As you probably know, businesses hate government regulation. It requires them to spend time and money completing paperwork, tracking information that is useless to the business and reporting it government agencies. Libertarians argue about the issue from an ideological perspective. Most business people just gripe, and comply as best they can. However, nobody expects government regulation to disappear or be reduced.
However, to true entrepreneurs, problems are opportunities. At least 80 new companies, most of them still privately held, now exist that specialize in helping other businesses meet all their regulatory compliance requirements. And the field will just keep growing. The field is certainly not glamorous like other areas of high tech, but it’s highly useful to its customers. Read more about Jeff Yastine at investmentu.com to know more.
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— Jeff Yastine (@Jeff_Y_Guru) December 19, 2017
Financial services are highly regulated by every country in the world because it deals directly with money and investments. Banks and insurance companies are often targeted by criminals because of that. And therefore the government wants to ensure they do not facilitate corruption or money laundering. The major international banks must meet the legal requirements of many different government jurisdictions. Using their own legacy systems, that costs $10 million. The cost in Europe is even higher. Such banks as HSBC and Deutsche Bank estimate the annual cost at $1 billion. However, the regulator technology companies, or regtech, can do it for $300,000.
In total, these banks will spend an estimated $70 billion on complying with government regulations, and this will grow to $120 billion within three years.
These new companies use the latest in advanced software, artificial intelligence and blockchain technology to help their customers comply with all government regulations.
Jeff Yastine spent several decades as a financial journalist for the PBS Nightly Business Report, where he was nominated for a Business Emmy Award in 2007 for his reporting on America’s underfunded infrastructure of bridges, roads and highways. He has interviewed such business leaders as Sir Richard Branson, Michael Dell and Warren Buffett, among many others. His team of journalists won Excellence in Financial Journalism Award from the New York State Society of Certified Public Accounts for a piece they produced on the bond market.
Jeff Yastine now edits the newsletter Total Wealth Insider for Banyan Hill Publishing. He specializes in finding value stocks for his readers just before they take off in price. He also writes for Winning Investor Daily and Sovereign Investor Daily, also from Banyan Hill. He has also worked for the Oxford Club and Newsmax Media.