This is a great FinTech FinCrime Exchange (FFE) & RDC (Regulatory DataCorp) White Paper highlighting a survey to 18 of the FFE UK members to understand their approach to AI, their outlook on its potential, and their views on the most impactful ways to deploy the tool. The results have been further enriched with information gained from follow up interviews with some participants.
Based on the results, the survey found that 61% of surveyed FinTechs are currently either in the process of developing in house AI solutions or reviewing third party options for their fraud or AML programs. 33% of surveyed FinTechs currently employ AI solutions developed in-house against 11% that use third party AI solutions.
Cost and data deficiencies, followed by human resources, were reported as the main barriers in implementing AI solutions by FinTechs. The lack of sufficient knowledge or understanding also appeared prominently as one of the top risks highlighted by respondents.
FinTechs, who had managed to overcome the barriers and challenges, reported a number of benefits already observed after deploying their in-house built AI solutions. These included better accuracy and fewer false positives, faster turnaround on onboarding and some improvements in fraud detection.
Please see the FFE and RDC White Paper for more.
Brought to you by the FinTech FinCrime Exchange & RDC
Report: July 2019