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Today: Jun 13, 2024

US and UK banks lacking readiness for regulatory upheaval.

1 min read

Many banks in the US and UK believe that their financial control processes are not robust enough to accommodate further regulatory change, according to a report by AutoRek. The majority of institutions feel poorly equipped to handle regulatory changes and are concerned about the quality of their data, particularly in meeting reporting requirements. The study also found that many firms rely on outdated processes and manual tasks, with integration challenges being a major hurdle in digitisation initiatives. As a result, firms are looking to invest in cloud infrastructure, process automation, and reporting solutions to streamline back-office operations.