Constant vigilance through analytics:
The massive data mining enables banks to get a 360 view of transactions and customers. In many case the transactions that look legitimate can be suspicious when viewed holistically. New technologies where networks themselves act as enforcers and preservers along with forensic data analysis and predictive analytics will amp up the security quotient.
The future banks will be a giant spider network where analytics and intelligent machines crunch million data points to check for suspicious activity. Payments masquerading as innocent bank transfers, retail payments and many others will be holistically reviewed within multiple channels to flag anomalous actions.
Future of crime fighting – Artificial Intelligence
Artificial intelligence and Machine Learning will be the future of financial crime fighting. Today the technology is in its infancy and complicated analytics are not eliminating the torrents of false positives. With Machine Learning it will be possible to detect and understand patterns across multiple systems and engender accurate decision making. AI will be the back bone of future banks facilitating high-end investigations or KYC for onboarding.
Linear, neural networks and deep intelligence are the future of risk management in financial institutions. Statistical risk models combined with machine learning algorithms can comb through data in milli-seconds to report suspicious activity. Artificial intelligence in banks can be used tandemly to assist other agencies like law enforcement to catch criminals. Terrorism, human trafficking, drug or smuggling subsist on the bedrock of illegal financing. With AI technologies, banks and other agencies can integrate their resources and choke criminal funding activity.