Global KYC Trends in 2024 for Banking

The results are in from 2024’s Know Your Customer (KYC) and onboarding trends survey. While it’s clear that technology adoption is taking place, there’s still a long way to go when it comes to automating KYC to create a strong client experience.
 
Fenergo surveyed over 450 Chief Operations Officers, Chief Compliance Officers, Chief Risk Officers, and Chief Information Officers at global investment banks and commercial banks. The data tells the story of how regulatory demands and global macroeconomic factors have affected KYC and how banks onboard, monitor, and manage their clients since last year’s survey.
 
In 2023, Fenergo’s annual research survey of global investment banks yielded data that underlined a KYC environment where 48% of banks were suffering from client abandonment during the onboarding journey. We examine how that number has shifted and why, as well as many more key insights into KYC throughout the banking industry.

Global financial penalties for non-compliance with anti-money laundering (AML) regulations cost financial institutions $6.6 billion in 2023, and more problems are on the horizon with fines surging 31% in H1 of 2024.  

How successfully have banks responded to regulatory demands and global economic challenges across 2024?

In this report, Fenergo reveals:

• Why KYC and onboarding 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 in 2024

• Where legacy technology still prevails and where artificial intelligence (AI) is being applied

All these insights and many more are available in our free report available right now.

Download the report.