AI technology can help financial institutions reduce the amount of daily customer alerts they receive.
In a new blog post from Quantifind, it states many institutions review their regulatory and reputational risks through on-going customer due diligence, which includes review of adverse information in the public domain.
This process, which is manually on ad-hoc or scheduled basis, can be time consuming and may leave adverse information hidden for months after it occurs.
Instead, Quantifind claims a continuous surveillance approach that offers daily alerts is much more efficient. That said, many institutions have struggled with continuous monitoring, it claims. Often they are manually managed, but this too is a long process, especially with false positives. It also leaves sensitive customer information supplied to international reviewers.
The blog said, “A better solution leverages AI and high-performance data search technology to automate surveillance over adverse media.” AI can handle customer bases of tens of millions and can monitor all alerts and highlight the high-risk ones that require manual oversight.
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