Wednesday, 25 September 2019 03:15

Regtech spending to exceed US$127 billion by 2024: Juniper

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Regtech spending to exceed US$127 billion by 2024: Juniper Image Stuart Miles, FreeDigitalPhotos.net

Global spending on regulatory technology (regtech) is forecast to exceed US$127 billion by 2024, up from US$25 billion in 2019.

Juniper Research says the growth of regtech will be driven by a “dramatic rise” in the automation of resource-intensive tasks, such as those involved in KYC (Know Your Customer) checks and increasing use of AI in transaction monitoring.

According to the research report - Regtech: Cost Savings, Technological Impact & Vendor Analysis 2019-2024 - AI is ideally suited to regulatory space, as it can dynamically reduce false positive and false negative rates; leading to significant time, resource and ultimately cost savings for compliance monitoring processes.

Juniper says with no anticipated “relaxation of regulatory rigour” over the forecast period - and the ever-increasing spectre of financial penalties for non-compliance - global regulatory compliance spending will increase from just under US$278 billion to more than US$316 billion over the next 5 years.

And Juniper Research forecasts that growth in West Europe will be driven by potentially divergent regulatory rules mandated by the UK and the EU following Brexit, and while disruptive, this will create additional opportunities for regtech in the region.

According to Juniper the combined cost savings for KYC (Know Your Customer) checks for banking and property sales will near US$1 billion by 2024 - a growth of 690%.

“The impetus for this will be efficiency savings, as well as the enhanced user experience that can be implemented in customer onboarding. This will reduce user frustration by improving response times; increasing overall user satisfaction,” Juniper notes.

“As the financial systems of developing regions become more advanced, so will their needs for regtech solutions. These regions will have increased regtech spending in the longer term.”

The Juniper Research report recommends that organisations invest in the cost-saving potential of AI and cautions that although AI has vast potential, its use must be in line with overall business objectives or deployments will invariably fail to meet expectations.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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