The regulatory landscape is becoming more complex than ever for financial institutions. With challenges abound in ensuring compliance for the long term in an ever changing market, RegTech is proving to be the answer for many organisations across the sector.
Last week, FinTech Global hosted its most recent Global RegTech Summit in London, welcoming RegTech leaders and innovators for a day to network and discuss the latest trends and innovations that are dominating the RegTech sector.
In the first panel discussion of the day, ‘Riding the RegTech Wave: Organisational Priorities and Strategies to Transformation in 2025’ featured moderator Sholtana Begum of the Competition and Markets Authority, Bernadette Smith of Starling Bank, Scott Charity or Berenberg, Haseeb Qureshi of Conister Bank and Francesca Hopwood Road of BIS Innovation Hub.
Prior to the starting of the panel, Begum explained that RegTech is changing the world of finance and is transforming it, and that 2025 is setting up to be a ‘pivotal year’ for the RegTech space and beyond, as the sector goes from strength to strength.
This is borne out by recent research by Marks Sattin, which previously outlined that the global RegTech market is anticipated to reach a total value of $60.7bn by 2030.
To kick off the panel, Begum quizzed the panel on the idea of as the landscape becomes more complex, how organisations are prioritising and aligning their resources to tackle the biggest compliance hurdles.
One of the panellists explained that it wasn’t about knocking the regulatory landscape itself, but saying that one of the biggest challenges was how each piece of regulation competes with each other.
The same panellist explained how RegTech is now also playing such a large role within the sector, so much so that it is virtually impossible to not use RegTech solutions on a day-to-day basis – outlining the vital role that such a technology holds in managing changing regulations.
The panel was also quizzed on how firms should measure the return on investment when adopting RegTech solutions. For this, a panellist stressed their belief in key measurement common across all sectors – customer satisfaction. If the solutions being offered are up to the standard expected of customers, this has always been a key metric of measurement. Alongside this, the panellist stressed operational efficiency and three lines of defence as other measurements worth taking stock of.
The same panelist also brought up the idea that the era of ticking-box compliance was over, explaining that now, analytics is a huge part of operations.
Another area that was the focus on panel was the topic of collaboration between financial institutions, regulators and RegTech vendors, and the role they play in shaping the development of the future regulatory solutions.
In this area, a panellist explained that collaboration is very easy to say – and that the challenge is in the way you construct in a way that is thoughtful and beneficial for all involved.
In September, FinTech Global will be hosting the 4th annual Global RegTech Summit USA in New York. The event is the largest gathering of RegTech leaders and innovators in the US and a great place to connect with industry experts and RegTech leaders. More information about the event can be found here.
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