3-minute read
Quick summary: By incorporating AI into compliance operations, financial services organizations can uncover opportunities to automate routine aspects of regulatory compliance, analyze and process massive amounts of data from multiple sources, and reduce the burden on their employees. Find out how from Travis Jones, whose insights were recently shared with Fast Company.
In the fast-moving world of compliance, banks and other financial institutions are being challenged to keep pace. Recent additions to global regulatory requirements—including the Anti-Money Laundering Act (AMLA) of 2020, the Fundamental Review of the Trading Book (FRTB) rules, and the EU’s Payment Services Directive 2 (PSD2)—have further complicated the ecosystem, intensifying pressures on compliance teams.
Compounding this challenge are the enduring effects of the “Great Resignation” on financial workforces. According to a recent study, the industry has a turnover rate of 26 percent, double the U.S. average of 13 percent. Facing a growing corpus of regulations to comply with and a limited workforce with which to address new and existing obligations, financial firms find themselves in need of new approaches.
By incorporating AI into their compliance operations, financial services organizations can uncover opportunities to automate the more routine aspects of regulatory compliance, analyze and process massive amounts of data from multiple sources, and reduce the burden on their employees.
AI-powered compliance in financial services: use cases and benefits
AI-powered solutions are helping financial services organizations save time and money, improve accuracy, and increase efficiency in a broad range of use cases.
To read the entire article, visit Fast Company.
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Travis Jones is the Chief Operating Officer at Logic20/20.
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