Press release
Half of Financial Institutions Identify Regulatory Compliance as a Serious Roadblock for Digital Transformation, OneSpan Research Reveals
OneSpan’s second annual Global Financial Regulations Report reveals coming regulations aimed at digital currencies and securing digital economies
About this update from Onespan Inc.
[{"type":"text","content":"\nOneSpan’s second annual Global Financial Regulations Report reveals coming regulations aimed at digital currencies and securing digital economies\n\n CHICAGO--(BUSINESS WIRE)--\nOneSpan™ (NASDAQ: OSPN), the global leader in digital banking security and e-signatures, today released its second annual Global Financial Regulations Report. In conjunction with comprehensive research into how the changing regulatory landscape is impacting the banking community, this year’s report also reveals how financial institutions are responding to new challenges presented by increasingly innovative hacking attacks, protecting sensitive data and evermore stringent regulations. 48% of financial institutions report that regulatory compliance has slowed digital transformation.\n\nThe research, conducted in partnership with business information firm Arizent, surveyed more than 150 senior banking leaders representing global financial institutions with assets as high as $100 billion. Despite the major security and regulatory challenges institutions were faced with in 2021, 84% of banking leaders are taking steps to prepare for cutting-edge initiatives like Central Bank Digital Currency (CBDC) over the coming year. In addition, half of banks are planning to implement mobile app shielding technologies to secure mobile apps in anticipation of upcoming CBDC initiatives.\n\nThe full results of the research are outlined in OneSpan’s second annual Global Financial Regulations Report, which provides guidance on the unique regulatory requirements impacting financial institutions globally along with key points for industry leaders as they navigate the evolving digital economy.\n\nAdditional findings within the report:\n\n\nTop compliance challenges for banks include: reducing or preventing cyber-attacks (53%); safeguarding sensitive data (47%), keeping pace with changes in consumer privacy laws and industry regulations (41%);\n\n\nAlmost half of banks are putting digital remote identity verification and biometrics in place to comply with industry regulations. A further 41% are prioritizing emerging technologies like remote online notarization (RON).\n\n\nBank leaders are generally optimistic about crypto regulations. 67% of financial services leaders agree that crypto regulations make banks’ participation in the market more attractive.\n\n\n“Catalyzed by the pa...