The sixth Thomson Reuters regulatory intelligence report is shining light on the role of fintech and regtech across the financial services industry and what trends firms should look out for as we head into a new year. The report, Fintech, Regtech and the Role of Compliance in 2022, includes insights from about 450 financial services firms, from mega-banks to startups.
Here are a few of the key findings:
- Payments are the most popular reason for using fintech, with nearly 40 percent of institutions relying on fintech to enable their payment systems. But for major banks, globally systemic important financial institutions (G-SIFI), that figure is nearly 50 percent.
- About half of organizations said they were considering implementing regtech solutions to help manage compliance, and another 38 percent already had them in place.
- Data governance, skills availability and cyber resilience are the three biggest financial technology challenges companies expect to face over the next year.
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