Is RegTech the future of compliance?
RegTech is not a new kid in the fintech block anymore.??
Projected to reach $28.33 billion by 2027, the RegTech industry has grown rapidly to become a formidable force. It holds immense potential to combat financial crimes and losses by disrupting risk management, compliance, regulatory reporting, identity management, and cyber resilience.??
RegTech companies leverage technology innovation to ensure effective and efficient delivery of regulatory requirements. They proactively work on building a sustainable regulatory technology ecosystem that is compatible and scalable with evolving regulatory requirements. Challenger banks, fintech, and new-age financial firms were among its early adopters. Today regulators, traditional banks, and other businesses are embracing the benefits of RegTech (listed below).??
RegTech enables faster onboarding and disburse settlements, automates credit assessment, and streamlines healthcare benefits, among several other benefits across industries.??
In short, RegTech is the future of compliance and regulatory monitoring.
“RegTech is the future of compliance and security. Decoding regulatory complexities and connecting the dots, RegTech has the potential to minimize risk, improve outcomes, and lower costs. To grab a bite into the $10 billion RegTech industry, businesses must reinvent engagement models and power agile processes and outcomes without compromising innovation.”?
VP, Business Development???
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Stay tuned. Stay curious.?