How Banks Can Use AI to Reduce Regulatory Compliance Burdens - Digitally Cognizant

A recurring theme when I talk with banking leaders about the management of compliance records, contracts and other critical documents is that it is both essential and expensive work. Bank attorneys, paralegals and loan officers spend thousands of hours poring over countless pages of regulatory compliance filings, loan agreements and other records to determine whether they comply with laws, terms and conditions. Banks spend an estimated $70 billion annually on regulatory compliance and governance software, a figure expected to grow to nearly $120 billion by 2020. What can be done to rein in the cost of regulatory compliance? By unleashing artificial intelligence (AI), banks may be able to save an estimated 30% of compliance costs while accelerating throughput up to three times.