It was recently reported that technology spending will account for over half of organizations’ compliance budgets.
Indeed, a study by Juniper Research showed that regtech will be slowly gaining in importance as well as global spending which is set to reach $204bn by 2026. Integrating regtech with banking-as-a-service (BaaS) models will see a significant increase in spending.
These models will feature outsourcing regtech services such as digital onboarding, which will use more artificial intelligence (AI) systems by 2026. As a result, 85% of IT software suppliers are already adopting banking as a service capability or are planning to do so in the coming months.