Fintech Advisory Service—Canada–A First Look at Regtech
The Opportunity Within the Canadian Financial Services Industry
Regulation and technology represent two of the largest exogenous forces impacting the wealth management industry today. To help facilitate and manage many of these ongoing regulatory changes; including ongoing compliance, documentation, and other operational processes, organizations are increasingly turning to technology driven solutions that can effectively meet the needs of the business while at the same time reducing headcount and expenses. Regulatory technology helps solve the challenge of ever-growing regulatory demands and managing rapid technological developments, applications, and capabilities.
Firms that adopt and leverage technological innovation can gain a competitive advantage over others and remain better focused on their core goal of growing assets under administration. While currently lagging the United States in adoption, there are signs that regtech is on track to become integral within the Canadian financial services industry.