Bitcoin, Big Data, blockchain. Technological developments in the financial services industry have developed at a rapid pace in the past few years being dubbed as both a disrupter and a complement to existing banking models.
So what are these technological alternatives?
FinTech
FinTech refers to the development and introduction of technological solutions to issues facing the finance industry. It can take many different forms and has so far.
RegTech
Although the name is relatively new, RegTech in itself is not a new idea. Particularly with the development of a more advanced form of distributed ledger technology (referred to as Blockchain 2.0), regulators and tech firms have been looking at how the use of agile software solutions can also be implemented to assist understanding and meet regulatory compliance and reporting requirements. RegTech has landed and it is here to stay.