With transactional data, banks can make borrowing smarter and better serve more customers.
Browsing: Big data
Banks focusing on innovation in their processes, people and technology will be well placed to implement effective BSA/AML compliance programs.
Banks can become less reliant on third-party lead aggregators and reduce their cost of acquisition by better using what they already know.
It’s vital to verify data across sources to create a comprehensive 360-degree view of specific businesses.
Four ways for banks to integrate emerging financial crimes technology.
Consolidation over the last several decades has led to disparate sources of raw data locked up in legacy systems and proprietary formats.
The siloed and slow, often manual, processes of the past are giving way to new efficiencies of automation and cloud-based solutions.
AI, machine learning and alternative data are helping banks and nonbanks alike make faster decisions and expand access to credit. While fair lending concerns about “black boxes” have impeded wider adoption of these technologies, the regulatory environment is shifting.
Two challenges for today’s anti-money laundering professionals: focusing on high-value functions and eliminating false positives that consume unnecessary resources. Nicholas Piccininni, who leads a 1,500-person financial crimes risk management team at Wells Fargo, explains how Wells puts technology to use to tackle these challenges.