Fighting financial crime has never been more complex. Cross-border payments, online banking, and faster transactions create more risk than ever before, while organizations find it increasingly difficult and complicated to abide by financial laws and regulations, especially for global banks where rules differ by country.
Fighting modern financial crimes requires modern financial crime software, but the nature of the industry and the complexity of IT estates doesn’t easily allow for an agile approach. Organizations receive licenses on multi-year contracts, which means that the latest technology developments may not become part of banking software for years after they are commonplace elsewhere. Alongside this, financial institutions may not wish to ‘rip and replace’ their software considering the costs of integration, retraining staff, and the teething troubles that occur with any major change.
An AI overlay interacts with an organization’s current software, harmoniously augmenting its capabilities with AI technology. It isn’t a one-size-fits-all approach; overlaying solutions with AI can make slight improvements to a departmental team or provide huge advances in investigations or productivity. Some overlays focus on a specific area of financial crime while others address all units, removing silos from the workplace. Organizations can start to implement and realize the benefit of AI in a way that suits their needs, maturity, risk appetites, and budget.
This guide outlines how you can enhance your business operations with AI overlays, why they matter, the benefits they bring, and the advances they provide. Highlighting key features, example case studies, and how to get started, this guide helps teams begin implementing and benefiting from AI immediately.