“RegTech” has become part of the vernacular of compliance professionals and senior management alike at financial institutions in recent years.
In a very short period of time, the RegTech industry has garnered incredible traction to help facilitate the growth of financial technology. Research suggests that spend on RegTech will grow by an average of 48 percent per annum over the next five years – rising from $10.6 billion in 2017 to $76.3 billion in 2022, as businesses seek to avoid costly regulatory fines.
With the regulatory environment becoming increasingly complex and approximately 300 million pages of regulatory documents expected to publish by 2020, RegTech will continue to thrive and maintain its relevance for many years to come. This, compiled with the fact that between 2008 and 2016, there was a 500 percent increase in regulatory changes in developed markets, highlights the significant need for scalable, efficient, reliable RegTech solutions.
The third edition of Market Fintech’s RegTech Supplier Performance Report takes a deep dive into the world of RegTech, providing a clear review of the market and the technology, the barriers to deployment and detail as to what industries are utilizing RegTech solutions and why.
For the third consecutive year, Trulioo’s leading identity verification platform, GlobalGateway, was ranked as the number one identity verification tool in the report.
“Global fraud and identity management is an unrelenting cycle of increasing risk and expense for financial institutions,” said Tina Snelling, founder of Market Fintech and editor of the report. “This can be a particularly irritating and cumbersome experience for customers, however, Trulioo has changed that by providing instant verification and onboarding. An ambitious company, Trulioo combines cutting-edge technologies and industry best practices to dramatically speed up the verification, validation and overall onboarding process,” she continued.
The report, compiled from submissions from suppliers, details the financial service institutions, banks and other users that use RegTech solutions; the issues they’re addressing; the scope of the solutions; where they’re being deployed and how they rank against one another.
From instant customer onboarding to real-time transaction monitoring, the potential benefits attributed to RegTech solutions have spawned a new generation of vendors and solutions that promise to revolutionize the way institutions approach compliance.
Some of the criteria used by Market Fintech to determine the rankings include;
- The reputation of the supplier
- What institutions are using which regulatory technology solutions
- Whereabouts in the world they’re being deployed
- What issues the solutions address, and how they perform
In addition to ranking Trulioo as a top ID verification tool, the report also ranked Trulioo number three in the Overall RegTech Supplier Rankings.
In total, the report explored 47 RegTech solutions in six key areas;
- Compliance, risk and due diligence
- Regulatory reporting
- Verification tools/Identity checks
- Transaction reporting and monitoring
- Workflow and process tools
- Legislation/Regulatory gap analysis
Trulioo continues to be at the forefront of the RegTech industry, keeping our finger on the pulse of all things RegTech. Make sure you subscribe to our newsletter or blog, and we’ll keep the RegTech news coming your way!