COMPLIANCE OF THE FUTURE: TECH WAR ON FRAUD
October 2017, BSL - Banking in Switzerland and Liechtenstein
Artificial intelligence and machine learning will change the face and shape of compliance and risk- management departments within a decade, slashing their size and massively boosting their detection rates, writes Joël Winteregg.
Banks and financial service providers today are struggling to support ever-larger, more costly compliance and risk-management departments as they strive to keep up with the never-ending barrage of new regulation. But it will not always be thus. Within 10 years, they will be efficient cogs in the banking wheel, all part of the great machine delivering excellent customer service, keeping fraud down and customer trust high.