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...