RegTech today is on a constant uphill climb and has grown significantly in both importance and size. Government institutions across the globe have become increasingly stringent with various regulations and, owing to the increasing number of threats organizations currently face, their actions are justifiable. However, the problem for banks and other related firms does not lie in trying to stay compliant alone: the existence of legacy systems have created several gaps in the implementation of new technologies. These instances have driven financial institutions to turn toward regtech solutions that leverage software and automation to close compliance gaps and address other regulatory challenges. Financial regulations like GDPR, PSD2, and MiFID II/MIFIR have made it absolutely essential to build compliant solutions, and thankfully, regtech solution providers today make it easy for the companies to remain compliant.
RegTech providers help organizations lessen their regulatory burdens while ensuring that they cut costs for the same. With the technology-based solutions provided by regtech companies, institutions can digitize and automate their compliance processes, collect the data, and produce reports in the formats prescribed by various governing bodies. Regtech professionals leverage AI to detect fraud or blockchain technology to prevent money laundering and also help finance companies to stay vigilant of any changes in concerned financial regulations. Cloud-based services are leading the charge, and regtech solution providers are driving innovation within companies that employ legacy systems as well. Regtech is increasingly becoming vital for measuring the regulatory impact and viability of business decisions in today’s highly globalized marketplace. And with the right solutions in place, risk assessment and compliance can be determined expeditiously.
This edition of Financial Tech Review comprises a list of leading regtech solution providers and consulting companies that guide financial institutions toward harnessing the power of innovative technologies to tackle today’s regulatory challenges. We hope this edition helps build partnerships that you and your firm require in order to foster a culture for immaculate compliance.
We present to you Financial Tech Review’s “Top 10 Regtech Consulting/Services Companies – 2020.”