Richard Grint, a financial services expert at PA Consulting, spoke to Finextra at NextGen Nordics 2018 in Stockholm about the biggest trends in the financial crime compliance space. He looks at how important new technologies be in the fight against financial crime and what impact they will have on the public sector.
Richard says: “What we’ve really seen over the past couple of years or so is an increasing sense that the way that things have been working to date isn’t the way things will continue to work. There’s a real need for change.
“Firms are getting dissatisfied with increasingly manual processes and increasing cost of compliance and are starting to look towards greater collaboration and greater use of technology to improve that.”
Richard goes on to talk about how important new technologies are in the fight against financial crime.
“New technologies will be an absolutely integral part of fighting financial crime going forward,” he says. “Every single institution we have spoken to has said that this is what we’re looking to move towards, if they’re not doing so already. That includes the likes of analytics, AI, biometrics – even distributed ledger technology. All of these have the potential to be useful in the financial crime compliance space.”
Richard goes on to say that financial crime is a problem for both private and public sectors. He says: “Everyone needs to respond as a cohesive ecosystem working collaboratively, sharing data in order to prevent, detect and investigate financial crime.”