- Financial institutions remain strongly interested in financial transparency and inclusion, with two-thirds of institutions expressing commitment to supporting financial inclusion.
- However, many financial institutions turn away significant numbers of potential customers due to current Know Your Customer (KYC) processes. The most challenging customer onboarding hurdles faced by institutions are the difficulty in collecting and verifying customer information.
- Interest in data sharing arrangements to support KYC processes is growing. Nearly 80% of financial institutions express interest in a global Customer Due Diligence (CDD) utility, compared to just over 70% in 2019.
- Institutions cite the greatest likely benefits of participating in a global CDD utility as improved efficiency, reduced customer friction and improved access to data.
- The pandemic posed a challenge to financial crime compliance operations at financial institutions. More than half of financial institutions cite fraud, cyberattacks and new customer onboarding as the top financial transparency challenges of the pandemic.
- 90% of institutions report that the pandemic has accelerated adoption of Artificial Intelligence (AI) and other next-generation technologies.
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