#RegTech – Increase in #CostofCompliance, regulatory reporting, AML will squeeze profit margins.
On the other side, adopting #Digital modes of transactions are creating trail and businesses are producing huge amount of data everyday. This data can help to identify trends and do efficient periodic reportings.
#RegTech will be the next big thing & will catch up soon with its #BigBrother #FinTech.
Lot of disruption are bound to happen in the space and biggest beneficiary will be a partnership of Regulatory #Consulting Firm and Technology companies. These companies using their expertise will translate regulations to logics and codes to offer the service on plug and play model to companies. #Start Ups will get benefitted as they do not have to worry about regulatory compliances.
#RegTech will work on #CloudBased solution for easy access and data transfer to Stakeholders, to keep things transparent and easy.
#Blockchain can increase its power provided the whole ecosystem adopts and approves it.
Human minds can be smart, but can not process so much of data, monitor frauds and do regulatory reportings manually.
Human beings will be for Exception handling & not for the regular reportings.
Is #RegTech just round the corner ?