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?