people worldwide to search for new destinations to work and travel . Being citizens of a wide range of countries , worker travellers become customers of financial institutions at their current locations . This means banks , FinTech businesses , crypto brokers and insurance companies have to be able to meet the needs of the booming digital nomad community while also maintaining robust fraud prevention measures .

The survey conducted by Regula shed light on the readiness of banking and FinTech businesses to address new challenges . It appears that financial services companies are grappling with a surge in foreign document verification cases , with 80 % of them reporting an increase , particularly in countries like France ( 86 %), Turkey ( 86 %) and the USA ( 85 %) – the country most visited by digital nomads as of 2023 .

Alarmingly , almost half of these organisations ( 44 %) are facing a staggering 25 % rise in volume over the last year . Furthermore , 62 % of these businesses have been forced to verify foreign documents manually , which is a timeconsuming process .

With 38 % and 31 % of respondents from FinTech and banking , respectively , citing accuracy as the most

20 www . intelligentfin . tech