'Regtech' is a buzzword in the banking world. 'Reg' stands for regulation and 'tech' for technology. So, it is easy to imagine what the purpose of regtech is: developing technologies that help banks comply with regulation in a more agile and efficient way.
Much has already been written about the use of digital tools to create new products and services in banking. However, there is less talk of another crucial use of technology in the financial sector: Its application in improving regulatory compliance, addressing risks related to financial stability and integrity, and consumer data protection. It is the so-called 'regtech'.