The Proliferation of AI and Automation in Banking

As investigations into Wells Fargo's systemic banking fraud continue, new findings show that retail branches were given notice of internal audits a day or three in advance of them taking place. This allowed for managers and employees to scrub, purge and modify documents and data, which, by most firsthand accounts, probably looked something like this. With new oversights and practices well underway at Wells Fargo, many banks are having a broader discussion of just what guaranteed transparency and compliance looks like beyond just throwing people and money at the situation. Many institutions are asking themselves, especially in the wake of the Wells Fargo mess, "What does the future of controls, compliance and processes look like?" The answer to this question, like so many others in a rapidly changing, operationally strained industry, is increasingly rooted in the adoption of technologies like automation and artificial intelligence (AI).