in the regtech industry is likely to resolve over the next 12-18 months as other factors come into play that shift FIs’ approach to regtech solutions, and as the companies offering them evolve. External factors driving this change include regulatory support of regtech solutions, and consultancies offering more help to FIs wanting to sift through solutions. Startups offering regtech solutions will also play a part by partnering with each other, forming industry organizations, and taking advantage of new opportunities.
This report from Business Insider Intelligence, Business Insider’s premium research service, provides a brief overview of the current global financial regulatory compliance landscape, and the regtech industry’s position within it. It then details the major drivers that will shift the dial on FIs’ adoption of regtech over the next 12-18 months, as well as those that will propel startups offering regtech solutions to new heights. Finally, it outlines what impact these drivers will have, and gives insight into what the global regtech industry will look like by 2020.
Here are some of the key takeaways:
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