The onset of the COVID-19 pandemic in 2019 marked a pivotal moment in human history, presenting unprecedented challenges that extended beyond healthcare into the realms of psychology, economics, and various industrial sectors. High-contact services, including education, retail, foodservice, and notably the banking and financial sector, were significantly impacted.
This paradigm shift in human behavior, characterized by a transition to remote environments and increased teleworking, inadvertently created new avenues for financial crimes, intensifying the workload for compliance teams. Financial institutions, traditionally reliant on legacy IT infrastructures and disparate web applications, faced considerable operational and regulatory risks. These archaic systems, scattered across multiple platforms, resulted in inefficiencies and a fragmented customer view, compounded by the challenges of remote access to secure legacy systems.