Global KYC Trends in 2024 for Banking

Is Your Firm Keeping Up with KYC, Onboarding and Transaction Monitoring Trends?

67% of banks worldwide have lost clients due to slow, inefficient onboarding. How does your firm compare?

Fenergo’s 2024 Know Your Customer (KYC) and Onboarding Trends survey gathers insights from over 450 C-suite executives at leading investment and commercial banks. The findings reveal how regulatory pressures and global economic shifts are reshaping KYC, onboarding, and client lifecycle management.

Last year, our research showed that 48% of banks experienced client abandonment during onboarding. This year, we uncover how that number has evolved, what’s driving the change, and what banks are doing to keep up.

As firms navigate an increasingly complex compliance landscape, the pressure to balance risk management with seamless client experiences has never been greater. 
 
In this report, Fenergo reveals:

•    How KYC and onboarding processes are accelerating client abandonment
•    How much time and money KYC compliance really costs in 2024
•    The areas of risk banks are prioritizing for technology investment 
•    Where legacy technology still prevails and where artificial intelligence (AI) is being applied
•    How successfully banks have responded to regulatory demands and global economic challenge in 2024.

Download the report to get access to the data insights!