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What will 2024 hold for financial institutions (FIs) and regulated entities?
2023 was a turbulent year, to put it lightly, so how businesses prepare for 2024 is critical for meeting strategic objectives.
For the financial services industry, the past year saw significant turbulence from technology acceleration in areas like artificial intelligence (AI), to staggering fines to digital payments providers and crypto businesses. Regulatory scrutiny has also been rapidly expanding, piling pressure on regulated firms as anti-money laundering (AML) concerns and financial crime risks continue to grow.
Growing compliance obligations are a concern for many organizations, as this begins to swell past their capacity. Scaling operations, expanding into new jurisdictions, or simply adapting to what geopolitical uncertainty and related sanctions 2024 throws our way, is becoming an increasingly daunting prospect for FIs and regulated firms the world over.
Our research shows that many banks are still heavily reliant on manual processes and plagued by inefficiencies when it comes to onboarding clients and managing financial crime risk. The pace of digital transformation over the next 12 months will give crucial insight into whether these hurdles can be overcome with technology.
So, what’s in store for 2024?
In this report, experts at Fenergo give their predictions for the year and analyze what might happen across the next 12 months. Download the report and unpack what’s coming down the line in 2024 for compliance in the financial services industry and beyond, including:
- How sanctions activity and ongoing geopolitical uncertainty will impact compliance
- Whether regulators’ focus on fintech will continue or shift back to traditional finance
- How technology and digital transformation journeys will affect compliance