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Planning for AI in Financial Crimes

In: Artificial Intelligence Applications in Banking and Financial Services

Author

Listed:
  • Abhishek Gupta

    (Effiya Technologies Private Limited)

  • Dwijendra Nath Dwivedi

    (Cracow University of Economics, Department of Economics and Finance)

  • Jigar Shah

    (Effiya Technologies)

Abstract

The intent of this chapter is to create a business case and assist the practitioners in developing a roadmap for setting up an AI organization to combat financial crimes. It starts with the trends and forces that are shaping the need for AI enablement in FCC organizations. It covers all types of evolutions from products to regulators’ focus coupled with the complexity of transactions. The chapter shifts its focus on key success factors that a planner or head should keep in mind while designing the AI organization. Authors have used their experiences to highlight typical pitfalls that a lot of planners miss while setting up such an organization. The chapter then focuses on specific use cases and opportunities that the head or the planner can leverage to define its own end-state vision for the AI organization for their FCC unit. Eventually, the reader should be able to create a vision for its organization while keeping some of the building blocks and caveats in mind for such an initiative.

Suggested Citation

Handle: RePEc:spr:fuobcp:978-981-99-2571-1_5
DOI: 10.1007/978-981-99-2571-1_5
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