Jeff Yastine, currently posting as an editor for the Total Wealth Insider, revealed the latest innovation in the tech industry. He has been posting at Banyan Hill Publishing since 2015, offering expert advice on business and latest technologies. He focuses his work on the opportunities of making money, sharing his findings with the readers along the way.
Yastine, standing in the belief that stagnation is the enemy of progress, had something to say about the way in which technology changes in the modern era. As Jeff Yastine states, additional rules are the most frequent form of change in the industry and business. Though necessary, frequent changes in regulations bring additional costs to business owners. Unless companies employ the regulatory technology, or so-called “regtech”, the changes could drag the organization’s stock to the bottom.
As Jeff Yastine explains, Regtech is a smart way in which companies use the cutting-edge software, the artificial intelligence and the blockchain technology to cut down regulatory costs. The approach is mostly used by industries that face frequent regulations, such as insurance and banking. To cut regulatory costs, these industries employ latest technologies, also known as “emerging regtechs”. These technologies come from the companies that are dedicated to producing solutions specifically for these industries, with the goal of increasing their profits.
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— Jeff Yastine (@Jeff_Y_Guru) January 23, 2018
.A global management consulting firm Bain & Co., recently acknowledged 80 companies that qualify as “emerging regtechs”. The majority of these companies have recently been founded, and have names that are relatively unknown. But, they are certain to grow and progress, giving their investors an opportunity to profit from their growth. The work of these companies is valuable since it has been reported that international banks have been spending close to $70 billion to ensure that all the regulations are being followed, and the amount is expected to grow to $120 billion.
But, why fulfilling all of these regulations so complex? To paint an example, the banking industry always requires their clients to fill out an astonishingly large amount of paperwork. This paperwork is based on current regulations. Each time that the regulations change, banks need to adjust their business practices to these changes. It is natural that this brings costs. While this effort can cost a bank up to $10 million yearly, a regtech specialist can cut these costs to $300000. Read more:https://plus.google.com/+JeffYastine