From virtual assistants to anti-money laundering tech, AI is transforming banking

“PelicanSecure brings together tools that use natural language processing and machine learning to analyse patterns of behaviour to flag up “subtle anomalies” pointing to instances of fraud.

Factors like user location, spending patterns and unusual device configuration are all integrated into Pelican’s detection system.

Describing the role AI has to play in turning the tide against scammers, CEO Parth Desai says: “Traditional fraud detection methods are reactive in nature, meaning if a fraudster came up with a new idea to defraud an organization, the existing rules will fail to prevent it.

“AI, on the other hand, predicts those behaviours and protects against trending and future fraud typologies.

“AI, including machine learning, is unquestionably the future of fraud detection. Financial institutions are shifting towards AI gradually.

‘We believe the industry is still in the launching phase of this technology and that there is a lot more to explore over the course of the coming few years.'”

https://www.compelo.com/banking/analysis/ai-banking/

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