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RegTech will likely provide the best use cases for FinTech within banks

The number of RegTech startups has rocketed lately - in 2015, we were watching around 20 startups in the space, and in 2016, that number had risen to 120+ as identified by my friend Jaan-Marten on his blog

The Burnmark team has re-looked at this list and we now have 227 validated RegTech startups on our list. Plus around 100 non-validated ones. RegTech is thus officially a larger space (in terms of startup numbers) than InsurTech, Challenger Banking and most other fintech segments.

Not to mention, RegTech has been supplying some of the best use cases in banking. From the early customer engagement stages like KYC and Identity to compliance management, risk and reporting, the potential to reduce costs and create new customer engagement opportunities is tremendous for RegTech. Banks are also actively looking for solutions to better interfaces with regulators.

Interestingly, the scale is getting more organisations and regulators interested. Earlier today, there was news that a "RegTech Association" has been formed in Australia.

How do you define RegTech in your organisation? Are there use cases not mentioned above that you see RegTech potentially helping you with?

Challenger banks still not experimenting with their product portfolio.

Late last year, we looked at all the (then-launched) challenger banks in our report. We noticed that most challenger banks offer current accounts, cards and in some rare cases, savings accounts and mortgages. Where is the true innovation in launching the same products from traditional banking, albeit in a new avtar? I look forward to seeing more experimentation in this space in the future!

We have a full list of challenger banks and their product offerings and rates - do reach out if interested.

Meanwhile, congrats to Starling Bank for launching their beta version!
What if fintech investments aren't looking great in Europe during Q1 2017? Asia, especially China, is seeing some extremely large investments and is expected to continue seeing rising investments through 2017. Payments and Lending continue to be the hottest segments for fintech in Asia.

However, the number of startups funded is highest in India.

What's new at Burnmark

Burnmark was one of the Partners of the ING Think Forward Initiative and the Think Forward Summit (March 15), a programme that aims to improve financial decision making behaviour. Details of the project can be found here

Burnmark will next be at FinTechShow in Budapest on April 12. The press coverage for the event has been tremendous - check out (in Hungarian) this and this.

Burnmark is looking for freelance and part-time social media managers, researchers and designers.

Please reach out to us if you'd like to commission a research report on any fintech topic, run a thought leadership event with us, or co-brand any of the content we produce. 

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