The aim is to achieve significant economies of scale for participating banks and financial service providers through a digital, fully integrated and automated "regulatory reporting factory". The innovative solution with the name "RegTech Factory" will go into operation immediately. Depending on the size of the institution and the individual architecture, cost savings of up to 50 percent are possible for the individual bank in the relevant areas. Talks with interested clients are already underway. BearingPoint RegTech assumes that more than half of all European banks will outsource their reporting processes to external service providers within the next five years. "Our financial system is much safer today than it was before the financial crisis, but the costs of regulation for banks are enormous," says Jürgen Lux, CEO, BearingPoint RegTech. "Low interest rates, digitalization and new competitors are putting massive pressure on the industry's earnings.