Global spending on regtech by financial institutions and other industries will grow by 124% between 2023 and 2028, up from $83 billion in 2023, according to new research from fintech leader Juniper Research. found to increase.
Complexity and compliance
As regulatory requirements become more complex, companies are adopting a variety of new technologies to facilitate compliance. New approaches include the use of shared blockchain ledgers to improve anti-money laundering and fraud compliance on cryptocurrency exchanges. Natural language processing is also used to detect malicious actors in emails and phone calls. Successfully identify fraud, conflict of interest and financial crime. As the adoption of these technologies increases, businesses are realizing the enormous efficiencies that RegTech can create, and investment levels are expected to rise.
Regtech is a subset of fintech that focuses on technology that can fulfill regulatory requirements more efficiently and effectively than existing capabilities.
Learn more or download a free sample of our new report, Regtech: Market Forecasts, Trends & Strategies 2023-2028.
regtech leader
As part of the study, Juniper Research released its updated competitive leaderboard for 2023. A new competitive leaderboard, backed by a robust scoring methodology, ranked the top 23 regtech vendors using criteria such as level of solution innovation, number of industries, and more. They support their future business prospects.
Top 5 Vendors for 2023:
1. Contain
2. Socure
3. Feedzai
4. Linkage analysis
5. Fenergo
The study shows that as RegTech expands beyond just financial services, leading companies are successfully establishing themselves in a variety of industries by offering streamlined identity verification automated by AI. got it. To stay ahead of the competition, vendors must develop AI and machine learning-powered solutions that can automate processes such as identity verification.
The most successful vendors are leveraging AI to reduce the manual requirements required by compliance teams, allowing the human element to focus on tasks that require it. Reduce costs and significantly improve productivity in times of intense cost pressure.
