Banking And AI: Why We Also Need The Human Touch

Despite investing enormous amounts in people resources to prevent money laundering and terrorist financing and comply with regulations, banks have paid approximately $320 billion in fines over the last ten years alone. Cue artificial intelligence (AI) and machine learning, the latest technologies promising financial institutions a way to outflank criminals in the world of digital finance. I listened to some interesting fintech scenarios during the launch of the SAP Next-Gen Innovation Community for Financial Services at the SAP Leonardo Center in New York City, and one of the most impressive was from Surendra Reddy, Founder and CEO of Quantiply. The California-based startup is infusing AI into its software to help banks address financial crime, risk and compliance. "Working with SAP, can we bring machine learning and AI to augment investigators so they can proactively stop activities before anything happens. Unlike humans, machines can see patterns in minutes not hours, and they never sleep," said Reddy.