Today we will talk about a term that in recent years has been revolutionizing the world of finance to take them to a more technological era, which is subject to virtually all areas of the world today, this term has the name regtech and is helping to comply with regulations, this thanks to that together in this new and unique term we have a tide of technology to apply as cloud computing or big data, which as they say regulate thanks to that can reduce time and Cosques that banks dedicate to regulatory compliance.
What the regtech means
This term is used to refer to the classification of a set of companies that are supported by different technologies such as the cloud, the also known big data or even the blockchain, a term well known to all those who are immersed in the world of cryptocurrencies, which seek to create solutions to help them to different companies in all sectors and thus meet the necessary regulatory requirements, in turn we can also see the regtech from the point of view of the financial sector as a sub area of what is now known as fintech in technology.
It is also necessary to take into account that compliance with regulations is part of the main burdens in terms of time and cost to which all financial institutions in the world are subject, this has been aggravated in recent years due to the current financial crisis, which has been causing an increase in information requirements by the relevant authorities in the area, that is why for these cases the regtech seek to offer as a benefit to banking services a secure way to significantly reduce costs and efforts, which are the ones that provide accurate information to supervisory bodies.
The regtech in modern banking
It is already a fact that banks are currently looking to implement different technology tools in their areas of work in order to comply in a more systematic and orderly manner with the regulatory requirements that are requested, so regtech¸ seeks to offer an intelligent proposal that can support all the new technologies which will allow banks to improve greatly in terms of agility, flexibility, speed and above all in the precise handling of information that is always necessary to be clear and transparent so that no mistake is made when passing it, so it is very certain that in the course of this century, all banks will end up getting deeper into this world, since in this way the ecosystem will grow more and more and more and more banking entities of greater prestige join, those of less prestige will also join the movement.