Deborah Young
CEO, The RegTech Association
From combatting fraud to improving regulatory efficiency, RegTech equips industries with the means to secure trust, integrity and resilience.
Regulatory technology (RegTech) is more than just a series of regulation and compliance tools, it’s a community supporting digital solutions and systems to protect people in an era fraught with digital risks.
Growing ecosystem with real impact
The RegTech Association’s (RTA) 2024 Industry Perspectives Report highlights significant growth in RegTech adoption across industries. Sectors like healthcare, telecommunications and government saw deployment increases of 8%, 11% and 10%, respectively. These gains demonstrate the expanding recognition of RegTech’s ability to mitigate risks and improve outcomes beyond financial services.
Fraud and scams: a rising priority
As fraud and scams rise to the forefront of global concerns, RegTech has stepped up as a powerful ally. Ranked among the top five risks addressed by RegTech solutions, scam prevention tools are increasingly critical. Governments and financial institutions alike are embracing these solutions, with 33% of regulators actively onboarding RegTech to enhance their oversight capabilities.
As fraud and scams rise to the
forefront of global concerns, RegTech
has stepped up as a powerful ally.
Harnessing technology to address emerging risks
Not only is RegTech supporting fraud and scam prevention; but it also addresses key areas such as anti-money laundering and counter-terrorism financing compliance, regulatory compliance and data security. Technological innovation drives these solutions, with advancements like generative artificial intelligence (AI) poised to transform the industry within the next two years — a sentiment shared by 73% of respondents. Coupled with machine learning and natural language processing, these tools provide organisations with smarter, faster ways to manage risks and meet regulatory demands.
Role of collaboration in RegTech success
Collaboration within the RegTech ecosystem is vital for its continued growth, and 54% of regulators frequently engage with the industry. These partnerships foster innovation and knowledge-sharing, helping regulators address key challenges. By working closely with vendors and other stakeholders, regulators ensure solutions are tailored to their specific needs, promoting more effective and efficient adoption.
Accelerating the future of RegTech
The RTA continues to champion innovation, education and partnerships. By connecting vendors, regulators and industries, the RTA drives progress, helping organisations safeguard their operations while putting people first. Together, we are building a world where technology empowers trust and resilience.
Download the 2024 Industry Perspectives Report: https://regtechglobal.org/industry-perspectives
