AI/Machine Learning – Lighting the Path Forward in Compliance
Traditional tools and technology used in KYC-AML are proving to be inadequate in addressing the growing volume, velocity, and variety of financial crime compliance operations. Banks are inundated with scores of false positives that require armies of compliance analysts to resolve them. Exploding costs and team sizes of compliance operations are becoming difficult to sustain. Advancements in analytics such as artificial intelligence, machine learning, and process automation offer opportunities to improve efficiency and effectiveness of KYC-AML programs, and we are seeing interesting use cases emerge.
Listen to Celent analyst Arin Ray and CTO Michael Aguiling from RDC discuss KYC-AML market trends, industry pain points and how new tools and technology could alleviate the burden and provide next generation solutions.
• What are the challenges with current KYC-AML operations
• How advanced analytics such as AI can help overcome the challenges in KYC-AML
• How banks are adopting AI tools in KYC-AML
• What are the areas of adoption and what is the outlook