The rapid adoption of artificial intelligence and machine learning in all corners of the financial sector, particularly in anti-money-laundering (AML) efforts, has excited and inspired onlookers and participants alike. But as with all innovations, there are pitfalls to unquestioning acceptance that can actually worsen the situations these technologies are meant to address. Human intelligence must work cooperatively and in the lead role alongside AI and ML to guarantee the best results.
Rarely has a technology been met with the excitement and trepidation that AI has. Because artificial intelligence not only matches but can surpass human intelligence, it is exciting as a means to improve speed, save cost and maximize accuracy—but menacing for its potential to displace human workers. Banks are embracing AI for its staggering benefits, while also acknowledging that it creates a few wrinkles that need ironing out.