The State of RegTech: The Rising Demand for “Superpowers”
January 7, 2018 - 1 min read
Most financial authorities collect data monthly or quarterly or as needed. The infrequent nature of data collection is a missed opportunity to monitor key risk metrics and identify early signs of stress.
The responses of financial authorities indicate that we are at a tipping point for RegTech solutions, with an open door for data “superpowers.” Financial authorities would like to acquire “superpowers” that would allow them to access better tools for data analytics and automate data validation processes. Financial authorities also believe improvement in the quality of collected data and data analytics will have an impact on financial inclusion and customer protection, among other policy objectives.
