Innovating Bank Compliance: The Real Benefits Of Artificial Intelligence
By Mallinath Sengupta, Chief Executive Officer, NextAngles, a provider of artificial intelligence-based systems for compliance applications For banking and financial institution executives – and for their investors – 2016 has begun on a sour note. From the largest money center banks to small local institutions, double-digit earnings declines were commonplace in the first quarter, as banks suffered from slower loan growth, challenging capital markets, and elevated provisions for energy credits, among other factors. For the full year, some analysts are forecasting a 20% drop in average in earnings for the top U.S. banks.[1] Among the forces burdening banks’ financial results is the rising cost of regulatory compliance. The added expense, for everything from anti-money laundering (AML), to know your customer (KYC) requirements, to the compilation of voluminous data for stress tests, has been…
Link to Full Article: Innovating Bank Compliance: The Real Benefits Of Artificial Intelligence
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