The Time is Now: The Fourth Industrial Revolution and AI
As our working and living circumstances continue to challenge the norms we knew just a few months ago, what can I say that market observers and pundits have not already considered? What I can say is everything has changed … and not much at all.
Like most businesses, what RDC customers need remains unchanged, though delivered in different and better ways. Customers tell me that they need heightened vigilance and insights into financial crime; identifying the new patterns of money laundering in our current environment is more critical and time sensitive than ever. Customers also tell me that they are observing macro changes in financial flows and new financial relationship patterns are emerging. Like so many times in our history it is again time for a new approach, and we can learn from the past to get us there. Where the First Industrial Revolution was characterized by harnessing steam for mechanized production, the Second Industrial Revolution was defined by using electricity for mass production and the Third Industrial Revolution was an information transformation using digital capabilities, we are now at the precipice of the Fourth Industrial Revolution dramatically shifting to machine-to-machine automation and data exchange. The pandemic has only thrust this shift into overdrive.
The Fourth Industrial Revolution is described as the era when we use combinations of our technology capabilities, with increasing speed, along with higher cognitive capabilities to solve for the issues surrounding us. Artificial technology, machine learning, and big data are all among the areas futurists and economists focus on for this fourth wave. Moreover, the Fourth Industrial Revolution is expected to be characterized by interdisciplinary connections to find solutions. As an active participant in this Fourth Industrial Revolution, these are all areas RDC knows something about as we have been focusing on them for years; making connections and finding patterns are at the core of our skills. The need for the Fourth Revolution has been sped up by the needs of the moment and RDC’s investments in Artificial Intelligence for Analyst Operations led us to be not only the first such provider in the market, but the most tangible and comprehensive. In this fast-moving time this means that RDC is able to provide customers a safe harbor for both heightened financial crime screening and the rapid advances of the Fourth Industrial Revolution.
Our customers – large corporations, financial institutions and online fintechs – are finding that bad actors are no longer known to us in the same ways they used to be. They don’t exist on a map or in a single physical location, they aren’t so much individuals but rather alias’ and IP addresses that have bounced between multiple nations before landing in our customer’s potential client list. Their activities are increasingly opaque.
Artificial intelligence capabilities are needed more than ever to ferret out these new patterns of illicit activity and RDC’s expertise, including our AI Review solution, answers this need in ways other solutions cannot. We have been invested in this AI future and the pandemic has simply hurled us towards the Fourth Industrial Revolution – what was anticipated to be a several years in the future is here on our doorstep now.
Over the last several months, when so much has changed, I am proud to lead an organization that has been able to be flexible and serious in our efforts to deliver critical solutions for our new times, that can be applied in real time. RDC will continue to work to secure the global financial markets in new inventive ways that help us find the hidden criminals who are looking to take advantage of stressed economic conditions and changeable business environment. While so much has changed, not much has changed, certainly not with our strategic mission and mandate. RDC is ready.