Posted: 29 Nov 2022 Resource Type: Thought Piece Back In 2022, City of London Corporation, Innovate Finance and Grant Thornton UK LLP jointly launched a survey to understand challenges, opportunities, and the priorities which currently characterise the regtech ecosystem. The partners surveyed a variety of participants including regtech buyers, vendors, regulators and trade associations. The aim of the survey was to provide industry insights which can help us elevate, strengthen and generate more awareness of the industry. This insight project is an important step in ensuring the UK remains one of the leading markets for regtech innovation, adoption and benefits realisation. The results will shape our thinking for future work which will help amplify the voice of the sector. An outline of findings is set out below: There is a need for regtech industry representation. When buying new regtech, 1 in 4 firms advise integration with existing systems is key, with 22% considering ease of use key as well. There is clear message from the market that regtech users would be motivated to invest more into regtech if they had clearer signals from regulators to show support for regtech solutions. The top 2 areas of investment over the next 12 months for regtech users is combatting financial crime and horizon scanning. 65% of regulated firms anticipate more regulatory obligations in 2023/24. 55% expect this to be less than 20% more than the previous year. Only 50% say they will invest more in regtech solutions 2023/24. The main business areas of focus for regtech firms is acquiring new clients (30.4%), product development (25%), and servicing existing clients (17.9%) 4 areas accounted for over 75% of the biggest challenges, according to respondents. These items are access to capital, consumer confidence, availability of talent/skills and geo-political volatility. Horizon scanning was the biggest area of challenge and the element that was rated highest in priority for the regulatory environment. A key point to note is that financial crime featured in the top 10 but not the top 5. For more information contact us on: colregulatoryaffairs@cityoflondon.gov.uk Share: Share to LinkedIn LinkedIn Share to X Share to Facebook Facebook Share to WeChat WeChat Share to WhatsApp WhatsApp Share to Email Email Related content Thought Piece Navigating Nature’s Value | Insights into the Biodiversity Credit Market May 2024 - Nature sustains both economies and livelihoods. Yet despite the alarming risks that society faces from nature loss, nature restoration and conservation projects still face a significant financing gap. Navigating Nature’s Value | Insights into the Biodiversity Credit Market Thought Piece International financial & professional services firms access the workers they need in the UK May 2024 - The UK’s talent pool is the bedrock of its world-class FPS sector. This competitive edge explains why so many international financial and professional services (FPS) firms choose to locate in the UK. International financial & professional services firms access the workers they need in the UK Research Report The UK | a top destination for financial and professional services investment Apr 2024 - Research led by the City of London Corporation shows that the UK continues to be Europe's most popular destination for foreign direct investment in financial and professional services The UK | a top destination for financial and professional services investment News Women pivoting to digital Apr 2024 - Announcing a new taskforce taking action around women pivoting from non-technical backgrounds into digital roles Women pivoting to digital