Can AI enhance banking compliance? скачать в хорошем качестве

Can AI enhance banking compliance?

This DevAI focusing on the newest developments in AI and the legal space. Please subscribe to my channel. Increased use of AI can drive efficiencies and reduce costs in compliance management. While regulations are created to protect consumers and markets, they’re often complex and this makes them challenging to enforce. Highly regulated industries like Financial Services have to deal with the most significant compliance costs. Deloitte estimates that compliance costs for banks have increased by 60% since the financial crisis of 2008, and the Risk Management Association found that 50% of financial institutions spend 6 to 10% of their revenues on compliance. Artificial intelligence (AI) and intelligent automation processes, such as RPA (robotic process automation) and NLP (natural language processing) can help drive efficiencies up and costs down in meeting regulatory compliance.