With useful data and information piling up in the financial realm, firms can use all the help they can get to more efficiently compile and employ it. Automation, which manifests itself in many forms, is a must for financial institutions. Natural language processing translates words into useful tools and applications that enable financial companies to be more compliant, profitable and sustainable and is experiencing increasing adoption in the financial industry.
How Human AI and Machine Learning Technologies Are Leading the Fight Against Money Laundering and Financial Crime in 2021 and Beyond
2021 has the potential to be a defining year in the fight against global financial crime. The COVID-19 pandemic has exposed widespread vulnerabilities as compliance teams seek to manage remote employees spread across the world; regulators and governments are tightening restrictions; and technology is advancing at breakneck speed in a bid to keep pace with the increasingly sophisticated methods being used by financial criminals.
Much has been written about how retail banking has appropriated digitalisation to improve customer experience and gain market share, but investment banking has also adopted digital processes to step up their performance and market share, largely in response to shifting client demands and snowballing competition from alternate providers. As their monopoly hold on investment banking withers, what do incumbents need to do to stay in the race as the frontrunners?
Open Banking originated half a decade ago as a European and UK consumer-protection regulatory initiative but has evolved into a popular technological concept. To give consumers more choice and data control, banks share their financial information, after receiving their consent, to third-party providers via APIs. The technology brings benefits to customers but also risks, so the Open Banking process must be carefully upgraded to find its promised place in banking.
2021 is fraught with questions about banking’s future in the strange, perplexing COVID-19 world, but there are key technological trends for industry participants to explore and exploit. Open banking, embedded finance, time and money, personalization, cybersecurity, digital currencies, payments without intermediaries will be principal factors in reshaping banking in Russia and worldwide. Staying in the game will hinge on a bank’s determination to make digital transformation its key strategical goal.
Human beings are wary of machines, especially when entrusting them with the most important aspects of their lives, such as finances. But as machine-learning and artificial-intelligence technologies become more sophisticated, learning from human brains, they are proving that when programmed correctly, they offer a wide range of advantages, especially in banking. The more human beings use them, the more successful they become in achieving what they were created to accomplish.
Change is as much a part of life as breath itself, and that’s true in banking. Already in the midst of transforming itself to meet the expectations of its increasingly digitally inclined customer base better, COVID-19 gave it a swift kick that has expedited those adjustments. As society transitions into the “new normal”, what are some of the positive changes in banking that will remain even as the virus wanes?
The investment-management industry is undergoing arguably its most disruptive period ever. Thanks to a new wave of disruptive technologies, the very concept of investing is being transformed from a practice that was relationship-driven
Artificial intelligence has become a must-have for banks today. AI in the form of robotic process automation and machine learning is going a long way to help banks become more efficient in customer service, more compliant in adhering to regulations and more capable in tackling fraud. But like all good things, it comes with a few strings. What are the responsibilities for senior individuals and boards attached to the many benefits AI brings to banking?
Every finance department is facing the same challenge, no matter their size, expertise or industry. New technologies are entering the workplace, changing the way we work and completely upending business models. Nowadays, consumers are ‘always on,’ demanding rapid service and communications. People want to subscribe to products, rather than buy them. Even investors are asking a lot, for example insisting companies precisely predict demand to keep the bottom line lean.