IBM Buying Promontory Clinches It: Regtech Is Real

“Financial services compliance has reached peak human conditions — you can’t just throw bodies at the problems,” said one analyst. “This is a tremendous market for IBM to get into.” IMAGE: Bloomberg News IBM’s deal to buy Promontory Financial Group portends a dramatic change in the roles computers and humans play in regulatory compliance — and perhaps banking generally. If the deal announced Thursday goes through, the 600 consultants at Promontory will have the task of teaching Watson, IBM’s massive artificial intelligence engine, how to handle risk management and compliance chores for financial services firms. Such automation may not make bank compliance officers obsolete, but it could mean that far fewer of them will be needed in the future, and that their time will be devoted to higher-level tasks. “I…


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