Global regulators have intensified their scrutiny of banking practices and conduct since the 2008 financial crisis. Given this increased pressure, financial institutions have turned to regulatory technology (regtech) to maintain the accuracy of disclosures and ease compliance burdens.
Over time, the realization that the regulatory environment is constantly evolving has significantly increased regtech adoption. KPMG has stated that it expects regtech "to remain hot" given current macroeconomic headwinds and upcoming regulatory changes. Others agree, with some estimates showing that the regtech market may grow to $28.3 billion by 2027.
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