Amazon is set to become a mainstream sector in Europe, with the likes of Google, Regtech 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.
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.