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Post the Great Depression of 2008, there has been a reshaping of attitudes towards banking. IT companies who till now helped banks cater only to their customers are now helping them address other key issues such as regulatory compliance.
The dynamic regulatory environment has given rise to the FinTech industry, which focusses on addressing problems faced by banks using latest technology. However, more specifically, it is the RegTech companies that are now making an impact on the banking industry.
Let’s take a quick look at why RegTech is taking the banking world by storm.