RegTech is one of the latest trends in the financial industry. It arose as developers began seeing the need financial market players had for technological solutions to the increasing number and complexity of regulations. In particular, RegTech was developed to:
- Automate processes in accordance with current rules and regulations
- Simplify processes by generating conditional reporting that automatically updates itself
- Be efficient and rapid to respond by instantly incorporating new laws and regulations into reporting
- Solve real problems, in particular ensuring that reporting is always completed on time and in a standard and approved format
Due to its convenience and accuracy, RegTech is becoming more and more popular the world over. Moreover, as states insist on transparency, speed and accuracy in reporting, RegTech will only become more ingrained as part of business as usual.