Nearly all financial services are undergoing a period of intense transformation. Innovation is enabling banks, fintech startups and other service providers, to unlock new revenue streams and resilience to technology-driven shifts in the marketplace. But, blindly diving into innovation without first establishing a clear compliance strategy will be a fruitless (and rather expensive) endeavour. This post is for anyone involved in financial services that’s keen to learn more about RegTech, the “new fintech”.
Every organisation should have a compliance strategy for complying with regulations that apply to them and RegTech can provide extremely valuable support in this area. RegTech companies employ advanced technology, such as blockchain and machine learning, to address cost/effort areas such as data management, identity control, transaction and regulatory monitoring, and reporting.
Investments in RegTech companies have more than tripled over the last five years. Given that compliance continues to remain a key challenge for many aspects of the financial ecosystem, the outlook looks extremely positive for increased investment and scale in this area.
Any organisation working within the financial services space should consider investing in a strategic compliance strategy using RegTech that views regulatory compliance as a competitive advantage rather than purely as cost.
Meet an experienced team
421 is a team of passionate change specialists with extensive financial, regulatory and tech industry experience. We identify the possibilities and opportunities that new digital technologies bring to the financial industry as well as the challenges that come with realising their full potential.
As part of our ongoing work to educate and inspire the Nordic financial services ecosystem around ways to grow and thrive in the digital economy, we are hosting a Stockholm RegTech Meetup on Wednesday, 30 May 2018 (5:00-8:00 pm).
Join us then to hear from Stig Johansson, Head of Innovation Centre at Finansinspektionen; Linda Hellström, founder and CEO of GRC Watch; and the 421 team. We will address the topic of RegTech today and tomorrow in Sweden, the Nordics and Europe, and host a panel discussion on how the financial industry, RegTech companies, consultancies and the FSA can collaborate to advance financial regulation.
Also, download our free report: RegTech is here: Time to turn Regulatory Compliance into a Competitive Advantage (pdf). In it, we introduce RegTech, highlight the significance of increasing investments, underline some of the obstacles and provide a point of view on how each of the three key parties; financial institutions, regulatory authorities and RegTech players, can each contribute to re-shape the regulatory compliance ecosystem.