AI/ML adoption in banking has started. Better collaboration should be next

Artificial intelligence (AI) and machine learning (ML) are effective tools to combat fraud in retail banking. Raffael Maio from NetGuardians tells Sorin Dojan how his company plans to elevate the fight against financial crime.

AI/ML is currently posing challenges for regulators and governments worldwide. Countries grapple with new uncharted territory following the recent launches of AI chatbots such as ChatGPT or Google’s Bard.

Yet, in the context of fighting fraud and money laundering, AI/ML tools are proving increasingly popular. With GlobalData analysts expecting the overall AI market value to reach $383.3bn in 2023, financial institutions (FIs) are looking into ways to automate things like transaction monitoring processes, aware of the growing volume of work.