Fact: we live in a digital age.
Everything a financial institution needs to know about you is online and available for a fee.
Gone are the days of having to visit a branch of your bank to open an account. Everything is moving online.
The number of bank account providers has greatly increased with the advent of online banks with no physical presence. The demand for accounts has stayed static so companies are having to compete for a share of the market.
The current generation of young adults have grown up living their life online.
When it comes to purchasing services, the first place most people go is to a search engine. They can change their energy supplier, mobile phone provider, insure their car, change their Sky package and renew their driving license while sitting at home watching the football on the 60-inch flatscreen tv ordered from Amazon and eating a Domino’s pizza ordered off the Dominos App!
Human interaction isn’t necessary anymore. It’s old fashioned, inconvenient and, worst of all, slow! The biggest crime these days is not to provide a poor product; the biggest crime these days is to waste our customer’s TIME.
How do you remove humans from a process without compromising quality, introducing additional risk and maintaining control?
New technologies have the potential to hugely impact anti-money laundering (AML) and counter financing terrorism (CFT) measures:
This isn’t just us saying it: the Financial Action Task Force (FATF) have previously stated “”new technologies have the potential to make anti-money laundering and counter terrorist financing measures faster, cheaper and more effective“.
AI is the science of mimicking human thinking abilities.
AI uses advanced computational techniques to obtain insights from different types, sources, and quality (structured and unstructured) of data intelligence to “autonomously” solve problems and execute tasks.
These tasks typically require human intelligence, such as recognising patterns, making predictions recommendations, or decisions. There are several types of AI, which operate with (and achieve) different levels of autonomy, but in general, AI systems combine intentionality, intelligence, and adaptability.
Machine Learning is a type (subset) of AI that “trains” computer systems to learn from data, identify patterns and make decisions with minimal human intervention.
It involves designing a sequence of actions to solve a problem automatically through experience and evolving pattern recognition algorithms with limited or no human intervention — i.e., it is a method of data analysis that automates analytical model building. Machine learning and NLP are the AI-powered capabilities offering the greatest benefits to AML/CFT for regulated entities and supervisors.
Machine learning has the ability to learn from existing systems, reducing the need for manual input into monitoring, reducing false positives and identifying complex cases, as well as facilitating risk management.
Natural language processing (NLP) is a branch of AI that enables computers to understand, interpret and manipulate human language.
Fuzzy logic is a logical technique that takes imprecise or approximate data and processes it using multiple values, in a way that produces a useable (but imprecise) output. Such logics are nonbinary, using a range of values instead of only 0 or 1.
Fuzzy Logic systems can produce useful output in response to incomplete, ambiguous, distorted, or inaccurate (fuzzy) input. This simulates human decision making more closely than classical logic, and extracting more useful information from data that is too imprecise to enable definite results to be derived using classical logic. Fuzzy logic can be implemented in hardware, software, or a combination of both.
Project Partners can conduct a review of your current AML/Financial crime system landscape. This includes what you are currently paying for each system and how long you are tied to that provider.
In addition, Project Partners will also conduct a work-flow analysis to identify possible staff savings and highlight any staff areas that may be hit hard by automation.
We then provide a five-year cost review showing what you will be paying if you make no changes to your set-up.
Project Partners provide you with at least two different cost comparisons using two different providers of fully automated systems to replace all the systems identified.
If you decide to change your system, Project Partners can fully manage the transition for you. It can take a number of years as old legacy systems reach the end of their contract.
Contact Project Partners today to book a discovery to provide an assessment of where you are and create a clear pathway to where you want to be.