A sense of purpose

Author: | Published: 24 Apr 2017

Technology for technology’s sake won’t help address the current business puzzles financial institutions face, nor will it solve regulatory challenges in the EU

Regulatory technology (regtech) must solve a problem that already exists and not provide technology for the sake of it, according to panellists at IFLR's Fintech Europe forum held in London on March 30.

As exciting as certain fintech and regtech developments are, they're of little use to financial institutions if they don't serve a business purpose, concluded speakers.

"Show me a blockchain or artificial intelligence [AI] company solving a problem that already exists and I'll be interested," said Mark Beeston, managing partner and founder of Illuminate Financial, a fintech-focused venture capital firm. "But technology for technology's sake is very different from technology that solves a business problem."

Businesses that use technology to help financial institutions comply with certain regulations, or reduce the time and cost...



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