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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.

It is exceptionally difficult to get started, much less succeed, in AI adoption if one does not have at least a foundational education, particularly in those “modules” pertaining to AI capabilities, requirements, and organizational readiness. A business wanting to implement AI must understand the current state of adoption and how this current state matches up against AI readiness requirements.

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.

While the steel industry may not be synonymous with AI adoption, steel manufacturers are not different from any other business in ensuring efficiency in their output and throughput. There are almost certainly opportunities for AI implementation across an industry worth hundreds of billions of dollars that currently lags behind in adopting AI technology.

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. 

This article was initially written as part of a PDF report sponsored by Yseop and was written, edited, and published in alignment with our Emerj-sponsored content guidelines. Learn more about our thought leadership and content creation services on our Emerj Media Services page.

Relying entirely on consultants or vendors is not a viable strategy - as AI adoption inherently involves new capabilities to be built up within the company, both technical and non-technical. The only reason a company would put AI technical development and implementation entirely in the hands of a vendor is ignorance of how AI works.

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.