Using today’s advanced AI technologies to prevent tomorrow’s financial crime and risk
Most financial institutions use data mining (92.5%) or business rules management systems (65%) to detect and prevent fraud, yet they say the effectiveness of these two solutions is only 28 percent and 18 percent respectively.
In our ongoing research series about AI use by financial institutions, AI Innovation Playbook: AI and Fraud reports on the experiences of more than 200 financial executives regarding the use of AI to prevent and detect fraud. The adoption rates are surprisingly low considering the potential for success, so we asked why.
Most agreed that artificial intelligence (AI) would be far superior (72%), but they have reservations. This final installment on the perceptions and realities of using AI with in financial institutions reveals an interesting trend of perceived barriers: cost, complexity and transparency.
Limitations can be overcome by adding Smart Agents, a powerful, distributed file system specifically designed to store knowledge and behaviors. This distributed architecture allows lightning speed response times (below 1 millisecond) and allows for unlimited scalability and resilience to disruption as it has no single point of failure.
Download AI Innovation Playbook: AI and Fraud to:
- Learn the most common technology used to predict and stop fraud, and their effectiveness ratings
- Understand the various impacts and benefits of machine learning, AI and Smart Agents
- Discover the positive impacts that FI executives believe would result from using Smart Agents to optimize their fraud programs
- Determine the return on investment of implementing AI with Smart Agents to prevent, detect and stop fraud in your organization