Financial institutions need transformative new technology to address the ever-increasing complexity around managing risk and regulatory requirements. Important steps financial leaders must consider along the way are preparing to implement changes without needing to complete a broad system rebuild, employing smarter risk management software and programs that are easily adaptable, and eliminating data silos that currently exist between various systems in financial environments. As institutions revamp their risk management approaches, the stars are aligning in terms of an opportunity to do more than just address regulatory requirements. Advanced technologies such as AI and machine learning are poised to help organizations harness the vast amounts of data at their fingertips to identify risks and opportunities with more precision while responding more quickly to stakeholder demands.
Though financial institutions that take a proactive approach to preparation will be more adequately prepared, and there seems a no better time to take advantage of the possibilities offered by emerging technologies to do so. Thinking holistically about how to use advanced technologies such as AI and machine learning will lead to the development of an end-to-end risk management platform and help organizations take advantage of benefits that go beyond limitless, cost-effective scalability, accelerated time to development, and future-proof technologies. Financial institutions will also gain the ability to derive actionable insights from their data and, just as importantly, the power to innovate.
Advanced technology enables banks to develop an end-to-end approach
Financial institutions must manage more data than ever, and foundational to capitalizing on its power in an end-to-end risk management platform is breaking down the data silos that exist across various businesses in their environment. Institutions that have enhanced risk platforms to cater to regulatory needs have made some progress; however, it is imperative to consider the surge in unstructured data. The next phase of the journey is to build powerful analytics capabilities to reason over data, not only in hindsight but through insights that empower businesses and leaders to predict unforeseen risks and exposures.
By leveraging cloud computing, banks gain the tools needed to ingest and store data from various sources, the computing capacity necessary to crunch data without sacrificing efficiency, and the analysis and visualization tools required to derive business-critical insights.
Infusing cloud-enabled processes with AI and machine learning presents additional opportunities for institutions to digitally transform their risk management approach. Through a combination of advanced technologies such as machine learning, cognitive services, and natural language processing, AI enables banks to add intelligence to applications and streamline processes. When applied in tandem with robotic process automation (RPA) technology, these advanced offerings have the potential not only to help banks minimize risk, but also to improve operational efficiency, develop innovative products and services, transform customer experiences, and personalize offerings in a safe, compliant manner.
Combining the infinite compute capacity, advanced data management, and analytics capabilities offered by the cloud with the intelligence, process automation, and streamlining capabilities provided by AI and RPA gives banks and capital market firms all the building blocks needed to drive business outcomes that are truly transformative.
Source: https://cloudblogs.microsoft.com/
Global iTS is a leading Microsoft Dynamics 365 ERP and CRM Partner, headquartered in the UK. With 300+ clients, successfully proven implementations, an excellent support system by our experienced domain specialist, and a good track record of customer retention. Also, it has a strong foothold and customer base across other GCC countries (Bahrain, Saudi Arabia, Oman, Kuwait, UAE, and Qatar).
Global iTS is mainly into the specialized requirements in Financial Services and Insurance sectors focusing on Digital Transformation journey in Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking by bringing Artificial Intelligence, Machine Learning, Blockchain, and Robotic Process Automation technologies and enhanced their productivity and profitability. We bring in over 15 years of international expertise to digitally transform any aspect of a client’s business.
