Compliance in banking was the subject of the Cognizant Snapshot Breakfast on June 18: the Cognizant team came together at the beautiful Hotel Longemalle in Geneva to discuss how automation, data science, artificial intelligence and blockchain can deliver value to the Compliance process in the finance industry.
Banks and financial service providers are already looking to these new technologies for help in addressing the challenges of Compliance. But there are also issues to resolve before getting started: such as how to identify the best or most relevant technology, how to ensure data quality, and the need to define a global approach rather than running siloed projects.
Attendees leveraged on their experience and business background to offer their understanding of how new technologies can help banks to improve Compliance processes, notably the Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. Attendees presented a range of operational case studies at the meeting to illustrate how these new technologies can improve efficiency, enhance risk management and reduce cost – and thereby help Compliance to reach its long-term objectives.
It was a lively discussion covering a range of topics:
- Natural Processing Language, automation and Optical Character Recognition as levers to improve document management. This is an area where RPA (Robotic Process Automation) and OCR can deliver huge benefits – by extracting relevant and expected information across unstructured or structured documents, and by classifying and prioritizing information.
- The reduction of false positives using both the statistic method and machine learning
- The technology behind social network analysis, and how this is becoming a must-have regarding new types of fraud.
Participants all agreed how valuable the meeting was. The Snapshot Breakfasts are staged regularly at Cognizant locations.
To explore how Cognizant expertise can help your organization leverage digital technologies, contact Audrey Miguel.