Join our smart investors - Get the best stock directories in  blockchain, cannabis, crypto, AI, IoT, cleantech. Daily podcasts in cannabis and crpto. Just $99  a year

Regtech to Account for 40% of Global Compliance Spend by 2023, Rising Sixfold to $115 Billion

Increase Driven by Know Your Customer Validation and Cloud Migration

 

Hampshire, UK - September 18, 2018 (Investorideas.com Newswire) A new study from Juniper Research has found that spending on Regtech platforms will exceed $115 billion by 2023, up from an estimated $18 billion in 2018. The research found that increased regulatory pressures, as demonstrated by the recent GDPR (General Data Protection Regulation) implementation, are driving businesses towards Regtech to meet greater compliance challenges.

According to the research, any heavily regulated business sector not prioritising Regtech adoption would risk damaging fines from failing to keep pace with regulatory changes.

The report also highlighted that the sharp increase in Regtech spending (an average of 45% per annum between 2018 and 2023) was far higher than that for compliance spend as a whole (17%), reflecting the rapid migration of spend to Regtech from traditional methods.

For more insights, download the free whitepaper: How Regtech is Revolutionising Compliance.

KYC (Know Your Customer) Checks Ripe for AI Disruption

The research, Regtech: Cost Savings, Technological Impact & Vendor Analysis 2018-2023, found that KYC checks for anti-money laundering are ripe for disruption by AI systems, due to the inefficiency of traditional, paper-based systems.

Juniper forecasts that across banking and property sales, annual gross cost savings from AI introduction for KYC will exceed $700 million by 2023, a nine-fold increase over 2018.

Research author Nick Maynard explained: "AI-powered ID solutions are uniquely suited to reducing the resources needed to verify identity. By integrating the correct KYC tools into cloud-based systems, financial institutions can dramatically reduce their compliance burden."

Cloud Heavily Impacting Compliance

Juniper analysed various technologies in the Regtech sector based on metrics including anticipated timescale of impact, cost barriers and willingness to adopt new approaches and concluded that cloud computing is currently the most disruptive force in compliance.

The transition to cloud-based compliance is a crucial precursor to other Regtech approaches, such as AI or Big Data. Unless businesses effectively plan the correct cloud deployments, they will struggle to utilise the advanced technologies required to meet future compliance challenges.

Juniper Research is acknowledged as the leading analyst house in the digital commerce and fintech sector; delivering pioneering research into payments, banking and financial services for over a decade.

Contact:

sam.smith@juniperresearch.com
www.juniperresearch.com


TechSectorStocks.com - investing ideas in tech stocks - mobile payments, social media, AI and Robotics, Drone Stocks, GPS, Internet of Things (IoT)

Like Tech Stocks? View our Tech Stocks Directory  Get News Alerts on Tech Stocks


More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: https://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.

Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp