Overview | Regtech
Regulation is an expensive pain point for financial institutions. Some estimates put a price tag of up to a billion dollars on compliance-related tasks for large banks. Other estimates assert that over 10% of the workforce in financial institutions deals with compliance.
It is not surprising that an entire ecosystem of software solutions emerged in recent years to assist financial institutions in streamlining and automating regulatory activity. The demand for regulatory technology, or REGTECH as these solutions are often referred to, is expected to reach $118.7 billion by 2020, according to a Medici report.
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Mobile and Device
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