The United States of America (U.S.) represents the largest financial markets in the world. At the end of 2015, the size of the Banking sector alone in the U.S. was 15.9 trillion dollars generating a net income of 161.6 billion dollars (analysed by the SelectUSA).
The financial sector in addition, employs more than 6 million people in the U.S. with several more millions employed in the ancillary industries e.g. education and research, technology, regulation and security, transportation and logistics, tourism. It is therefore of paramount importance that the future of Financial Sector in the U.S. is ensured and protected.
The truth of the matter is that after the downturn in 2008, the financial sector in the U.S. have been increasingly difficult if not impossible to manoeuvre. For instance, there have only been a handful of new federal banking licenses issued by the Office of the Comptroller of the Currency (OCC) in the U.S. (across all States) between 2008 and 2017. That figure in the United Kingdom will be 14 and an unbelievable 21 and 38 in India and China respectively. Message is simple, the Financial Sector in the U.S. which has been the backbone of its economic and political leadership in the modern world, have been somehow stagnant since 2008. The new banking, the digital banking era is surprisingly still embryonic in the U.S. whereas countries like, China, the UK, India, Singapore are setting the stone with Australia, Canada and Germany fast developing a mature digital banking state.
Read the full article as PDF: RegTech in the USA- The State We are In
About the Author
Dr. Subas Roy is the Chairman of the International RegTech Association. He has served as the global RegTech practice leader in a large professional services organization previously and has led several global digital risk and compliance transformation programmes over the last 20+ years.
He was the Chair of a number of Government led initiatives in the United Kingdom and wider Europe related to innovation in digital trust and compliance.
Innovation-In Trust and RegTech-by Design are the two practical theories developed by him and he continues to research on these further.
He is passionate about RegTech, global RegTech eco-system and helping to create a collaborative, leading-edge, innovative work environment. He is a trained computational mathematician with professional qualification on Accounting and Business Administration.
When not traveling, he is based in London. A father and a husband, he likes to spending time with his family, reading books and running for leisure!
He can be contacted at firstname.lastname@example.org