AI Articles and Analysis in Finance

Banks and banking AI vendors turn to Emerj to help them maximize ROI by allocating their funds to the most high-need areas. Our research also helps them make smarter decisions by identifying the projects that are more accessible and have the highest chance of resulting in near-term financial returns. 

‘Know Your Customer (KYC)’ compliance is what is commonly referred to by a legally-mandated, globally developed set of guidelines to ensure that banks, financial institutions (FIs), and other related enterprises perform due diligence on potential customers. The purpose is to verify customer identity as well as the legitimacy and risk involved with developing and maintaining a business relationship.

Like other legacy and document-dominated sectors, insurance is experiencing a digital transformation with AI as the main driver. AI and machine learning are enhancing everyday insurance processes, including quote generation, claims processing, personalized policy recommendations, claims fraud detection and prevention, and various customer-facing tasks.

Among financial cybercrime, money laundering is among the top concerns of global authorities today. In a poll for INTERPOL's inaugural Global Crime Trend report released earlier this year, 67 percent of nations ranked money laundering as their number one crime threat. 

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COVID gave the digitalization of modern business such a tremendous push forward that it advanced a decade in just a few years. Companies and sectors that had never imagined a remote workforce were forced to connect entirely online. 

Intelligent document processing is best thought of as another name for data extraction, where paper-based information is transferred to a digital format. According to the U.S. Governmental Services Administration, roughly 80% of any organization's data comes from unstructured sources – like paper records management. 

Compliance workflows across financial services are no strangers to AI. Noncoding enterprise leaders are often awash in reports on how robust the AI vendor market is for AML and KYC or KYCC (know your customer's customer) compliance. Celent estimated that spending in the financial services sector on AML/KYC compliance tech and operations would reach $37.1 billion last year, an increase of 13.7% from 2020.