One of the key developments surrounding the in-house and outsourcing discussion is that of differing offerings.

He concluded, “They emphasise innovation and agility within their teams so they can offer powerful, easy-to-use and compliant solutions to remain competitive and bring advantage to their customers, which is ultimately a win-win all round.” This is an advantage, Hunter claims, over siloed or legacy views from one specific industry, organisation or customer base. This highlights one of the significant advantages for third-party suppliers – their business models are focused on hiring the right and best people from across sectors to ensure continuous improvement and boost learnings. Hunter added that at a macro level across many sectors, there is an ‘exponential’ demand for good software developers and digital experts that creates a very competitive landscape for firms hiring in-house to build and maintain bespoke systems. “Many have recognised the power of partnerships and leveraging experts as part of an ecosystem of trusted suppliers, which allows them to focus on their intrinsic value to customers and the bottom line, rather than trying to develop IT solutions internally.” He said, “Over the past five years there has been a fundamental shift in IT strategy, especially in larger businesses who used to build and sometimes white label solutions, who are now moving away from this approach. In the opinion of Jamie Hunter – COO of RegTech firm Aveni – the collective experience at Aveni paints a path towards the move to external suppliers. With more options for companies to outsource product development arising by the day, businesses in the RegTech industry, as just one example, are considering whether it is worth the hassle to build their product and services in-house.

However, changing trends and technologies mean third-party is becoming a bigger option. In the past, it would be common for many RegTech firms to build and run their own solutions themselves.

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