Home > blog > How 2024 will be the breakout year for Regulatory Tech in Banking

In the intricate banking world, the advent of Regulatory Tech (RegTech) has heralded a transformative era, reshaping how financial institutions navigate regulatory landscapes. As we stand on the precipice of 2024, it is evident that this year will mark the breakout for RegTech, revolutionizing how banks approach regulatory compliance. Banks from the US to Europe and Asia are on the verge of embracing cutting-edge RegTech solutions to streamline processes, enhance compliance, and future-proof their operations.


The Regulatory Landscape Today

The current regulatory landscape is marked by increasing complexity, with many stringent requirements and reporting obligations for financial institutions. In the United States, banks like JPMorgan Chase have been at the forefront of investing in RegTech solutions to ensure compliance with ever-evolving regulations. Recent statistics indicate a 25% reduction in compliance costs for JPMorgan Chase, underscoring the efficiency gains achieved through RegTech adoption.

In Europe, where regulatory frameworks like GDPR and MiFID II have heightened compliance challenges, banks like Deutsche Bank have embraced RegTech for regulatory reporting. Implementing advanced analytics and automation has boosted 30% improvement in the precision and timeliness of regulatory submissions. Deutsche Bank’s success showcases the potential of RegTech in addressing the intricacies of regional regulatory requirements.

The Asian Perspective: A Growing Embrace of RegTech

With its diverse regulatory landscape, Asia is witnessing a growing embrace of RegTech by banks such as DBS. The Singapore-based bank has leveraged RegTech to enhance anti-money laundering (AML) compliance, resulting in a 20% reduction in false positives. DBS’s success exemplifies how RegTech can mitigate risks and increase compliance in an increasingly complex regulatory environment.

2024: A Breakout Year for RegTech

As we anticipate 2024, technological advancements and regulatory demands will propel RegTech to new heights. In the US, Wells Fargo is poised to capitalize on RegTech innovations to enhance its risk management practices. The bank’s strategic investments in AI-driven risk assessment tools are expected to yield a 15% improvement in risk prediction accuracy, reflecting the evolving role of RegTech in addressing emerging risks.

In Europe, BNP Paribas is paving the way for the future by integrating blockchain technology into its RegTech arsenal. Using blockchain for regulatory reporting promises to bring transparency and immutability to compliance processes, thereby providing a significant improvement.

Charting the Way Forward

As we navigate the path forward, banks must view RegTech as a compliance tool and a strategic enabler for operational excellence. The key takeaways from the current landscape underscore the need for proactive investment in RegTech solutions, collaboration with fintech partners, and a holistic approach to addressing the multifaceted challenges of regulatory compliance.


To harness the full potential of RegTech, banks must prioritize ongoing investments in cutting-edge technologies, foster a culture of innovation, and actively collaborate with regulatory bodies to shape frameworks that accommodate technological advancements.

Key Takeaways:

  1. RegTech is set to revolutionize regulatory compliance in 2024.
  2. Strategic investments in RegTech can significantly reduce compliance costs and enhance efficiency.
  3. Emerging technologies like AI and blockchain are reshaping the RegTech landscape.
  4. Proactive adoption of RegTech is crucial for addressing the complexities of regional regulatory frameworks.
  5. Collaboration with fintech partners and regulatory bodies is essential for shaping the future of RegTech.

About Maveric Systems

Established in 2000, Maveric Systems is a niche, domain-led, BankTech specialist, transforming retail, corporate, and wealth management digital ecosystems. Our 2600+ specialists use proven solutions and frameworks to address formidable CXO challenges across regulatory compliance, customer experience, wealth management and CloudDevSecOps.

Our services and competencies across data, digital, core banking and quality engineering helps global and regional banking leaders as well as Fintechs solve next-gen business challenges through emerging technology. Our global presence spans across 3 continents with regional delivery capabilities in Amsterdam, Bengaluru, Chennai, Dallas, Dubai, London, New Jersey, Pune, Riyadh, Singapore and Warsaw. Our inherent banking domain expertise, a customer-intimacy-led delivery model, and differentiated talent with layered  competency – deep domain and tech leadership, supported by a culture of ownership, energy, and commitment to customer success, make us the technology partner of choice for our customers.

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