Every time a client of a banking institution enters the facility and interacts with their bank account, there are security clearances that must be done such as identification card examination as well as forms to sign. All of these things are regulations and rules that are put into place by the jurisdictional bodies that govern the world of finance, banking, investment and trading as well as just about every other form of business.
It may be surprising to learn that most financial or banking institutions spend over $10 million annually to make sure that every aspect of their business meets and adheres to every single rule or regulation. The sheer volume of rules and regulations held within the world of business can become extremely staggering as well as extremely expensive to manage.
Jess Yastine, the editor of Total Wealth Magazine, has written about the latest and greatest burgeoning industry that has the potential to revolutionize the way financial institutions handle the massive task of adhering to every rule and regulation.
This new industry is called regtech, a way of using some of the most advanced technological tools such as artificial intelligence, blockchain technology as well as other state of the art software to be able to streamline to process of keeping to the rigorous and complex regulatory system for banking and business.
This new industry is so powerful that it can take the $10 million task of ensuring that all systems are in compliance with the regulatory bodies and transform it to a $300,000 task. This incredible new industry is mostly held in private hands and are just about at the startup phase.
Recently, Let’s Talk Payments, a website that discusses financial technology, elaborated that there are about 80 of these new regtech companies and despite the bulk being in private hands, there are several that are being traded publicly and have fantastic investment opportunities.
Jeff Yastine has recommended investment into these firms as the potential for growth is astronomical and typically when Jeff gives investment advice it is not only sound but the type of advice one should follow.
For over 20 years Jeff Yastine has been successfully navigating the stock market, bringing profits for himself as well as clients. He graduated from the University of Florida in 1986, earning himself a bachelor’s degree in telecommunications.
He swiftly acquired a job working as a Sr. Correspondent for the PBS Nightly Business Report and throughout his career he has learned the tricks and keys to wise investment from some of the best in the world. He now works at Banyan Hill Publishing.
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