This is higher than the global average of 47%, and quite understandable when read alongside the UK government's own report showing that nearly half (46%) of all businesses have been the victim of cybercrime in 2020 alone. Money laundering and terrorist financing are similarly huge industries: the National Crime Agency (NCA) considers it a'reasonable possibility' that the scale of money laundering in the UK is in the hundreds of billions of pounds. Given how pervasive digital crime is, the overall trajectory of the payments industry might seem counter-intuitive. More transactions are taking place online than ever before, meaning that finding fraudulent transactions is like finding a needle in a haystack that keeps growing. With millions of transactions being processed each day comes the need for regulation, so everyone at every step of the payment processing journey needs to ensure that they are compliant with evolving legislation.

Artificial intelligence (AI) is disrupting diverse industries, but banking is projected to benefit the most out of incorporating AI systems in the next couple of years. Analysts estimate that AI will save the banking industry more than $1 trillion by 2030. I have been talking with bank executives for the last couple of years and it is exciting to hear that the banking industry has started to seriously consider artificial intelligence-based solutions for many traditional banking problems. The use cases where executives are seeing value do vary based on size, location and the type of financial institution. However, some core attributes remain the same.

Artificial intelligence (AI) is disrupting diverse industries, but banking is projected to benefit the most out of incorporating AI systems in the next couple of years. Analysts estimate that AI will save the banking industry more than $1 trillion by 2030. I have been talking with bank executives for the last couple of years and it is exciting to hear that the banking industry has started to seriously consider artificial intelligence-based solutions for many traditional banking problems. The use cases where executives are seeing value do vary based on size, location and the type of financial institution. However, some core attributes remain the same.