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What Percent of Financial Services’ IT Budgets Are Devoted to Regulatory Technology?

PaymentsJournal by PaymentsJournal
July 12, 2019
in Compliance and Regulation, Truth In Data
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Don’t miss another episode of Truth In Data! Click on the red bell in the lower left corner of your screen to receive notifications as soon as the episode publishes.

Data for today’s episode is provided by Mercator Advisory Group’s report – Trends in Global Regulations: Corporate Banking and Payments

  • As of 2017, the cost of regulatory compliance is equal to 14.3% of IT budgets on average
  • That’s a 30% increase in compliance costs over the last 6 years
  • The regtech market’s compound annual growth rate is 25% through 2023, growing to revenues of $7.2 billion
  • Solution categories in the regtech market include:
    • Data management
    • Reporting
    • AML/KYC
    • Risk management
    • Records management
    • Change management
    • Governance
  • More than $9 billion was invested in regtech firms between 2014 & 2018
  • In 2018 alone, $4.5 billion was invested in reg tech firms
  • The bulk of the regtech investments have been in the AML/KYC space

About the report

The open banking era is upon us, but banking basics still need to be executed as financial institutions weave through the disruption.

Most financial institutions do an exceptional job of managing often overwhelming levels of compliance requirements, and must continually navigate change, especially as new tech presents both challenges and opportunities.

Tags: Compliance and RegulationRegtech
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