Across the BFSI sector, automation is transforming businesses and directly impacting bottom lines by improving productivity and operations while reducing risks. But success starts with good planning born from solid information.
In a recent webinar, featuring WorkFusion experts and a guest analyst from Forrester, we shared 2021 AML tech trends and customer stories from top banks to illustrate the transformational power of Intelligent Automation, and especially how this approach can set your compliance team up to achieve success.
Three takeaways include:
Banks need a solid roadmap of AML transformation to align business and tech teams
Simply adding more tech and people will incur both tech debt and operational debt
Automation maximizes systems and team in place by augmenting, not replacing, them
Grant Vickers, Head of Automation at WorkFusion, explains that banks “need to develop a clear vision upfront, on how they want to solve some of their AML transformation problems. They need to be able to develop solutions, in light of this vision, that go beyond cost savings to deliver far-reaching business impact.” Grant also shares, “Compliance operations aren’t getting any easier; it’s becoming a tougher balancing act for risk and compliance professionals.”
We see three main challenges: cost and risk continue to rise; banks are tasked with having to balance speed and quality; and results must impress, while keeping both customers and employees happy.
But, good news: There is an elegant solution to all these challenges.
As Grant says, “Many government agencies, regulatory partners, financial crime watchdogs — they are all pushing the financial sector towards innovative industry approaches to solve some of these AML compliance problems. They want technology and machine learning to liberate and improve human intervention and judgement. Regulators are increasingly warming up to leveraging technology to reduce compliance risks, capacity savings and costs.”
Andras Cser, Vice President and Principal Analyst — Security and Risk Management at Forrester, offers examples of success, focusing on how Robotic Process Automation (RPA) helps clear hundreds of false positives from sub-optimal models, saving analysts from the tedium of clicking through countless cases.
The ultimate answer is that by automating AML processes, your talented teams can focus on more meaningful work that they also will enjoy more.
Watch the webinar to gain expert perspectives on how businesses and their employees are adapting to an increasingly automated workplace, and what you can do to bridge the gap between business and tech teams.