A PwC Pakistan survey has determined that 90 percent of bankers think cybercrime is the biggest challenge facing the banking sector.
Fraud comes second at 70 percent, while 60 percent of respondents see terror financing as the runt of the lot.
The survey received responses from over 75 Chief Compliance Officers (CCOs) and business heads. The percentage of CCOs viewing risks as “very high” included cybercrime (90 percent), fraud (70 percent), terrorism financing (60 percent), tax evasion (56 percent), and money laundering (55 percent).
Despite the sector’s increasing adoption of digital technology, data management, human resources, and other costs remain top challenges in financial crime compliance for over 60 percent of respondents.
To combat these challenges, 95 percent of bankers encourage investments in data governance and cleansing, 90 percent in technology optimization, and 75 percent in specialized training programs over the next year. Emerging technologies and talent development are also identified as pivotal for meeting compliance requirements.
As digital innovation reshapes the financial landscape, the banking sector must strengthen its technological capabilities, regulatory adherence, and cultural adaptability to address escalating risks effectively.
