Managing regulatory compliance is a top priority for all banking institutions, with the goal of reducing the risk of doing bad business and the fines associated with it. Unfortunately, it’s no easy feat to meet compliance requirements, leaving banks searching for the right resources and solutions to use. In complex environments, the firms that come on top are the ones that can find ways to safely capitalize on new technologies - like generative AI.
AI/ML has emerged in the last few years as a potential solution to managing compliance. This recent study from Alloy found that 84% of fintech survey respondents were exploring using AI/ML to help them meet compliance requirements.