Regtech must serve a purpose

Author: Lizzie Meager | Published: 3 Apr 2017

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 in London on Thursday.

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.

Karen Kerrigan, Seedrs and Mark Beeston, Illuminate Financial
“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.”

But businesses that use technology to help financial institutions comply...