The global Regtech market is expected to grow to the CAGR of 48% by 2018-2020. Leading banks HSBC, Deutsche Bank and JP Morgan spends over $ 1 billion annually on Regtech. Banks are switching to be data driven company that is the biggest driving force to adopt Regtech along with AI. Regtech is not dealing with regulatory obligation effectively but also reduce the associated cost and risk.
What is Artificial Intelligence in Regtech?
Regtech is application of technology to address regulatory challenges in finance sector. Regtech uses cloud computing technology through SaaS software to comply with businesses efficiently by reducing the cost. Regtech works in collaboration with financial companies along with regulatory bodies to share information. Regtech allows banks to boost their responsiveness to regulatory change. It aims to automate the process of compliance for financial services. AI in Regtech is using potential of computer to recognize pattern or making prediction with the help of technology in regulatory compliance.
What are the applications of Artificial Intelligence in Regtech?
AI can be used to automate the information and news discovery for KYC requirements onboarding, event driven refresh and remediation. By using customer’s internal policies, AI automatically constructs corporate ownership structures, discovers beneficial owners, and in minutes filters all relevant entities and persons for regulatory, reputational and financial risk. AI can monitor traders and understand their behavior and raises alarm when they perform something out of character. AI is playing major role by quickly assessing the large algorithms to protect from fraudulent cases. AI is used in modelling, scenario analysis and forecasting, particularly “stress test”.
Market Research and Market Trends of Artificial Intelligence in Regtech:
- Suade, one of the leading Regtech provides a platform that keeps banks in line and up-to-date with the latest prudential requirements without bank’s disruption.
- Identity Mind Global Provides anti-fraud and risk management services for digital transactions by tracking payment entities
- Sybenetix, is used for trade surveillance context to analyze trading activity. It detects unusual behavior too. Another, Algo Dynamix, strengthens risk services by detecting disruptive events and anticipating price movements in advance.
- Robo- advisor keep monitoring on the events, stocks, bond and price trend according to user’s requirement which help them in making suggestion regarding which stock needs to be sell or buy. They play very important role in risk management, speech recognition, network security access to big data etc.
- Artificial Intelligence in Regtech is allowing companies to cut down their cost, automate their process and reduce the chances of error.
Who are the Major Players in Artificial Intelligence in Regtech Market?
The companies referred in the market research report are Ayasdi, Regis-tr, cube and 10 other companies.
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