Survey by BCT Digital and Chartis Research: Over 72% of Financial Institutions plan to invest heavily in ESG Technology

Most firms review their ESG strategies quarterly, spending an average of $250,000 to $500,000 annually, with North American and European institutions likely to exceed $500,000.

When it comes to ESG, 52% of the respondents indicated regulatory compliance as the primary challenge followed by risk assessment (48%). For climate risk, the challenges are meeting regulatory stress testing expectations (67%), accurate Greenhouse Gas Accounting (56%) and integrating climate risk operationally into product lines (50%).

Jaya Vaidhyanathan, CEO, BCT Digital, said, "We are happy to present this survey that uncovers trends, challenges, and priorities within the ESG and climate risk space, addressing questions such as the evolution of technology markets, demographic impacts on risk planning, and the primary drivers of firms' strategic agendas. There is a lack of uniformity in ESG and climate risk reporting standards; different countries may have their own frameworks. This disparity makes it challenging for multinational corporations to maintain consistent reporting. We are ready to tackle the growing needs of the ESG and climate risk markets, and based on this survey, confident about addressing the intersection of these two fields."

About BCT Digital:

BCT Digital, a global digital transformation company, focuses on delivering FinTech, RegTech, and SustainTech solutions to international banking and financial markets, and key industry sectors. The core of BCT Digital's offerings lies in the ability to identify gaps and build solutions that are suited to India and scalable to the global markets. To learn more, visit https://www.bctdigital.ai.

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