Regulatory burden eased by automation
Adopting regtech can reduce the necessity for manual reviews, freeing up capacity for higher value work.
According to recent figures from Fortune Business Insights, the global regulatory technology (regtech) market is projected to grow from $15.80 billion (€14.7 billion) in 2024 to $85.92 billion (€80 billion) by 2032, with North America expected to hold the biggest market share. As the complexity of compliance regulations rapidly increases, adoption of advanced technologies is enabling organisations to deal with the workload by automating tasks, monitoring transactions and dates, analysing potential threats, and securely verifying identities.
Julie Kennedy, partner in financial services, risk and regulation at PwC Ireland, says adopting regtech can give businesses a competitive edge.
