Innovation – Finance – Technology
With the massive amounts of regulations hitting the financial services industry in 2018, regtech is once again a hot industry topic. However, even though regtech was deemed the new fintech back in 2016 it has not scaled, as we would have expected from the initial hype. With a seemingly never-ending flow of regulatory requirements, how will the financial industry respond to the corresponds increasing cost and complexity?
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One of the biggest hurdles for banks is the never-ending growth in complexity and regulations in the compliance department. This is one of the areas in banking where Artificial Intelligence (AI) shows vast promise. As machine learning techniques become more advanced banks are looking to Anti Money Laundering as one of the hot application areas.
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Artificial intelligence is one of the technological paradigms that is set to transform financial services in the years to come. This includes every aspect of the bank, ranging from customer interaction through chatbots, process automation and risk and credit assessment just to name a few. However, the compliance function is one of the areas where AI will have a profound impact on banking.
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