Do you want to focus more on driving innovation — and spend less time trying to prevent data compliance breaches and fines? Now, breakthrough tech can prove a game-changer for financial services companies across the UK, Germany, and the rest of Europe.
Whatever the post-COVID-19 world looks like, managing sensitive data will be part of any ‘new normal’ for financial services companies. But it’s a task that’s getting tougher.
Every week, it can seem like new regulations are arriving from local, European or global regulators. Companies are grappling with complexity — from the far-reaching ramifications of GDPR, to Bank Secrecy Act/Anti-Money Laundering requirements from the US.
Across the world, there are swift moves to target money laundering, tackle the financing of terrorism, and impose sanctions on oligarchs and their network of companies.
The pressure is ramping up on financial services companies. The risk of compliance breaches, fines, and damage to brands has never been so severe. But, at the same time, companies are having to comb through an expanding quagmire of unstructured data across multiple systems and silos.
So how can you free yourself from this draining scenario — and focus instead on finding fresh ways to sharpen your competitive edge?
Using AI to strengthen governance
It’s an uncomfortable truth, but many archives today have grown so large and complex that it’s now impossible for humans to monitor compliance and get any sense of ‘who their customers are’. But artificial intelligence can be used to fully automate the process, even if you’re grappling with millions of documents.
For example, what happens when personal ID information is needed for transactions and processes — but the same data cannot be text-searchable? While optical character recognition (OCR) is nothing new, the latest AI engines have improved accuracy and speed remarkably through machine learning. New tech can blur ID data automatically while leaving the integrity of the archive intact. It’s proving an invaluable way to strike that perfect balance between privacy and verification.
Quality control is a great place to start. New AI tools for data integrity will let you dive into any new, historical, and unstructured customer documents — across different repositories, so you can get a unified approach that protects your entire business.
Very quickly, you can scan huge amounts of data for completeness, remove information that shouldn’t be there, and check documents are stored in the correct customer file. As a result, it’s far simpler to ensure the data complies with legislation.
Next comes customer due diligence. Here, AI saves hours of human effort in an extremely sensitive area. You can analyze vast volumes of data, start to know the customer better, and spot files where critical data is missing. By recognizing unusual behavior, the AI can flag up heightened risk profiles and potentially suspicious transactions. Finance companies can be the first to know — not the last.
As countries emerge from the COVID-19 pandemic, financial companies need to be more resilient, positive and innovative. So, rather than viewing data compliance as a necessary evil, see it as the door to something greater.
With the right tools and techniques, you can adapt to regulatory change faster. But you can also accelerate your digital transformation process and gain an advantage in your marketplace — by becoming a more insightful and agile organization.
If you want to focus more on driving innovation, then get in touch. Our experienced team will be delighted to explore your data governance challenges and find smart ways to strengthen their privacy.Back to feed