Why banks are betting on AI

Anti-money laundering, fraud prevention and sanctions processing are three of the key areas people working in in the payments industry see potential for artificial intelligence (AI) to play a role. In a survey of senior payment professionals in banks and corporates, 63% of those polled identified these three areas as potentially benefiting from AI that can learn from previous experience and behaviour patterns. That's according to Pelican, a company that – it should be noted - helps financial institutions apply application technologies to transactions. Formerly known as ACE software solutions, Pelican says it combines tools such as natural language processing and machine learning to profile payments and apply human-like logic to transactions. Pelican CEO Parth Desai says it's time the industry "wakes up" to the need to replace manual processes and legacy systems for payments processing. He says the gradual appearance of AI into everyday life will raise consumer expectations of faster results and services in their banking products too.