MEDICI Top RegTech Players Leveraging AI for Product Offerings

Globally, banks have 10–15% of their staff dedicated to compliance on average. According to a study cited in the Cost of Compliance 2018 Report, on average, regulatory divergence (costs, risks, impacts) costs financial institutions 5–10% of their annual turnover. This consumes senior management's time, as well as capital that could otherwise be focused on identifying emerging risks in the financial system. Ultimately, these costs are a barrier to international growth – the findings conservatively infer more than $780 billion annually in costs to the global economy. These challenges have given rise to a new kind of player – Regulatory Technology (RegTech) startups.