Increasing regulation and inefficient technology has increased financial institutions costs and compliance risk. GDPR, AMLD, CASS rules have all changed financial institutions processes and exacerbated the issue of software integration and data management. Most institutions are unable to be compliant, particularly in the areas of transfer or deletion. Staff spend unnecessary time on administrative matters which ought to be seamlessly integrated. Institutions have multiple products with largely similar technical capabilities creating inefficient and costly technological structures. Compliance is estimated at 15-20% of the institutions fixed cost base and this figure could be significantly reduced (estimates indicate by 75%). The market is increasingly competitive and institutions cannot afford to carry unnecessary costs. Transfer agency is particularly vulnerable, as are retial banks, asset managers and insurers.