AI has been arguably the biggest trend in tech for 2023 and is attracting a range of often
dramatic commentary. On one hand, many industry players believe it will usher in decades of innovation and be as transformational as the internet itself. On the other hand, a number of observers are uneasy about the technology and its potential for negative, or even catastrophic, consequences.
But for many financial institutions today, these headlines miss the point. Rather than looking ahead into what may or may not happen in the future, AI has very practical and beneficial applications in financial services right now.
However, it is also important to note that, for financial institutions, compliance, stability, and security are fundamental; everything else, even functionality, comes later. There is simply too much at stake, including customers' money, reputational risks, and possible regulatory fines, for it to be any other way.
In this post, we are going to take a look at why AI is important today, introduce Fourthline’s
approach and philosophy and some of the critical areas you need to consider when partnering with fintechs that leverage AI in their solutions.
Why AI is becoming ever-more critical in terms of combating financial crime
