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1lod 2024 surveillance benchmarking report & survey

1LoD 2024 Surveillance Benchmarking Survey & Report

3 min read Download White Paper
Author Business Systems UK
Category Business Intelligence

Crafted in collaboration with 1LoD’s Leaders’ Network, this survey reflects thousands of conversations and consultations with industry leaders. It serves as an essential benchmarking tool for financial institutions worldwide, enabling them to gauge their surveillance practices against industry peers and navigate the evolving regulatory and technological landscape. The report has been compiled with insights provided by 30 banks. 74% of the banks who participated in the survey monitor a population of 1000+. Wordwatch is proud to be a lead sponsor of the 2024 Survey & Report.

Key Findings

The 2024 survey unveils several pivotal trends shaping the future of surveillance in financial institutions:

  • A significant percent of banks plan to increase their spending within the next 12 months, reflecting a heightened commitment to market integrity.
  • 44% of banks will buy new trade surveillance technology in the next three years.
  • 83% of banks are going to buy new e-comms technology in the next three years.
  • 73% of banks will buy new voice technology in the next three years.
  • 74% of people say that they either already use or are planning to use large language models (LLMs) in their market abuse surveillance functions in the next 12 months.
  • AI-driven innovations are becoming central to surveillance strategies.
  • The surge in regulatory scrutiny and fines, has catalysed a shift towards more comprehensive surveillance efforts.
  • The industry is at a technological crossroads, indicating a paradigm shift towards ‘high-tech, low-people’ models.

Emerging Surveillance Trends

The 2024 Report underscores three transformative shifts:

  • Regulatory Influence: Regulatory mandates continue to shape priorities, with enforcement actions prompting immediate enhancements in surveillance capabilities.
  • Evolving Landscape for Mid-Tier Banks: No longer under the radar, smaller institutions face increasing pressure to adopt mechanisms commensurate with their market impact.
  • Technological Revolution: The adoption of AI and machine learning is poised to overhaul surveillance functions, promising a future with fewer false positives and more efficient alert reviews.