As the burden of regulation increases, banks need to be smarter in the way they handle their regulatory commitments. This is where RegTech (or Regulatory Technology) becomes the cynosure of the CROs, CIOs and CTOs.
While, there are new entrants to the market, who are coming up with new ways of solving some of the regulatory challenges, there are others who have been working in this space, such as Hitachi, who have been working on delivering data oriented regulatory solutions for a large number of banks.
Hitachi is uniquely positioned with its experience in the high tech space, particularly Big Data, IoT and AI, coupled with the domain expertise and understanding of some of the most important regulations such as MIFID II, FRTB and BCBS 239, to accelerate and de-risk the RegTech journeys for banks, asset managers and insurance companies.
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A variety of technologies — including big data, data visualization and blockchain — are the driving force behind regtech solutions.