DIGITAL BANKING
Streamlining risk management and compliance In the realm of risk and compliance , Scott anticipates a shift toward AI-powered regulatory reporting : “ We ’ ll see more banks and financial institutions applying AI to streamline reporting to regulators . “ Tackling this will require banks to provide clean , consolidated data to their AI systems , but once this data is in place , they ’ ll be able to ensure compliance across all of their products and avoid hefty fines for any reporting errors .”
The implementation of AI in regulatory reporting represents a significant opportunity for banks to reduce costs and improve accuracy .
By automating the process of gathering , analysing and reporting regulatory data , banks can not only save time and resources but also minimise the risk of human error .
This is particularly important in an increasingly complex regulatory environment , where the consequences of non-compliance can be severe .
Transforming customer service and engagement Customer service is another area where AI is expected to make significant strides .
Scott predicts that banks will continue to bring their behind-the-scenes AI work to the forefront of customer interactions .
“ Using AI to power customer service chatbots and automate responses to common questions , banks will enable customer service employees
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