Antriksh Rawat,PMP®’s Post

🏦 As AI advances in leaps and bounds within the banking sector, compliance is becoming the cornerstone of sustainable innovation. Financial companies are not just implementing cutting-edge technology; they’re defining an era where each algorithm, data set, and automated decision underscores the balance between growth and governance. 💡 However, AI’s future in Banking hinges on the commitment to ethical standards and adherence to increasingly tighter regulations. The relationship between tech leaders and regulatory bodies becomes much more important as they will be able to craft frameworks to protect customers and also to harness AI's power fully while maintaining the integrity of the financial system. Lumenova's Responsible AI (RAI) platform offers a holistic strategy to address AI related risks and elevate the fairness, transparency and responsibility of your AI systems. 👇Learn more in our blog below: https://lnkd.in/d8ixFDmg #Banking #AICompliance #Innovation #LumenovaAI #AI

The large banks are much further along than most people realize. They have dedicated resources and are poised to leverage AI to their benefit. If you are Community Bank, where do you start? Reach out to iTGC and let's have a no obligation discussion. Not a sales pitch or slide deck. Let's talk about your concerns, your objectives, and your options. iTGC is a strategic partner with Lumenova AI. We can help you on your AI journey.

The internet is littered with articles on the use of #AI and #ML in #lending and how it will be beneficial for borrowers. This one by Ashwini Anand (Ash), CFA gives you a perfect picture of where we stand, the biases with AI and the safeguards we need to put in place. #fintech #banking

🔍 AI in Banking Compliance: Revolutionizing for Precision, Efficiency, and Safety In banking, staying compliant with evolving regulations is crucial. AI is revolutionizing compliance processes, enhancing accuracy and efficiency. 🚀 Key Advantages: 1. Real-Time Monitoring: AI detects suspicious activities, preventing fraud before it happens. 🔍 2. Data Management: Streamlines data processing, ensuring accurate and timely reporting. 📊 3. Risk Assessment: Prioritizes risks with precision, enabling focused resource allocation. 🎯 4. Automated Reporting: Reduces manual workload, ensuring consistent and timely compliance reports. 📝 5. Adaptive Learning: Keeps up with new regulations, ensuring up-to-date compliance. 🔄 Achieving Higher Accuracy: - Enhanced pattern recognition for fraud detection. 🔎 - NLP for interpreting regulatory texts. 📖 - Predictive analytics for forecasting compliance issues. 📈 Human-AI Collaboration: Combining AI tools with human expertise creates robust compliance frameworks. 🤝 Embrace the future of AI in banking compliance for innovation and precision. 🌟 #AI #Banking #Compliance #FinTech #RegTech #Innovation #FutureOfBanking

Exploring Hyper-Personalization and AI in #Banking: A Journey with Vaidyanathan V, CIO of Unity Small Finance Bank. Discover how technological overhaul, customer-centricity, and strategic tech allocation are shaping the future of banking in India. Read more: https://lnkd.in/dB8jfMWQ #BankingInnovation #AI #HyperPersonalization #DigitalTransformation #CoreBankingSystem #CustomerCentricity #DataAnalytics

SAS' Julie Muckleroy explains that while AI is not new, 2023 ushered in a wave of AI innovation. No part of the bank will remain untouched as AI is tested and scaled. However, many banks are testing and evaluating how best to apply AI in multiple areas. https://buff.ly/49Yz8s2 #GenAI #BankingIndustry #banking #financialservices

Bank of America's artificial intelligence push has led to a 94% increase in #AI and machine learning granted and pending patent applications since 2022. The US bank now has nearly 1,100 AI and #ML patents and pending applications in its portfolio, with more than half having already been granted. In addition to AI, patents have been granted this year in information security, online and mobile banking, payments, data analytics, and augmented and virtual reality. AI's use at BofA is most prominently on display in Erica, its virtual assistant used by more than 45 million customers. The technology is also used in data analytics for wealth management and the CashPro Chat service advisor for 40,000 corporate and commercial clients. Aditya Bhasin, CTIO, BofA, says: "As our pace of innovation accelerates, we’re continually listening to clients and building solutions to improve and simplify their experiences. Such has been the case with our approach to AI, machine learning, and related technology for many years - the use of which centres on the benefits to our clients and employees." #yoursucccessourbusiness

2 years ago, every bank was focusing on Tokenizing their processes and implementing smart contracts. Hundreds of millions were invested to make it happen... And suddenly, everyone is talking about investing hundreds of millions in Artificial Intelligence (AI). Why shifting from Tokenization to Artificial Intelligence? Are these investments lost ? Here’s why this transition is occurring: 1. Tokenization: Between Hype and the Reality - Regulatory Uncertainty - Lack of Institutional Adoption - Scalability and Efficiency Issues 2. The Rise of Artificial Intelligence in Banking Conversely, AI has gained massive momentum in the banking sector because of its ability to address immediate, critical challenges with proven and scalable solutions. Here’s why banks are prioritizing AI: - Operational Efficiency First - Advanced Risk Management - Personalized Customer Experience - Compliance and Regulation While tokenization remains an area of interest for the future, the immediate impact and proven benefits of AI have made it the priority for banks today. The industry’s focus is now on leveraging AI to enhance operational efficiency, improve customer experience, and better manage risk in an increasingly complex financial ecosystem. And as AI can facilitate the implementation of tokens and smartcontracts, they will arrive later in the process. At least to recover the investments. More detail in the attached document.   #ArtificialIntelligence #220dots #BankingInnovation #Fintech #WealthManagement #AIinBanking #DigitalTransformation #Banking #Banker #WealthCreation

AI And Regulations Can Complement Each Other In Financial Services Sector, Say Panelists at Inc42 GenAI Summit #fintech #finance #technology #AI