One can leverage Machine Learning as the situation warrants in a smart way, it shouldn’t be force-fit into every situation which could otherwise be handled successfully. With the advent of newer technologies, we can expect fraudsters to invent more novel attempts. So, it is imperative that the Fraud Management System is continuously enriched to discover emerging fraud patterns and arrest them from occurring.
It may be premature and, as some critics claim, presumptuous, to readily imagine a world where ‘cognitive consonance’ of non-organic, silicon-based entities blurs the lines of reality as we currently (and organically) understand it. That said, it is not difficult to objectively view and perhaps embrace the reality of AI changing the fundamental building blocks of modern economy, as we know it.
Concluding part on improving customer lifecycle management in financial institutions. In the previous blog, we saw how FIs can initiate a streamlined CDD-led customer onboarding experience. Let’s see what does it take to manage what lies ahead.
The first in the two-part series on improving customer lifecycle management in banks, explains how banks while focusing on delivering a great on-boarding experience, can simultaneously ensure stringent customer due diligence.
Deceit, shrewd manipulation and unexpected outcomes may be the bedrock on which the grand saga of Game of Thrones plays out, but it is apropos applying any (or all) of those themes to Financial Crime and it’s management.
Anti-Money Laundering laws and mechanisms prevent money obtained illegitimately from entering the formal economy thereby legitimizing its source. However, it is a constant battle between the launderer and the regulator.