Role of Artificial Intelligence (AI) in Banking Compliance
Today, maintaining Artificial Intelligence (AI) in Banking Compliance in the financial regulatory environment requires much more than just managing numbers. As per certain regulations, monitoring fraudulent trading practices isn’t enough and the firms are also required to monitor communications throughout a transaction or trade life cycle. For this, it’s important to obtain additional information regarding monitored users and their activities. Such information might include relationship discrepancies, behavior anomalies or any other fluctuations in trade data or communication. Fintech and Regtech Fintech , the combination of finance and technology, is gradually transforming the financial industry. Although at this point we are just at the beginning of the revolution, the effects would soon be evident if the banks and other financial institutions continue to invest in the technology. With fintech, there is another term which is gaining prominence and that is regtech , ...