Published by Wealthbriefing Asia – 16th June 2017
Watson, IBM’s artificial intelligence and cognitive computing platform, has assisted a wide variety of professionals in managing massive and complex bodies of data. Now, it has turned to financial regulations.
Technology behemoth IBM has launched a suite of cognitive solutions designed to help financial institution professionals manage their regulatory responsibilities and ease compliance burden through Watson, its artificial intelligence computing platform.
The Watson-powered software is designed to help financial professionals in three areas: understanding regulatory requirements; increased insight into potential financial crimes; and managing financial risk, IBM said in a statement.
The solutions aim to help firms manage compliance issues, which according to IBM, currently consumes 10 to 15 per cent of operational spending budgets among major banks.
The first solution is Watson Regulatory Compliance, which helps financial institutions better understand and address the constantly changing regulatory landscape. It will help simplify the daily, manual activities of compliance professionals by providing a company-specific view of regulatory requirements.
Another solution is the IBM Financial Crimes Insight with Watson. This will use cognitive computing to accelerate due diligence activities and help organisations more effectively understand and manage the excess of anti-money laundering alerts generated by transaction monitoring systems.
Lastly, IBM has also launched the Algo Big Data Foundation, which will help clients achieve the performance required to address regulatory compliance. The solution integrates Big Data technology with the core risk data management applications of Algo One. This enables financial firms to examine risk in a shorter amount of time with an intuitive user interface. The solution is designed to encourage decision makers to ask more complex questions and get better answers faster when developing new business strategies.
“Two generations ago, IBM brought the first computers to the financial services sector, allowing banks and other institutions to foster greater trust in the market by operating more efficiently and accurately,” said Bridget van Kralingen, senior vice president. “To strengthen trust today, financial institutions must analyse an industry’s worth of information to help monitor risk and compliance. No individual, or team of them, can adequately do this alone, and so once again, IBM is bringing a new type of computing – cognitive computing – to help these professionals operate more effectively.”
All of the new Watson Financial Services solutions are now available on the IBM Cloud.
