Companies have continued to spend a lot of money in the recent past particularly when it comes to matters of regulatory compliance. Increased business regulations have also resulted into every organization creating a fully staffed compliance department. As a business person, you’ll most likely agree to the fact more rules in the business environment would definitely translate into increased operational costs. This should not worry you anymore as regtech is here to present significant relief to your firm.
The new concept involves making use of innovative technology tools such as artificial intelligence and blockchain among other software solutions to reduce compliance related costs according to youtube.com. Supplied by about 80 young organizations, regtech products and services are increasingly becoming handy to all kinds of companies. These companies are projected to play a huge role in the world of business in the near future.
Let’s Talk Payments, a popular financial technology website, has indicated that compliance costs global banks about $70 billion. According to them, this figure is likely to rise to about $120 billion in just 3 years. It’s actually shocking to learn that major financial institutions in Europe including Deutsche and HSBC banks are reportedly spending over $1 billion annually on compliance.
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Thanks to regtech specialists, major financial institutions will now take only 3 months and a cost of about $300,000 to deal with issues of compliance as opposed to 2 years and about $10 million experienced earlier. Companies that are ready to embrace regtech will absolutely benefit a lot. A number of companies as well as regulators have already embedded the concept into their ecosystem according to stockgumshoe.com. The Bank of England, the United Sates’ office comptroller of the currency and Singapore’s monetary authority are just but among the key stakeholders who have accepted regtech.
Jeff Yastineexperienced stock market investor and a reputable financial journalist. Since the joining the organization in 2015, Jeff has continued to educate and empower investors by improving their understanding of business, financial trends and economics as well as tips on current profitable opportunities.
In the course of his career, Yastine has interacted with a number reputable global business leaders including Michael Dell, Richard Branson, and Warren Buffet just to mention a few. His eye-opener publications have continued to support both young and established entrepreneurs across all sectors of the economy. His hard work has not gone unnoticed. Jeff Yastine has won a huge number of notable awards in various categories.
Find more about Jeff Yastine: https://medium.com/@jeffyastine
— Jeff Yastine (@Jeff_Y_Guru) October 18, 2017