There’s nothing artificial about the intelligence AI can deliver to an organisation. After many years of debate, we are seeing businesses in the financial sector derive real value from the data deciphered by AI, especially now that this technology is becoming more accessible. Machine learning, neural networks, predictive analytics and AI will allow banks see patterns, anomalies and find insights in their data that the human eye would never spot on their own. Like passing an X-ray over a human skeleton, AI views all data within a business and exposes the trends and anomalies for all to see.
The marriage between AI and low-code will be the game-changer in banking
As the amount of customer data that becomes available from siloed legacy applications is combined with information from external systems, AI will increasingly be relied on to deliver the data driven decision making and actionable insight that banks require. For front line staff this will allow them to understand what new products a customer will most likely be interested in. For Risk teams this will allow them to identify patterns in transactions that could indicate activities such as money laundering. These are important steps towards digital transformation.
However, it is only when you are able to take effective action on this insight and use it across your organisation, that banks will gain the most benefit from their investment in AI.
Low-code applications that manage the actions that come from this insight, will deliver better outcomes for the bank and its clients. This effective use of insight, thanks to low-code’s ability to quickly adapt to changing business and regulatory needs, will truly transform financial organisations.
Banks will use AI to know their customers better and protect themselves from financial crime
With AI reviewing all transactions for potential fraud, identifying possible money laundering patterns in payment traffic and analysing large data sets for international tax reporting, there will be a dramatic impact on an organisation’s Governance, Risk and Compliance.
Compliance is critical to the long-term success of your business, but it is increasingly complex and costly to comply. Regulation must be understood and implemented across the organisation. AI in conjunction with low code solutions will allow GRC functions to take effective action to help stop financial crime rather than just report on it.
This will improve an organisation’s ability to manage risk and remain compliant, whilst also allowing scarce resources to be redirected to more profitable activities.
Guy Mettrick, practice leader – financial services, Appian