Jeff Yastine writes about the next big tech industry that every big company should look out for. As usual, the famous editor of Total Wealth Insider, reminds his readers that the world is changing and people have to change with it.
In the world of business, numerous changes take place now and then and large firms are regulated by the government to keep them from exploiting clients. Unfortunately, every time a new rule or regulation is put in place, the big firms like banks and insurance companies have to set up a new team and hire compliance officers and auditors to ensure the new rules are incorporated in the firm. These steps cost the businesses millions of dollars each year and sometimes can even lead to a fall in the price of stocks. Approximately, 65 billion dollars are used each year by financial institutions to comply with the regulations and avoid facing legal consequences.
The Good News
With the cost of compliance being estimated to rise to 118 billion dollars by 2020, a new industry technology has come in to try and mitigate this serious issue. Regtech or regulatory technology is the next big thing to help big firms cut down on their compliance expenses each year. The technology uses artificial intelligence systems and blockchains to cut down the cost of implementing and complying with new government rules and regulations.
Currently, there are approximately 100 small enterprises in the Regtech sector, and they are fairly new. Big institutions should take a serious look at these small companies such as ComplyAdvantage, OnRule, and Taxometry to see how they can benefit from the technology. According to an article written by Jeff Yastine, American bankers state that a bank can lower its compliance cost from 11 million to 300,000 dollars which is amazing. Steps to officially approve and incorporate Regtech companies into government institutions are being taken, and soon the world of business will be saving plenty of money by using this technology.
About Jeff Yastine
On top of being the editor and writer at Banyan Hills Publishing, Jeff Yastine has more than 20 years’ experience in the stock market. He has been helping people make sound investments over the years through his writing, and he has helped many avoid making bad decisions by being on top of all business trends.
Jeff is an Emmy award-winning writer and reporter who has worked in major nosiness publications such as Nightly Business Report, Oxford Club LLC and Newsmax Media. He has learned and interviewed some of the most successful investors in the world including Richard Branson, and his advice is something you can take to the bank. Visit:https://www.investmentu.com/investment-experts/jeff-yastine