‘A Robot Could Alleviate This Drudgery’: Bank Compliance Meets AI

AI could provide what one analyst calls “smart assists,” in areas “where human beings readily acknowledge we can’t do it all, we can’t throw enough human beings at the problem.” IMAGE: Adobe Stock Fintech circles are abuzz about the possibilities for artificial intelligence to streamline compliance work at banks in the wake of IBM’s deal to buy Promontory Financial Group. While Big Blue intends to have Promontory’s regulatory consultants teach its Watson computer what they know, the industry’s compliance officers likely won’t be out of a job anytime soon. A lot of AI is still primitive and not what most people would call intelligent at all. But it could provide what David Weiss, a senior analyst at Aite Group, calls “smart assists,” in areas “where human beings readily acknowledge we…


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