Eve Whittaker, Solutions Consultant in the Financial  Services Division at SymphonyAI, shared some fascinating observations about the potential and power of AI solutions at the recent edition of Future Identity Customer Europe.  As she notes, banks and other financial services providers carry a heavy burden of responsibility when it comes to AML, KYC and customer due diligence checks and AI tools can help them address those challenges.

When it comes to money laundering, fraud and other types of risk, providers need to remain vigilant. Financial services institutions hold and have access to vast amounts of data that they need to sift through and data is power. Harnessing that power, AI tools enable an institution to analyse and derive insight and meaning from the data. In practical terms, that creates the ability to understand where sensitive risks are, bring them to the surface and understand the context behind those risks in greater detail. That allows providers to take a more proactive approach to preventing risks.

Financial institutions need to stay ahead of the game when it comes to new technologies and AI solutions, given that criminals are making use of those same technologies to carry out nefarious acts.  More and more, providers are looking at financial solutions, as are the regulators.

What exciting developments are on the horizon? Listen to the full interview below to get Eve’s insight and a glimpse into the future.

Want to learn more about the role of Artificial Intelligence in supporting financial services providers in addressing the challenges of compliance and fighting financial crime? On 11 & 12 November, the Future Identity Festival will tackle those topics and features a whole new stage dedicated to understanding the problem of  growing fraud and fincrime across the digital economy.