Anagnostopoulos, Ioannis (2017) FinTech and RegTech : impact on regulators and banks. In: Fintech : The Impact on Consumers, Banking, and Regulatory Policy Federal Reserve Bank of Philadelphia; 28 - 29 Sep 2017, Philadelphia, U.S..

Abstract

The last crisis has exposed significant failures of regulation and supervision, making the Financial Market Law and Compliance a key topic on the agenda. Great changes and challenges lie ahead of us soon to be realized. The preparedness of the regulators to instil culture change and harmonise technological advancements with regulation as the financial services industry evolves would likely ensure its orderly growth, systemic stability, trust in the financial system and thereby would also help to address various political, social and economic issues for a variety of stakeholders. This paper specifies theoretical and practical guidelines. These should be of interest to regulatory standard setters, global investors, international organizations and other academics who are researching regulatory and competition issues and their manifestation within the financial and social contexts. The study has the potential of welfare outcomes for consumers, regulatory and supervisory gains and reputational gains for the financial services industry. Our interpretative results have implications for both research and practice. Disruptive change seems to be important in investigating regulatory compliance followed by change; we contribute to the current literature review on financial and digital innovation by new entrants where this has also practical implications. As a perspective on a social construct, this study appeals to regulators and law makers, entrepreneurs and investors who participate in technology applied within the innovative financial services domain and bankers that might consider FinTech and strategic partnerships as potential future strategic direction. The difficulties arising from extensive regulation suggest a more liberal and principled approach to financial regulation. This paper is also an updated review of the current regulatory issues addressing the contextual root causes of disruption within the financial services context aiming to assist market participants to improve effectiveness and collaboration.

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