Qualitative Report on Artificial Intelligence In RegTech Industry

Qualitative Report on Artificial Intelligence In RegTech Industry

Abrv: regtech regulatory technology is a new technology that uses information technology to improve regulatory processes. With its primary application in the financial sector, it expands into any regulated business with a particular appeal to the consumer goods industry. Often viewed as a sub-category under FinTech, RegTech places particular emphasis on monitoring, reporting and regulatory compliance. This benefits the financial industry. RegTech's aim is to improve transparency and consistency and to standardize regulatory processes, to provide well-founded interpretations of ambiguous regulations and thus to provide a higher level of quality at lower costs. RegTech companies often use the cloud via software-as-a-service.

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Leading players of Artificial Intelligence In RegTech Industry:

AQMetrics, KYC Exchange Net AG, Open Source Investor Services, Sysxnet Limited, FundApps Ltd, QUARULE, INC., White & Case LLP, TRUNOMI., Ayasdi, Inc., IdentityMind Global, Silverfinch, AlgoDynamix, Trulioo, FundRecs.com, CheckRecipient Limited, CORLYTICS

So far, RegTech has concentrated on the digitization of manual reporting and compliance processes, for example in connection with the knowledge of your customer requirements. This offers the financial services industry and regulators significant cost savings. However, a 2016 scholarly article pointed out that RegTech's potential is far greater, stating that it "has the potential to enable a timely and proportionate regulatory system that identifies and addresses risks while being far more effective with regulatory compliance Regulations enables ".

The report goes on to point out that RegTech's transformation potential will only be fully realized through a new and different legal framework related to data and digital identity. Developments in FinTech, the tremendous changes in emerging economies, and the recent proactive stance of regulators (for example in the development of regulatory sandboxes) may all work together to facilitate the transition from one regulatory model to another.

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