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We must not let regulation crush innovation

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As the regulatory burden on banks and other financial services firms increases, it is unsurprising that we are seeing innovative technological solutions to help address such demand.

The industry response is two-fold: we are seeing fintech and “regtech” startups develop solutions to specific regulatory demands. These offerings are being picked up by the banks as part of their own regulatory stack, or the banks are investing in the startups themselves.

In parallel, many financial services firms are trialling technology themselves in a sandbox environment. Where such technology fails a test of suitability, the innovation lab environment allows that to happen quickly, without impacting production.

Responses by banks to regulation to date have been predominantly reactive – constantly having to change their existing platforms and applications to meet........

© City A.M.