Human – AI partnership against financial crime
It’s now over six months since Brexit. There are opportunities opening up for the UK to take advantage of new-found regulatory freedom. The domestic financial services industry is also seeing rising instances of organised fraud. A recent report from Cifas, the UK’s fraud prevention community, stated that during the first six months of 2021 there was an 11% […]
Demystifying AI for AML
The United Nations Office on Drugs and Crime estimated that US$800 billion to $2 trillion is laundered through worldwide financial systems. That’s an astonishing 2-5% of global GDP. The European Banking Federation (EBF) uniting 32 national banking associations in Europe, representing 5,981 banks with roughly 2.6 million employees. EBF CEO Wim Mijs stated that rapidly […]
AI role in customer experience in banking
The concept of banking first sprung up around 8000 BC. Then, there came various drastic changes to expand their services and innovate their business models. Artificial Intelligence (AI) and Machine Learning (ML) are applied to help banks and financial institutions nowadays. A survey by the Economist Intelligence Unit (EIU)Â showed that 77% of banking executives believe […]
Wealth Management industry to gain from AI
Wealth management sector of UK is experiencing a significant growth in recent years. They are handling around ÂŁ948bn of assets, which are equivalent to about 46% of the UK GDP. The financial institutions and wealth management firms are looking to be early adopters of the latest AI technologies. Wealth management is a data-rich industry, in […]
AI and machine learning against money launderers
Australia’s banks process more than 13 billion cashless transactions over every year. This indicates that, more than 35 million transactions every single day is being made. Within this the criminals hide illegal transactions and launder money by concealing their activities. Similar to how cyber attackers, money launderers are nowadays exploiting the sheer volume of transactions […]
How AI can help transform the debt collection lifecycle with the customer in mind
Over the last year, a lot of industries have had to rethink their strategies to adapt to the changing times onset by the pandemic. With focus increasingly turning to customers’ needs, the finance sector was one of said industries. COVID had a disastrous effect on the global economy. Regulators have had to be aware of […]
Robotizing your back office
Robotics is the natural next step in the evolution of many businesses. This is not just in terms of enriching the customer experience (CX) but also optimizing back-office processes. Using technology to automate tasks and replicate human behaviors has the potential to bring about productivity gains in areas from finance and customer services through to […]
Artificial intelligence to rescue the asset managers for higher returns
All over the world there is a massive shake by the global economic impact of the Covid-19 crisis. This uncertainty has caused volatile markets across the sectors. The areas of asset management firms are under a lot of pressure currently, as they are trying to adapt to this new concept of post pandemic landscapes and […]
People prefer Robots to Humans for Managing Finances
A survey says that humans prefer robots to humans for financial management. This belief is because robots are essential for a few key tasks. This pandemic situation has totally changed the people’s perspective of life. Their decision making and priorities have been changed. Most importantly, their ability to deal with financial matters have been changed. […]
How to overcome the fear of AI implementation in the workforce?
Recently we came across an article which conveyed the tips and tricks to fight the fear of the AI adoption and what the organizations could do to make the process less frightening. The increasing growth and adaptation of the technology in to our day to day lives worldwide had led to many radical changes in […]