This enabled our client to pinpoint areas for enhancing AML efficiency and reducing compliance costs across diverse segments, including large and small banks, digital banks, fintechs, and payment service providers.
The findings guided requirements for future solution development to address evolving industry demands.
Service: Market Analysis
Sector: Financial Services
Background
A prominent global financial services firm sought to deepen its understanding of the landscape for anti-money laundering (AML) solutions used by financial institutions. Facing increasing regulatory scrutiny and the need to optimise compliance processes, the client aimed to identify pain points and opportunities within the AML market.
Our client’s goal was to enhance their financial fraud service offerings and strategically position themselves to meet the evolving demands of the industry.
Approach
We conducted in-depth interviews with senior decision-makers across various financial institutions, including Tier 1 and Tier 2 banks, digital banks, fintechs, and payment service providers.
Our approach focused on understanding the specific pain points and needs related to compliance processes. We developed insights into the effectiveness of current systems, the challenges faced in transaction monitoring, and the requirements for future solutions.
By analysing these insights, we provided a comprehensive view of the market landscape and the key factors differentiating AML solutions.
Outcome
The project identified two key priorities for AML solutions buyers and a series of ways of delivering against these.
We were able to show what would be required from an AML solution that would win in the market, which allowed our client to assess level of investment needed to develop a great offering, and decide whether they wanted to play in this space.
“White Space Strategy have really worked on understanding our business and requirements. What really sets them apart is their directly actionable recommendations that work for our needs”
Get in touch with Olie to see how White Space Strategy can help support your growth in Financial Services
