The cost of anti-money laundering (AML) compliance is skyrocketing as regulations tighten and regulators deepen their scrutiny. Financial institutions benefit from more effective solutions, including those that drive cost efficiencies and reduce manual efforts.
Given its ability to perform routine compliance tasks faster and more accurately, automation may be a good answer. Automated AML solutions can be placed on an intelligence continuum, ranging from robotic process automation, the simplest component, to more intelligent forms of automation that integrate robotics with other emerging technologies.
Fiserv recently partnered with financial crime specialist Themis to publish Automation: Breaking New Ground in AML Compliance. The paper highlights the benefits and challenges of adopting robotics and intelligent automation, including AML compliance technologies that integrate robots with emerging tech.
Organizations are looking for ways to leverage robotics to meet their compliance requirements in a more accurate and cost-effective way.
The Growing Robotics Market
The robotics market is expanding, mainly due to the enthusiasm of financial institutions. Organizations are looking for ways to leverage robotics to meet their compliance requirements in a more accurate and cost-effective way.
Using robotic process automation to partially or fully automate standardized tasks frees up financial institutions' staff time for value-added services. Instead of spending hours crunching numbers and data, employees can turn their attention to high-value reporting, investigative analysis and judgement-based monitoring.
Although the business case for the application of robotic process automation and intelligent automation in the risk and compliance sector is solid, its implementation does not come without challenges. Financial institutions are well aware of possible complications, and some are still cautious about implementing large-scale intelligent automation. In reality, automated compliance management solutions still require considerable human attention and scrutiny.
Regulators are increasingly showing measured but encouraging approval for automated solutions, recognizing the potential improvements that recent innovation can bring to compliance processes. The use of robotic process automation and intelligent automation in the financial services industry can drive cost efficiencies and reduce manual efforts. That creates exponential value for financial institutions.
With increasing pressure on AML departments, the benefits of robotic process automation and intelligent automation can't be ignored.