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Across the globe, traditional banks have average cost-income ratios of 55-60%, whereas the new digital-only challenger banks aspire to get below 30%.

Digital transformation is still a relatively grey area for banking compliance, with no one-size-fits-all approach to how it should be regulated.

The Temenos Value Benchmark (TVB) indicates that maintaining an efficient compliance function contributes positively to a bank's financial performance.

Today, a nexus of disruptive technologies is becoming omnipresent in banking. In a survey we commissioned with the Economist Intelligence Unit (EIU) with 305 global banking executives relating to the digitization of banking, 66% said that new technologies will continue to drive global banking in the next five years, over regulation and changing customer behaviour.

We all know that disruptive technologies like Cloud/SaaS, Microservices, APIs and AI are having a profound impact on the way banking services are delivered and consumed today. This is leading to the twin trends of digital and open banking, and hence changing the very structure of the banking value chain. Meanwhile, non-traditional entrants like the technology giants, neo-banks and fintechs, are leveraging these technologies to compete in banking, and that too with a cost base 30-60% lower than incumbent banks.

Covid-19 has provoked a surge in criminal activity. By pursuing a risk-based approach to prevention and mitigation, banks can tightly focus their efforts and better protect their customers from all financial crime.