BASINGSTOKE, England, Sept 24 (Bernama-BUSINESS WIRE) — New data from Juniper Research forecasts that the value of regtech spending will exceed $127 billion by 2024, up from $25 billion in 2019. This growth will be driven by a dramatic rise in the automation of resource-intensive tasks, such as those involved in KYC (Know Your Customer) checks and increasing use of AI in transaction monitoring.
According to the research, Regtech: Cost Savings, Technological Impact & Vendor Analysis 2019-2024, AI is ideally suited to regulatory space, as it can dynamically reduce false positive and false negative rates; leading to significant time, resource and ultimately cost savings for compliance monitoring processes.