The regtech firm Arachnys, which in 2010 entered a field dominated by established data providers, recently raised $10 million after gradually building a collection of 23,000 data sources that helps bankers protect themselves from money launderers and other criminals.
Executives at Wells Fargo, BBVA Compass, ATB, and Banco Popular share some of the pain points they've encountered as they've implemented artificial intelligence, and how they overcame them.
Bennett Bradley, BB&T's chief digital officer, discusses how an investment in Enigma, which helps companies leverage data, fits within the regional bank's fintech strategy.
The U.K.'s Serious Fraud Office employs software that can read discovery documents about 2,000 times faster than human lawyers and can find previously unknown patterns between people, enabling quicker investigations and penalties.
A family-owned community bank in Oklahoma is testing a Spotify-like service by fintech Meen that allows customers to pay $9.95 a month to obtain digital banking services.
Concentration risk, threats to data privacy and the potential for discrimination are among the unintended consequences of letting fintechs and tech giants dabble in financial services without bank-like regulation, an expert says.
It is critical that banks blend data science and their industry knowledge to better identify and mitigate compliance risk, says one director at Promontory Financial Group.
