LONDON, April 18, 2017 /PRNewswire/ -- Agile regulation technology (RegTech) solutions are in high demand in the global financial services market. Financial service organisations are embracing RegTech solutions for enhanced efficiency, proactive compliance, real-time risk monitoring and improved governance. Collaboration with RegTech solution providers will be key for financial service organisations to gain a better return on investment, mitigate implementation and complex IT infrastructure barriers, and enable quicker conversion to dynamically evolving regulatory changes.
RegTech in Financial Services, Global, Forecast to 2020, part of Frost & Sullivan's Digital Identification Growth Partnership Subscription, offers an overview of the current regulatory market in financial services, key challenges for financial institutions in ensuring regulatory compliance, and the ways in which RegTech can address these challenges. Major RegTech companies such as FundApps, Scaled Risk, Qumram, and other, are profiled. The market is expected to reach $6.45 billion by 2020, growing at a compound annual growth rate (CAGR) of 76.1 percent by 2020.
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"A rising demand for easy-to-use, regulatory-compliant solutions for anti-money laundering (AML) and know-your-customer (KYC) requirements are steering RegTech start-ups to enter these segments and, with the help of cloud computing, big data analytics and machine learning technologies, provide innovative, affordable and effective solutions," said Digital Identification Research Analyst Dhanvin Sudarsan.
Venture capital firms are actively investing in innovative Regtech companies that provide cutting-edge solutions. Regtech companies active in the financial service sector include:
"While technology adoption and regulatory compliance are clearly the way forward for financial service organisations, complex data verification, costly legacy systems, uncertainty in upcoming regulatory reporting, and conflicting data sets are factors hindering RegTech market growth," noted Dhanvin.
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