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TOP TAKEAWAYS FROM 2023RegTech VendorsDespite a tough economic environment 54% of RegTechs saw more customer demand and 36% reported more than 30% revenue growth. Page 10 - 2023 Industry Perspectives Report RegTech BuyersCustomers are a key driver for RegTech adoption and 75% expect their budget to increase in RegTech. Page 17 - 2023 Industry Perspectives Report Regulators80% of regulators have onboarded a RegTech or SupTech solution and are expecting an increased appetite going forward. Page 21 - 2023 Industry Perspectives Report TIME TO VALUERegTech solutions are being adopted with increased pace from 13 months in 2019 to 8.1 months in 2023
WHY DO WE COLLECT INDUSTRY DATA?Collecting the data for this report is important to track the progress of the RegTech/SupTech ecosystem. This data has been collected since 2019 and actively tracks the time-to-value (time taken to full deployment) and a myriad of other metrics from RegTech vendors, Regulatory/Central Agencies and Institutional perspectives. The 2023 Industry Perspective Report showed that progress is positive, but that there's still more work to be done. The RegTech Association, with the support of our members and the wider ecosystem, intends to continue tracking and monitoring progress with our 2024 data collection. |
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