The future is now: Integrating new technologies (AI and Robotics) and financial crime compliance
In the evolving compliance landscape, new technologies play a critical role in helping the industry unite to combat financial crime. Although in its infancy, AI technology has the potential to be applied in a broad range of areas and provide business insights to drive innovation, improve the effectiveness and efficiency of processes and mitigate compliance and fraud risks. Machines can also play a critical role in dealing with the data challenges linked to higher levels of information, and data processing associated with the increasing flow of international transactions.
Together, are AI and robotics a magic bullet to reduce cost and increase effectiveness? And what are the associated risks? Could wrong application lead to unexpected consequences and systems with implicit bias? Will these technologies be transformational or functional?
As we embark on the RegTech journey, how can banks convince regulators that the technology works? And does all the hype have a real-world application in such a key risk area?