Anti-fraud Analytics Shine as AI in Banking Grows

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While the finance and banking sector has a reputation of maintaining a relatively conservative, cautious approach toward major disruptions, the current push for digital transformation, CX prioritization, and data-driven automation has been leading to massive changes. AI integration is one of them.

Chatbots and CX augmentations may well be the headline-makers of today, and a likely cutting-edge tech priority of the future, but right now risk management and regulatory compliance are #1 when it comes to funding. According to this year’s AI in Banking report, risk, safety and compliance AI alone currently accounts for more than half of $3 billion investments, according to the Emerj 2019 report.

Fraud detection and cybersecurity with AI in finance

With a 26% share of the funds raised by AI vendors working in finance (Emerj), fraud protection and cybersecurity are the top current uses and adoption opportunities for risk-related AI and ML in banking and finance.

Pwc’s Global Economic Crime and Fraud Survey 2018 states that 49% of respondent organizations experienced fraudulence within the previous 24 months (a 19% increase over the last decade). The newest Juniper research on online payment fraud marks banking among the most popular fields for financial fraud, too. This makes advanced detection and prevention ...


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