Every year, financial institutions are increasingly facing the challenge of having to spend more on compliance technology and personnel in order to remain compliant with the myriad of global AML and KYC regulations.
Due to this environment of increasingly stringent regulation and the resulting rise in compliance costs, digital transformation is now entering the unchartered territories of front, middle and back-office operations across commercial, investment, business and private banks in the Middle East.
In the second part of our two-part Middle East in Focus series, we explore:
- How financial institutions can digitalize the client lifecycle process to ensure compliance, increase operational efficiency and deliver a superior client experience;
- The future potential of emerging new technologies, in the form of Artificial Intelligence (AI), Robotics Process Automation (RPA) and blockchain, to further automate routine AML and KYC processes and reduce associated regulatory cost pressures.