Global convergence is the next step for regulatory technology, according to head of FinTech Scotland
We can expect convergence and coordination between regulatory technology (RegTech) organisations to be a trend in 2020 and beyond, according to comments made by Stephen Ingledew, CEO, FinTech Scotland and Louise Smith FinTech envoy for Scotland, in a podcast from Encompass published today, titled ‘RegTech 20:20’.
More specifically, when asked about the current state of RegTech, Louise mentioned that she is seeing a greater drive on partnering and convergence:
*“Previously, we’ve spent too much time putting definitions and boundaries on things that actually become prohibitors to the technology. * *“Currently, as technology advances - the power of RegTech and FinTech is how you converge them, partner them, or leverage various sections. This includes collaboration between: data, artificial intelligence, customer experience, speeds, quantum 5G… as all this stuff starts to converge, the definitions of where people sit within various spectrums of the industry becomes less important. I think the job now is how we get them working together on the same use case.”
Furthermore, when discussing predictions for 2020, Stephen added:
“What’s also exciting is the way different parts of the world can now collaborate together rather than be in competition. So FinTechs can work together to reinvent all aspects of Financial Services, which we can only expect to escalate on a global scale in the next year.“
The podcast, RegTech 20:20, in which these topics were discussed is the first in a new series from RegTech software provider, Encompass, which features interviews with key figures across RegTech and FinTech platforms to get to the heart of the benefits of this technology. At the same time, the podcast is designed to provide in-depth analysis of cutting-edge issues to it audience.
Louise Smith and Stephen Ingledew, also shared further thoughts and predictions on the industry, such as how we can expect to see an unprecedented transition in open banking. We can also expect to see big changes in payment innovation, lending and savings and investment.