In my previous blog, I looked at some of the ways in which regulators and financial institutions can encourage the further development of RegTech (regulatory technology).  I will conclude this series with a look at where RegTech is heading.

New areas of demand for RegTech should continue to appear.  We expect, for example, opportunities for RegTech organizations to provide workflow managing, tracking and evidencing solutions. In addition, we also envision demand for more sophisticated visualization and reporting capabilities to assist with internal oversight activities.

Having financial products and services that are appropriate for the end customer and treating the consumer fairly through all aspects of the transaction lifecycle is a key focus for regulators. Within this area, we see significant scope for RegTech to provide a number of solutions that enhance client connectivity. Developing tools to allow a financial institution to better understand its clients’ preferences, practices and constraints should likely rely on enhanced digital connectivity with clients.

Tax and anti-money laundering (AML) regulations would require richer information to be collected from the client. The challenge for many financial institutions in this area centers upon how to enhance client penetration in order to collect the data quickly and accurately. We would expect a number of RegTech solutions in this area to leverage mobile technologies to improve data collection. Once this data is sourced from the client, a high degree of analysis would be required to interpret the results and draw inference (particularly in the case of AML). Again we would expect RegTech to play a significant role in this space.

Many firms continue to invest heavily in the area of cyber risk and we foresee RegTech playing a greater role, with solutions becoming more sophisticated to help protect financial institutions.  Cloud security has become an important issue in recent years, and we would expect to see more focus in this area from RegTech players as more financial institutions leverage the advantages of Cloud technology.

At present, RegTech may be applied across a wide variety of financial sector regulatory areas such as prudential, structural reform, anti-monetary laundering, tax and reporting. Rather than attempt to map explicit solutions to specific regulations it may be more beneficial to consider some of the core competencies required in order to respond to regulatory requirements, and then to view how RegTech may assist in advancing these.  With basic requirements and capabilities in place, firms will be better prepared to deal with specific regulatory initiatives.

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