Published: 15 April 2024
Banking CIOs grapple with rising AI-driven fraud and complex know-your-customer and anti-money-laundering regulations. Use this data on industry spending and priorities, plus recommendations for modernizing and automating KYC/AML systems, to streamline account opening and minimize operational risks.
A proprietary Gartner industry survey shows fraud rates have increased over the past three years. The situation is being exacerbated by the criminal use of sophisticated AI tools to create fraudulent identities, voice cloning, conduct deepfake attacks and more, enabling bad actors to be more creative and effective in bypassing traditional security systems.
The increasing complexity and volume of KYC/AML regulation remains a top challenge for banks, requiring them to spend significant time and resources to stay informed and adapt their processes. This is progressively challenging when operating across multiple geographies and jurisdictions.
Despite growing investments in KYC/AML programs,
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