2024 is set to be an exciting year for client lifecycle management technology, driven by ongoing trends and pressures in the financial sector around regulations, digitalization, and economic volatility.
In this video our CEO, Marc Murphy forewarns there will be continued pressure on costs, regulations, and need to digitize client experiences in 2024 for financial institutions.
He also makes the following predictions:
Compliance Pressures Continue for Regulated Firms
Non-financial companies are facing increased anti-money laundering (AML) obligations. Fenergo has been observing a real drive from corporate and non-regulated entities to up the standards of their AML programs as the scope of AML regulations have been broadening.
In 2024, non-financial institutions will have to get systematic about understanding who they’re doing business with and who their and counterparties vendors are.
Developing Rules Around Beneficial Ownership Will Continue to be a Priority
Regulation around beneficial ownership (such as the US Treasury's rule that took effect on 1st January 2024), will continue being prioritized in 2024. More regulations requiring disclosure of this kind of information from regulated entities are consistently being introduced, a trend which will continue into 2024 and that financial institutions and corporations will need to comply with.
2024 is the Year of AI Adoption
The big shift in 2024 that we're going to see is the move from the theory of artificial intelligence (AI) to the adoption of AI, and we're starting to see so many great use cases in CLM with AI at the heart of making compliance processes more efficient.
2024 looks set to be a breakthrough year where AI moves from theoretical applications to meaningful adoption in client lifecycle management workflows, with Fenergo positioned to help clients through continued AI investment.
Request a demo to find out how Fenergo can help your organization stay ahead of its goals and regulatory requirements in 2024.