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RegTech: The revolution is coming

RegTech: The revolution is coming

We outline how are you can utilise RegTech to deal with the demands of complexity, cost and compliance in an environment that isn’t getting any easier?

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Chris steele

Director Banking Risk and Regulation

KPMG in the UK

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RegTech: The revolution is coming - photo of the Earth at night

RegTech, in a nutshell, is technology that helps financial services firms get better at dealing with regulation. It can strengthen compliance and reduce its costs, mitigate risks and increase efficiency. 

But, it can be more than that. We see RegTech as a central part of firms’ wider transformation strategies, with the promise to: 

  • Improve protection for customers; 
  • Provide customers with better and faster services; 
  • Deliver valuable business insight. 

Financial institutions have shelled out more than $300 billion in fines since the financial crisis according to Bloomberg. The cost of compliance spending is steadily increasing with up to 15% of firms’ staff working on governance, risk management and compliance according to the Financial Times. RegTech has the potential to significantly reduce this figure by filling compliance gaps, reducing costs and detecting enterprise risks before the regulators.

This article maps out RegTech’s potential for transformation while staying rooted in the reality of where we are now and what is immediately round the corner.

Download the full report 'There's a revolution coming' and see how you can join the RegTech revolution now. 

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