AI is enabling banks to better serve customer’s needs with more focused and relevant products!
By mimicking human thought to processes, AI identifies processes a vast amount of data and observes the potential trends and patterns in the transaction data in the form of probability. Furthermore, actual outcomes are being fed back to the system to keep the algorithms learning and improving; the more it learns, the more accurate output it could predict in the future.
While implementing AI in the financial system, certain patterns of transaction data could be identified and red-flagged to outline suspicious deals which were made with an intention of placing, layering or integrating illegally obtained money. Once these money laundering activities were spotted, banks may initiate an investigation in these cases on the platform and generate reports until resolution.Read more on FS Focus Magazine –>