Overview

U.S. banks face real challenges on the road to FRAML, from bringing siloed data together, to integrating real-time and batch processes, to making the business case to begin with. Yet new research reveals that 93% of U.S. mid-market banks are actively pursuing or planning to pursue convergence of their AML and fraud programs — driven by the promise of significant cost savings, improved detection accuracy and stronger regulatory alignment. In fact, 50% of banks that have already converged report savings of over $5 million. While the benefits are clear, the path to convergence is anything but simple. In fact, the term FRAML often oversimplifies what is a complex and layered transformation.