Financial institutions are using AI to improve the customer journey and their insights on client behavior. According to the newest Aite Group report, huge potential awaits in the compliance function.
Compliance struggles as a cost center, yet staff are imperative risk mitigators, regulation educators, and daily communicators of a firm’s policies and procedures. Often, chief compliance officers feel that compliance point solutions fail to handle their comprehensive role within the firm. Artificial intelligence offers perhaps the first authentic response to the tired warriors with antiquated weapons. Aite Group’s latest report, Regtech Artificial Intelligence: Compliance Lifeline, explores what types of AI tools are available today to work on behalf of compliance.
“Compliance officers are both potential clients of AI compliance and advisors to the firm on the technology,” explains Denise Valentine, senior analyst at Aite Group. “With a seat at the table in senior-level discussions and the responsibility of policies and procedures directly impacted with the use of AI, compliance staff are important gatekeepers,” she adds.
This Impact Note discusses a day in the life of the compliance officer as well as where and how AI technology can support the compliance mission. It includes data collected in 2016 and 2018 through the Nasdaq and Aite Group Global Compliance Surveys of 24 U.S. and European technology vendors.