What is the changing nature of RegTech?

Founded in 1991, India-headquartered HCL Technologies is a global technology company that helps enterprises reimagine their businesses for the digital age. The company specializes in key areas, including digital, IoT, cloud, automation, cybersecurity, and analytics, amongst others. With the company increasingly having a presence in the RegTech space, how does it see the sector changing? How is RegTech changing compliance? According to Daryl Wilkinson – Senior Executive, Strategic Initiatives, Financial Services UK&I at HCL Technologies, "I think you can look at this through two lenses. First, there appears to be a consensus that the global RegTech market is expected to achieve $30bn by 2027 – so that alone is changing the compliance market –new investment is disrupting incumbent models and is changing the way regulators engage with businesses. The second lens is cost; financial services rely heavily on legacy technology – RegTech's nature is to find that niche to solve those problems at a much lower cost than the banks and insurers might otherwise do themselves."