Regtech is set to become a mainstream sector in Europe, with the likes of Google, Amazon and Microsoft preparing to move in, as increased compliance regulation forces businesses to use cloud computing to cope with the collection, analysis and storage of data, according to a report by Deloitte. The report, which was commissioned by Deloitte for its annual Global Cloud Computing Survey, found that more than half (52%) of companies surveyed said they were planning on using some form of data analytics or big data
Regtech is set to become a mainstream sector in Europe, with the likes of Google, Amazon and Microsoft preparing to move in, as increased compliance regulation forces businesses to use cloud computing to cope with the collection, analysis and storage of data, according to a report by Deloitte. Cloud-based regtech can not only free up capital for banks to use elsewhere, but also offer end-to-end encryption, the ability to remove or add features, remote storage of data and daily monitoring and back-up of information.