Spotlight on Compliance Costs as Banks Get Down to Business with AI

Artificial intelligence (AI) in the banking sphere has gained significant interest in recent months. Combined with the noise around regtech (regulatory technology), both are starting to gain real traction and are actually beginning to be put to practical use. It might even be the turning point for the evolution of wider information-technology (IT) transformation for which the industry has been crying out to deliver sustainable, lower operating costs and smarter businesses. The tsunami of new regulations since the financial crisis has been the single biggest headache for banks to deal with. Already stressed IT systems have come under pressure, as have already bloated cost bases through the huge volumes of new people required to implement and monitor ongoing compliance.