Intelligent automation solutions are experiencing a volatile and gigantic evolution in recent times. Emerging & innovative technologies driven by intelligent automation tools have transformed our lifestyle and ways of interactions and purvey to rising customer expectations in the banking landscape. Although AI & ML took relatively a long time to be accepted and adapted by financial services but is picking its pace now. The recent pandemic hit where most people are working from home or remotely, there is a rapid rise in online frauds due to major drift in user behavior worldwide in terms of shopping online and more. Financial organizations are grappling to empower intelligent automation and integrate them into existing legacy systems.
Quadrant Knowledge Solutions has been evaluating the AML domain for the past few years and the adoption of intelligent automation is amidst the most important trend and is anticipated to impact the numerous risk management technology markets in the coming years. Intelligent Automation is likely to maneuver next-gen of risk management solutions while combining sophisticated technologies, data, human, and machine.
This Market Insight delves into how intelligent automation offers enormous potential for enhancing operational efficiency and minimizing cost with advanced anti-money laundering (AML) and anti-fraud solutions. Further, this Market Insight is going to highlight:
- Why do banks need to converge intelligent automation with emerging technologies?
- How intelligent business automation is impacting banks & financial services?
- Benefits and challenges of intelligent automation in AML and fraud domain.
“The financial landscape is undergoing a radical evolution, customers anticipate financial services & banks to execute a seamless experience and fraud prevention in real-time”, according to Maria Gonsalves, Senior Analyst at Quadrant Knowledge Solutions. “As change is inevitable and this is clearly visible with banks adapting to advanced AML solution driven by intelligent automation combined with AI, NLP, RPA, ML, advanced analytics, and blockchain. The demand for robust AML solutions with intelligent automation integrated with sophisticated technologies is emerging as a necessity to financial enterprises and banks to combat fraud in real-time and to fulfill complex regulations along with compliance”, she adds.
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