How AI is Helping the Financial Sector Cover Regulatory and Compliance?

December 30, 2018
artificial intelligence

Synopsis

Artificial
intelligence (AI) is here and is making waves in the financial industry. From
sales management to compliance and protection against cybercrime, here is
everything you need to know about AI 

On any given day, you as a consumer can carry out transactions online without having
to worry about security and if your payment goes through or not. How is this
possible?  From shopping online to overseas transfer, emerging tech such
as Artificial Intelligence, Blockchain, Cloud has revolutionized the way Financial
industry works. In the past decade, Fintech has seen new dawn with many
organizations heavily investing in Artificial Intelligence. 

So, what is Artificial Intelligence? Simply put Artificial Intelligence courses are the ability of a machine to learn and process data for insights that impact business. It means that a machine is capable of learning on its own and arriving at solutions which can reduce cost and improve the efficiency of any business. In the financial sector, artificial intelligence is involved in every component today. From regulatory compliance to consumer insights, AI is changing the way the Fintech industry functions. 

One of the most important aspects of the financial industry is regulatory compliance
and cybersecurity. Another facet to this is sales management. As there is a
shift in the way things work, it is important for the leaders of organizations
to take stock of the benefits and consequences of deploying AI in their
company. 

Here are the top things that one must be prudent of while hailing in this new
technology

Regulatory Compliance

Before Artificial Intelligence, the burden of compliance and authority rested with
individuals and professionals who were trained in the field.  This also
accounted for human errors, incorrect processing of data and took longer
duration of time. With AI, there is minimal human intervention when it comes to
regulatory compliance and the machine also takes less time when it comes to
analyzing the right data and arriving at a solution. This will also impact the
business drastically and reduce costs. In the financial sector, compliance is
something that cannot be compromised on and thereby use of AI will have a
positive impact.

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