RegTech: Overhyped AND underestimated?
The burden of regulatory compliance is estimated to be roughly 15-20% of a bank’s operating costs and a single large institution could see their cost to be in the region of $2bn per year. The sheer number of regulatory changes impacting financial services across the EU is overwhelming and the fines for non-compliance are expected to increase. What is the role of each actor in the ecosystem in securing a successful partnership between visionary technologists and often slow moving regulators? Can agile new startups deliver back office technology which keeps pace with innovation? And how complex is the problem really?