Tag: Banks

In the competitive landscape of banking, customer onboarding emerges as a pivotal phase, with customer due diligence standing at its core. When managed poorly, the onboarding process can deter potential clients, causing banks to miss out on new revenue streams. Conversely, hasty or inaccurate due diligence could lead to the acquisition of customers who pose commercial and reputational risks, potentially incurring hefty regulatory fines.

Fraud in the UK has become a significant concern, with 40% of crimes being fraudulent. Money muling is at the forefront, where fraudsters utilise synthetic or real mule accounts for financial gain. The UK government, recognizing the seriousness, plans to publish an action plan to combat this issue. 

Regulators in the US are set to tighten the screws on banks regarding which communities they serve through online lending.

Carefull, an AI-driven FinTech platform, has taken a significant stride forward in its mission to safeguard the finances of older adults.

Research conducted by NTT DATA UK&I has found 46% of people do not believe their banks or building societies have their best interests at heart. 

The escalating complexity and volume of financial regulations have escalated the resource demand for regulatory reporting. Banks, insurance firms, and capital market companies are under immense pressure to maintain impeccable data and reporting functions. These functions are not just critical to evade compliance issues, but also for the optimisation of processes to prevent further strains on the operational budget.

In the high-speed and complex financial landscape we find ourselves in today, one of the most significant hurdles to overcome is the ever-present threat of financial crime. Acuminor has outlined how firms can leverage risk assessment processes to boost optimization, customer satisfaction and competitive advantage.

New accounting guidance from the US Securities and Exchange Commission (SEC) has potentially hamstrung banks’ crypto projects, Finextra has claimed.

A report by the European Central Bank (ECB) has found that banks are partially or completely missing climate risk goals.

A barometer measuring the climate risk preparedness of the global banks and asset managers has found a lot still needs to be done in terms of practical implementation.