- 99% of financial organizations are now using compliance technology.
- 55% of financial firms are implementing AI/ML solutions for compliance.
- 68% of organizations remain cautious about adopting new technologies due to security concerns.
A recent survey conducted by Kompliant and Equifax (EFX, Financial) reveals a significant shift in how financial organizations perceive compliance technology. According to the survey, 99% of the 500 financial technology professionals across banking and finance industries report reliance on compliance technology, demonstrating its critical role in modern financial operations.
The survey highlights a growing trend of firms integrating advanced technology into compliance processes. Specifically, 55% of financial organizations are exploring or implementing Artificial Intelligence and Machine Learning solutions to enhance compliance functions. This trend underscores the industry's commitment to leveraging emerging technologies to address complex regulatory requirements and streamline risk management.
Despite the advancements, 68% of organizations express caution about adopting new technologies due to security concerns. This cautious approach underscores the ongoing balance between innovation and security within the financial sector.
Furthermore, 90% of the surveyed professionals believe technological advancement is crucial for maintaining a competitive advantage in risk management. This perception indicates a shift in viewing compliance not just as a cost center, but as a strategic tool and revenue driver.
The survey also revealed that 56% of organizations involve their CEOs directly in compliance technology decisions, signaling the strategic importance of these investments at the highest corporate levels.
The partnership between Equifax and Kompliant aims to strengthen fraud prevention and risk management services, providing financial institutions with intuitive solutions to enhance compliance, security, and operational efficiency. The collaboration focuses on transforming compliance from merely a regulatory necessity to a competitive edge for businesses, supporting innovation while ensuring security and compliance standards.
