Payments data, and AI, are creating a new cost center

With new technologies like faster payments taking hold, the explosion of readily available data, and the ever-changing regulatory landscape, staying ahead of financial crime and compliance risk has become more complex and expensive than ever before. As these trends show no sign of abating, the compliance operations and monitoring staff of a financial institution often find themselves a major cost center. Financial institutions must manage compliance budgets without losing sight of primary functions and quality control. To answer this, many have made the move to automating time-intensive, rote tasks like data gathering and sorting through alerts by adopting innovative technologies like AI and machine learning to free up time-strapped analysts for more informed and precise decision-making processes. As financial institutions often benchmark themselves against their competitors, they are increasingly interested in seeing how these technologies are performing, and are asking themselves how to leverage artificial intelligence and machine learning to increase insight, reduce false positives and decrease compliance spend.