Financial Services

Making the Case for Ongoing KYC: Why the Time for Change is Now

Posted: 12/08/2020 - 01:40
AI can also ensure that learnings from transaction monitoring or false positives are used to refine initial KYC questions, optimizing not just the KYC process but the full AML value chain.

If you work in financial services then you’re already aware that knowing your customer (KYC) is not just an essential process, it is also a legal requirement. It’s part of the essential tasks banks perform to tackle anti-money laundering (AML) and other financial crimes.

Back in June 2017, the European Commission’s Fourth AML Directive set out new rules to help combat money laundering. This was supplemented in January 2020 with the Fifth AML Directive, which aimed to increase transparency about who really owns companies and other financial entities.

Will RSO Change the World in 2018?

Posted: 12/22/2017 - 04:55

In 2017, organisations started to get serious about automation. Research from the wider automation industry has revealed a lot about how businesses are developing and controlling their automation programmes. I was recently at the RPA (Robotic Process Automation) and AI (Artificial Intelligence) in BFSI (Banking, Financial Services and Insurance) show in London; here’s a snapshot of the top automation concerns amongst the event attendees I spoke to: 

EMEA As-a-Service boom contrasts sluggish traditional outsourcing activity

Posted: 07/23/2016 - 02:52

We’ve just published the latest ISG Index, which includes – for the first time – a view on the growing As-a-Service market. Whilst combined second-quarter ACV in the Europe, Middle East and Africa (EMEA) market fell by 18% year-on-year to €2.2 billion, the new data reveals record growth of the As-A-Service segment, contrasting the sluggish activity in traditional sourcing.

Why it’s time to lift the “paper weight” from your business

Posted: 07/21/2016 - 20:05

It’s 2016 and we have digital technology at our fingertips, yet few bank accounts can be opened without printing and signing a paper form. A student can’t get their exam results until an examiner manually crosses and marks their paper. Our reliance on paper runs deep and many business workflows continue to bear the “paper weight” burden.

Live Wires #5: Good robots and bad robots

Posted: 05/10/2016 - 20:28

Who are Blue Prism? The company isn’t yet a household name, but in automation circles it is something of a trailblazer. They actually coined the term “robotic process automation” back in 2012, and the early evangelists of RPA (such as HfS and Ovum) rapidly seized on Blue Prism case studies as the first signs of something new stirring in the world of automation. Live Wires caught up with Pat Geary, CMO at Blue Prism, to understand who they are and where they are heading.

The Comeback Kid: it’s time to look at AI again

Posted: 01/08/2016 - 00:40

The first ever meeting of Artificial Intelligence (AI) experts held in 1956 ended with a declaration from delegates that intelligent computers would be a commonplace in our lives in that decade or soon after. However, progress seemed to be illusory and the disappointment of Expert Systems at the start of the 1980s meant for many business leaders, AI came to mean ‘big hype’.

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