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Episode summary: In this episode, we speak with Alan O'Herlihy, Founder and CEO of Ireland-based Everseen. Alan speaks to us about how machine vision systems can be used to detect theft or mistakes at a checkout counter (including forgetting to scan items, customers intentionally hiding items, and more). Alan not only explains where these technologies are in use today, but he also breaks down some of his own predictions about what these computer vision systems might make possible in the workplace of tomorrow.

An operational compliance framework is critical for banks and other financial institutions (FIs). However, it is a tremendous challenge to constantly and uniformly comply with regulations, guidelines, and laws, given the complexity and immensity of legislation.

Abbott Laboratories (NYSE symbol: ABT) is an American multinational healthcare and medical devices company based in Abbott Park, Illinois. Known for its medical device and pharmaceutical products, the company reported net sales of $43.1 billion in 2021.

The era of humans serving as sole agents for lending and underwriting is no more. Machine learning and AI are now more ubiquitous within financial institutions and insurance companies, thanks in no small part to the automation of lending and underwriting processes. 

In 2020, fines for Anti-Money Laundering (AML) noncompliance reached $2.2 billion, up nearly 400% from 2019, according to Kroll data. The trend continued into 2021. Through June 30, AML fines totaled $994 million, suggesting another year of strict regulatory enforcement action. 

When Facebook bought Oculus in 2014 for over a billion dollars, it was an investment ahead of its time. For years virtual reality remained an interesting novelty and little more.

As AI automation (aka, “intelligent automation,” or IA) in financial services quickly becomes mainstream, it attracts increased stakeholder interest as firms explore the possibility of unlocking value via increased efficiency, cost reduction, and enhanced predictive capabilities.

Like many legacy and document-heavy industries in 2022, the entire financial services sector is undergoing a transformation through AI capabilities. These technologies have successfully disrupted many systems and processes once considered sacrosanct: personal financial transactions, collection and analysis of consumer data, personalized offerings of financial products and services, and more.

Dow Chemical (NYSE symbol: DOW) is the largest chemical manufacturing company in the United States, the third largest in the world, and has a market cap of $38.2 billion. 

There’s more to successful AI adoption than picking the right technology. Business leaders should be aware of the technical requirements of the initiative they’re undertaking, and few of those requirements are as important as data.