This could usher in a new age of low-level granularity and data visibility which would change the way advisers interact with their clients.
The potential for this technology to eliminate the silos between regulators and regulated entities is enormous, but is the regulator up to it?
A completely different skill set would be required in order to understand the masses of data involved. Data scientists harnessing the power of distributed processing and data analytics is a far call from poring over pdf and excel returns on a quarterly basis.
Ultimately, the regulators of the future have the potential to become the vehicle diagnostics systems of the financial services engine, but it may not be a smooth transition and we can expect a few more emissions scandals before we get there.
Kevin Okell is director at Altus Consulting
