A recent survey conducted by PwC Pakistan has revealed that cybercrime is perceived as the most significant challenge facing the banking sector, with 90% of bankers identifying it as a major risk.
The survey, which gathered insights from over 75 Chief Compliance Officers (CCOs) and business heads, also highlighted fraud as the second biggest concern, cited by 70% of respondents. Terror financing was considered a lesser threat, with 60% of participants ranking it lower on the list of concerns.
The survey further detailed that a significant portion of CCOs view various risks as “very high,” including cybercrime (90%), fraud (70%), terrorism financing (60%), tax evasion (56%), and money laundering (55%).
Despite the banking sector’s increasing reliance on digital technology, challenges such as data management, human resources, and other compliance-related costs remain significant for over 60% of respondents. To address these issues, 95% of bankers advocate for increased investments in data governance and cleansing, 90% support technology optimization, and 75% emphasize the need for specialized training programs in the coming year.
The survey underscores the importance of emerging technologies and talent development in meeting compliance requirements. As digital innovation continues to transform the financial landscape, the banking sector must enhance its technological capabilities, regulatory compliance, and cultural adaptability to effectively manage escalating risks.
