How is Artificial Intelligence and Machine Learning Used in Banking?

"Advanced cognitive technologies such as AI and machine learning are helping banks strengthen their TPRM programs by automating the manual effort, empowering banks to better identify and anticipate risk and more quickly conform to rapidly evolving regulatory requirements. These tools complement workflow automation, saving banks significant time, effort, and cost associated with manual TPRM work. AI enables data mining from questionnaires, evidence documents, data feeds, etc., and transforms it into actionable risk exposure insights with specific action plans. An AI-powered TPRM intelligence platform continuously monitors and digitises data collection from numerous sources around-the-clock –allowing banks to leverage previously unused or underutilised data sources due to a lack of manual bandwidth.