Transaction monitoring can be defined monitoring of the transactions which is being done between the business and the customer. This include assessment of the historical/current customer’s information and interactions to provide a complete picture of customer activity. Transaction monitoring majorly record and monitor the transaction which includes transfers, deposits, and withdrawals. The primary reason to deploy transaction monitoring market system is to identify and protect the institution from any transactions that may lead to money laundering and terrorist financing and result in the institution filing relevant Suspicious Activity Reports (SARs). Get PDF brochure for Industrial Insights and business Intelligence @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=76703 Global Transaction Monitoring Market – Dynamics Increasing Need for Digital Platforms to Monitor Day to Day Accounting Activities Driving the Growth of the Market Increasing Adoption of Automation & Digitization by SMEs Extensive adoption of digitization, smart technologies, and automation by large as well as small & medium enterprises is the global trend. Overall, 90%-95% of total enterprises are small & medium in size while only 5%-10% are large in nature. Majority of SMEs within the U.S have integrated or are looking forward to integrate their work flow with automation to gain operational efficiency. Thus, adoption of accounting software such as transaction monitoring is increasing globally. Adoption of automation in the workflow process by SMEs is expected to drive the growth of the market. Increasing Need to Reduce Operational Cost Organizations are increasingly striving to reduce the operational cost to survive in this competitive environment. Financial institutions, retail enterprises, and many other industries are eliminating manual operational work and shifting to workflow on a software. Transaction monitoring automation eliminates manual work and reduces labor cost. Labor cost is one of the components which needs to be paid by organizations. This cost can be highly optimized through transaction monitoring automation. Constant Security Concerns and Network Issues Restricting the Growth of the Transaction Monitoring Market Cloud Security and Network Transmission Issues Transaction monitoring software models that rely highly on cloud services are skeptical to service impairment or control loss, data breach, service loss including service breakdown, or in worse cases financial loss. The user experience may also be affected by unstable network transmissions at some places and this limits the reach of cloud based services including cloud-based and hybrid services/solutions in the impacted regions.
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