The value of Regulatory Technology (RegTech) in financial services (FS) is crystallising around the globe, as real-world use cases demonstrate increasingly clear benefits to institutions, customers and regulators.
But in order to harness the power of RegTech solutions, there are still significant challenges that need to be overcome. A balanced and joint approach is needed to realise RegTech benefits and foster an innovative environment. All ecosystem participants should assess their own position in this complex landscape and consider what they can do to encourage RegTech adoption.
This white paper sets out the case for wider RegTech adoption, and outlines a series of actions that FS institutions, RegTech vendors, regulators, industry trade bodies and associations should consider taking to accelerate the process. We hope that we can spotlight some the main benefits of RegTech, encourage key ecosystem stakeholders to actively consider the business challenges that RegTech can solve, and ultimately accelerate the adoption of RegTech solutions.
