Marcus Martinez, Financial Services Industry Advisor at Microsoft took some time at Future Identity Customer to share his view on how AI can help address the challenge and complexity of compliance. To understand the level of opportunity, in the UK alone, financial crime compliance costs banks half a million pounds a day, (or £22,000  per hour). He speaks to the complexity and trade off between convenience and digitalisation, which opens up new vectors of attack.

AI brings new perspectives  on how attacks may surface. Traditional AI, as he notes, is mostly rules based and has been used by industry for a long time. You provide it the logic and let it run.

The beauty of Generative AI is that it can deal with unstructured data (images, voice, text) and can uncover and identify trends and risks that are not obvious to humans.

Generative AI  – CoPilot,  ChatGPT, Mistral and other large language models can reinvent how the challenge and complexity of  compliance is addressed. Innovators are leveraging the technology to create new tools that can rise to the challenges faced by digital industries.

2023 was really just the beginning of exploration and experimentation  with Generative AI. 2024 has been about production and growing the number of uses cases.

What does Marcus see as the key challenges ahead?  What is prompt engineering? How is GenAI evolving? Will it become mainstream? Will we finally see the end of long waits on the phone waiting for customer support?

Listen to the full (and fascinating) interview below.

Join us at the Future Identity Festival on 11 & 12 November, with a whole new track dedicated to fraud and fincrime, to learn more about how financial services providers (and other industries) are leveraging both traditional and GenAI to fight crime.