What Percent of Financial Services’ IT Budgets Are Devoted to Regulatory Technology?

• As of 2017, the cost of regulatory compliance is equal to 14.3% of IT budgets on average
• That’s a 30% increase in compliance costs over the last 6 years
• The regtech market’s compound annual growth rate is 25% through 2023, growing to revenues of $7.2 billion
• Solution categories in the regtech market include:

• Data management
• Reporting
• AML/KYC
• Risk management
• Records management
• Change management
• Governance

• More than $9 billion was invested in regtech firms between 2014 & 2018
• In 2018 alone, $4.5 billion was invested in reg tech firms
• The bulk of the regtech investments have been in the AML/KYC space

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A market is springing up for “regtech”, fintech’s nerdy new offspring

"On September 29th, IBM announced the purchase of Promontory, a 600-strong consultancy whose senior staff include former officials from the Federal Reserve, the World Bank, the Securities and Exchange Commission and other regulators. The hope is that person and machine will combine into a vast business. Promontory was founded in 2001 by Eugene Ludwig, who had headed one of America’s primary bank-supervisory agencies. It grew first because of the slathering of new rules during the previous, Bush administration and then prospered, says Mr Ludwig, as this process expanded under Barack Obama".

Read the full article in The Economist