A-Team Insight Blogs - Sean Vickers, Global Head of CLM, discusses why banks need to join up technology, expertise, and people, and how AI can help.
By Sean Vickers, Global Head of CLM, Delta Capita.
When it comes to having the resources to fight financial crime – have banks ever had it so good? Think about it, not only has technology never been more sophisticated, but financial institutions can now call on armies of consultants to advise on compliance, not to mention thousands of people to work across KYC and client due diligence. So why, despite all of this, do criminals hell bent on wreaking havoc across the global financial system keep finding their way through the cracks?
Well, it is not as if the banks, the multitude of tech vendors and advisers are all sitting on their hands idly watching as the bad guys have a field day. The underlying problem is that both the financial industry and the criminals are approaching the same problem in completely different ways – with banks thinking vertically while the bad actors look at things horizontally.
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