{"id":14715,"date":"2020-04-03T10:47:23","date_gmt":"2020-04-03T10:47:23","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=14715"},"modified":"2020-04-03T10:47:23","modified_gmt":"2020-04-03T10:47:23","slug":"fintech-regtech-and-the-role-of-compliance-report-2020-released","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/fintech-regtech-and-the-role-of-compliance-report-2020-released\/","title":{"rendered":"FinTech, RegTech and the Role of Compliance Report 2020 released"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In this<\/span><a href=\"https:\/\/youtu.be\/J1Z9h6_vrxw\"> <span style=\"font-weight: 400;\">video<\/span><\/a><span style=\"font-weight: 400;\">, Susannah Hammond, senior regulatory intelligence expert at Thomson Reuters, discusses the recently-released <\/span><i><span style=\"font-weight: 400;\">FinTech, RegTech and the Role of Compliance Report 2020<\/span><\/i><span style=\"font-weight: 400;\">. The Report highlights the benefits FinTech and RegTech solutions, including increased operational efficiencies and effectiveness, improved consumer services and enhanced business opportunities. The key findings of the Report are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">FinTech, RegTech and InsurTech approaches are increasingly being employed into financial institutions\u2019 risk and compliance functions. In fact, 65% of financial institutions contacted within the scope of this Report\u2019s development indicated such, up from 59% last year).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Opinion on technological innovation and digital disruption has fluctuated in the past couple of years. Following a slight drop in 2018, there was an overall increase in positivity regarding FinTech innovation and digital disruption (from 74% in 2018 to 83% last year). This, however, varies by region, with European financial institutions expressing the highest level (97%) of positivity.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Positivity about RegTech innovation and digital disruption has demonstrated a similar trend, rising from 71% in 2018 to 77% last year.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Many financial institutions have reported making a significant investment in specialist skills for both risk and compliance functions as well as at the board level. In fact, 21% reported investing in and\/or appointing those with specialist skills to better accommodate FinTech, RegTech and InsurTech solutions, up from just 2% last year.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The 3 greatest challenges financial institutions expect to face in the coming year are: (1) keeping up with exponentially-improving technological advancements, (2) working with budgetary limitations (i.e. lack of investments coupled with high costs) and (3) maintaining strong data security. The 3 greatest challenges identified last year by financial institutions were: (1) upgrading legacy systems and processes, (2) working with budgetary limitations and (3) having adequate access to skilled resources.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">RegTech solutions are becoming more common, with 14% of financial institutions stating that they have implemented at least one such solution (up from 9% last year).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Financial institutions that have yet to implement FinTech and\/or RegTech solutions have not done so for a number of reasons. The top reasons include a lack of investment, a lack of access to skilled personnel (especially inhouse personnel) and information security\/data protection concerns. Interestingly, 14% of those that have yet to implement any such solution reported that they have taken a deliberate strategic decision to not do so at this time.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">38% of financial institutions reported that they expect their budget for RegTech to grow in the coming year, while 31% reported a lack of budgetary support for RegTech (up from 25% last year).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To view the Report in its entirety, click<\/span><a href=\"http:\/\/financial-risk-solutions.thomsonreuters.info\/fintech-regtech-complinace-report-2020?utm_source=Finextra&amp;utm_medium=Video&amp;utm_campaign=241796_SRFintechRegtechRoleofCompliance2020&amp;utm_term=paid&amp;utm_content=downloadreport&amp;elqCampaignId=1638\"> <span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-14715 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='U.K. software company to test innovative regtech platform in Armenian financial sector'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/u-k-software-company-to-test-innovative-regtech-platform-in-armenian-financial-sector\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/business-adviser-analyzing-financial-figures-denoting-the-progress-in-the-work-of-the-company_1423-97-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8601\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8601'>\n\t\t\t\tU.K. software company to test innovative regtech platform in Armenian financial sector\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='RegTech requires a more collaborative effort'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/regtech-requires-a-more-collaborative-effort\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/03\/crop-people-holding-hands-together_23-2147707744-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9297\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9297'>\n\t\t\t\tRegTech requires a more collaborative effort\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='FinTech World Forum 2018'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/fintech-world-forum-2018\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/2121212121212121212-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9531\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9531'>\n\t\t\t\tFinTech World Forum 2018\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>In this video, Susannah Hammond, senior regulatory intelligence expert at Thomson Reuters, discusses the recently-released FinTech, RegTech and the Role of Compliance Report 2020. The Report highlights the benefits FinTech and RegTech solutions, including increased operational efficiencies and effectiveness, improved consumer services and enhanced business opportunities. The key findings of the Report are: FinTech, RegTech &hellip;<\/p>\n","protected":false},"author":12,"featured_media":14716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[464,477,371],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14715"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=14715"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14715\/revisions"}],"predecessor-version":[{"id":14717,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14715\/revisions\/14717"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/14716"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=14715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=14715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=14715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}