Rise of the Machines
Automation is now a reality for financial services organisations.
Advancement in machine learning means that many human processes can be replaced, and as this technology improves so will the ability to handle more complex tasks.
Automation certainly has benefits and the promise of cost saving and expediency is naturally alluring to firms seeking competitive advantage. However, we should proceed with caution; whilst the increase of machine decision-making in financial services is inevitable it may not be a panacea.
This paper focuses specifically on automation in financial crime compliance. We discuss the current context of automation in financial crime, its merits, the processes where it may be well applied, the practicalities and the pitfalls. Our objective is to appeal to financial crime professionals in a way that helps cut through the hype and start thinking in a pragmatic way.
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