Regtech is the future for compliance
Regtech will make the process of new compliance requirements more efficient
Regulation has weighed heavily on wealth managers’ operating costs in the past few years.
A joint report by the British Banking Association and the Wealth Management Association, confirms operating costs increased steadily up to 2015, mainly because of increased spending to cover compliance requirements.
GlobalData’s 2017 Global Wealth Managers Survey found that 75.3% of wealth managers globally regard local regulatory changes as a big concern for their business.
However, the two associations estimate that technology investments have been beneficial, helping the industry reduce its overall costs by 3% over 2016 compared to 2015.
Considering the busy year ahead in terms of regulatory changes, wealth managers would do well to consider partnering with regtech companies.