A new study from Juniper Research has found that spending on Regtech systems will exceed $ 130 billion in 2025, from $33 billion in 2020. The report found that this 290% growth is being fuelled by greater use of Al to automate highly manual tasks and the transition to digital onboarding, which have emerged as critical capabilities in the wake of the pandemic. The research recommends that Regtech vendors make Al a core part of their solutions, whilst still leveraging human intelligence to keep their decisions fully explainable. Al's capabilities in automating manual tasks will allow businesses to begin to improve their levels of spending on regulatory compliance. The new research, Regtech: Market Opportunities, Challenges & Forecasts 2021-2025 Market Research, found that nearly 330 million new bank accounts will be opened via digital onboarding in 2025, from 184 million in 2020. Ultimately, consumers will continue to use digital onboarding in ever- greater numbers and, as such, vendors must design long-term strategies that support this.
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