2019 tech trends – Trend four – The challenge of regulation
And last, but certainly not least, is our fourth and final part of our 2019 tech trends series. Let’s takes a gander at the latest abbreviation to hit the world of tech, RegTech.
Make way for RegTech
Regulatory technology, or RegTech (of course it has its own cool abbreviation), is a new field which uses information technology to improve regulatory processes. It proves we’re recognising the need for solid regulation systems.
Global compliance spending will reach $120 billion by 2022 – up from $80 billion in 2017.1
T&Cs won’t cut it
Emerging technologies. First, there’s the endless opportunities. But then there are inevitably new risks to be accounted for. Driverless cars, AI, cryptocurrencies… they all have implications on our society and it’s crucial to consider the right kind of regulations. The problem? Technology advances faster than regulations.
More than a third of firms spend at least a whole day every week tracking and analysing regulatory change.2
So, what does this mean for marketers?
New technologies enable the collection of massive amounts of valuable data. It’s a gold mine for any business, especially for marketers, but it’s vital they recognise their ethical responsibility.
Gotta love GDPR
Because it takes so much time to get proper regulations in place, trust between brands and their customers can weaken. GDPR – even if difficult to implement and a blow to databases – was essential to bring back healthy relationships between people and brands.
Back to basics
Marketers should also remember that the original creators of the technology are likely to know what’s needed in terms of regulation. The Japanese government, for instance, recognised they couldn’t keep up with the rate of cryptocurrency innovation and handed back regulatory control to an independent body within the cryptocurrency community.
New regulations will continue to arise and disrupt industries. It’s important for businesses to evolve with regulations if they want to remain trusted and preserve their brand reputation.
And that’s a wrap! We hope you enjoyed our round up of four key tech trends to keep on your radar for 2019. Take a look back at all of the four trends or keep up-to-date with the latest industry updates on our website, Instagram, Twitter and LinkedIn.
- Medici, 2016
- Thomson Reuters, 2016