LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the compliance training market for financial institutions in the US provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio market research analysts, the compliance training market for financial institutions in the US will grow at a CAGR of over 15% during the forecast period. The increasing demand for customized training is a major factor driving the market’s growth. Most players in the BFSI industry in the US are increasingly inclined toward customization of courses due to the continuously changing regulatory landscape. Companies of various sizes are increasingly seeking training solutions that suit the respective company policies due to their different financial policies and need for course content with the required customization.
Off-the-shelf compliance training courses do not serve the purpose of effective training as standards, codes of conduct, and processes vary among organizations. Thus, companies are opting for players that provide customized courses. Various companies are introducing various customized courses to capitalize on this opportunity.
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In this report, Technavio highlights the increasing emphasis on the use of analytics as one of the key emerging trends in the compliance training market for financial institutions in the US:
Increasing emphasis on the use of analytics
The increased adoption of tools for analytics and effective report is one of the major trends impacting the compliance training market. Several institutions in the US are increasingly opting for players providing advanced solutions supported by analytics and training owing to the increasing popularity of analytics. In the banking sector, the acceptance of the concept of analytics has increased.
“With the advent of advanced analytics-based solutions, banks in the US are managing the increasing cost of compliance but the risk of non-compliance. Addition of analytics and big data have brought many changes in the operations of companies, and they also provide training sessions to employees. Analytics in the field of Fraud, AML and Know Your Customer (KYC) have saved financial institutions from fraudsters. It also aided several institutions in preventing money laundering and potential losses,” says a senior analyst at Technavio for research on K-12 and higher education.
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Compliance training market for financial institutions in the US – segmentation analysis
This market research report segments the compliance training market for financial institutions in the US into the following course types (professional courses and introductory courses) and delivery methods (offline learning and online learning).
The professional course segment held the largest market share in 2017, accounting for nearly 56% of the market. The market share for this course type is expected to decrease nearly 2% by 2022. The fastest growing course type is introductory courses, which will account for nearly 46% of the total market share by 2022.
The offline learning segment held the largest market share in 2017, accounting for nearly 65% of the market. The market share for this delivery method is expected to decrease nearly 5% by 2022. The fastest growing delivery method is online learning, which will account for nearly 40% of the total market share by 2022.
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