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An onslaught of new regulations levied at the financial services industry has made compliance a significant component of banks' annual expenditures.
And these regulatory burdens appear to show no signs of abating: In 2018 alone, European financial institutions (FIs) have had to contend with the introduction of PSD2, MiFID II, the fifth Anti-Money Laundering Directive, and GDPR.
Result - Services - Professionals - Upsurge - Demand
As a result, financial services professionals expect there will be an upsurge in demand for regtech solutions that can ease the costs and efforts associated with compliance, per an Intertrust survey of 500 financial services executives.
Here are some of the key takeaways from the survey:
Majority - % - Services - Executives - Demand
The vast majority (85%) of financial services executives expect regtech demand to grow until at least 2020. Only 10% of respondents say that demand for regtech will stay the same, while almost half (48%) think demand will increase significantly, and 37% say demand will increase moderately.
Private equity professionals (97%) predict the highest levels of increased demand for regtech. An overwhelming majority (92%) of capital markets professionals also expect to see a continued rise in demand for regtech. And more capital markets professionals (59%) expect to see demand grow significantly than private equity respondents do (45%).
Two-thirds - Respondents - Company
Two-thirds of respondents say their company...
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