In recent years, the regulatory landscape has also been the subject of upheaval, sometimes relating to the constraints of supervision and supervision of the banking profession, as well as the supervision of financial services (production of financial products / services) and the protection of investors seen as consumers.

The first part of the regulation increased the structural costs of the players due to the increased complexity of monitoring obligations. The second cut income for a number of players (ban on retrocessions under MIFID 2 for example) and made the provision of certain services more complex.

To this aspect of the regulations, we must add a very specific axis concerning the increased regulations on the traditional activities of the so-called offshore places. The strengthening of tax cooperation, the establishment of tax harmonization projects (ex BEPS project) and the fight against tax evasion, have once again modified the existing balances and required an adaptation of the players in place.

According to various studies, these processes are more or less mature depending on the organization. For a certain number of them, these processes remain very little automated and are subject, through the know-how of the actors involved, to “black box” and “bottleneck” type mechanisms. This state of affairs is also the result of the forecast non-profitability of the improvement projects given the low productivity gains potentially resulting from this improvement in the absence of economies of scale due to low volume.