The regulatory compliance of financial institutions is growing at a faster pace than before. Moreover, technology firms are reciprocating with solutions at an even higher pace. Of late, emerging technologies like artificial intelligence and machine learning have seen practical applications, which were earlier restricted to theory. Multiple specialized and boutique firms are now offering domain specific solutions and use cases against the big players who use artificial intelligence and machine learning as a platform.
Institutions facing losses from financial crimes are growing at a similar pace. Fraudsters keep innovating and beating the system. This calls for a solution where technological advancements have to be leveraged to beat the fraudster and allow early identification of their modus operandi.