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Experts Opinion: How RegTech Helps In Financial Services?

Industry Experts define Regtech as the use of new technology to enhance its regulatory processes. Itu2019s major end-use industries in BFSI. On behalf of Expert advice this concept helps the financial services firms to crack a better deal with the regulations. It promises to strengthen compliance procedures, increase efficiency, and improve protection for customers. It comprises of the potential to provide valuable business insights, drive new products/services, and provide customers with faster and enhanced services. <br>

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Experts Opinion: How RegTech Helps In Financial Services?

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  1. Experts Opinion: How RegTech Helps In Financial Services?

  2. Industry Experts define Regtech as the use of new technology to enhance its regulatory processes. It’s major end-use industries in BFSI. On behalf of Expert advice this concept helps the financial services firms to crack a better deal with the regulations. It promises to strengthen compliance procedures, increase efficiency, and improve protection for customers. It comprises of the potential to provide valuable business insights, drive new products/services, and provide customers with faster and enhanced services. • It is one of the fastest-growing elements of financial innovation. It uses technologies such as advanced analytics, cognitive computing, and RPA to achieve the regulatory and compliance requirements of a financial services firm. • An expert network firm revealed their forecast for RegTech spending to reach to USD76 Bn by 2022. An expert surveyshows that the various applications of RegTech comprise of Identity management, fraud management, regulatory intelligence, regulatory reporting, risk & compliance management, and others. The risk and compliance management segment accounted for the largest market share in 2018 in terms of application owing to its adoption rate in the U.S and UK and the increasing requirements to manage the complex processes in the banking sector.

  3. Expert network group connects to RegTech experts to seek advice for a long-term strategy, identify the business issues, seek consultation to solve operational inefficiencies. • The financial services industry comprises a massive amount of data which too complicated and sensitive, and thus, RegTech firms are deployed to combine complex information from the financial firms to predict the potential risk areas. • Application of RegTech to the financial institutions makes a vital contribution to its profit maximization, increases competition in the market to remove the barriers of entry, improve the quality & efficiency of supervision, and reduce the risk in the system. • The future RegTech market in the financial services industry is very promising as it involves more innovation, automation, standardization, and simplification as this industry is dominating the demand of RegTech. • The Global RegTech Market is estimated to reach the value of USD12.3 Bn by 2023.

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