Outlook 2019: Steve Mann, Arachnys
Steve Mann is the chief marketing officer at Arachnys.
How should 2019 be known?
The new year will be known as “The year of head-scratching.” Banks are facing market pressures on all sides – from alternative business model providers, new regulatory demands, and remediation of “traditional” AML vendor failures.
Banks will have to make a decision, will they stay with a monolithic approach, on-premise solution to KYC, AML, and due diligence? Or will they adopt cloud-native platforms for the business need “personalization” they require?
What was the most important lesson of 2018?
Say ‘Hi’ to mom more often. Also, banks can’t solve their compliance issues and be done with their fundamental remits. They must actively turn their sights toward bad actors and stop financial crime before it occurs, not merely report on it.
What changes do you expect to see regarding the adoption of artificial intelligence this year?
At the Association of Certified Anti-Money Laundering Specialists conference this year virtually every vendor was touting AI this, and machine learning that. If everyone offers a technology, then no one offers it. Banks will begin to retire intense focus on AI as a means to an end and refocus on the business pains solved, regardless of the underlying technology.
London-based Logical Glue has financial clients in the UK and Europe.
Only one-in-four firms have such plans in place, according to an IDC study.
40% of managers have yet to see an impact from the emerging technology.
The firm expects to turn much of the KYC process over to the AI-based platform.
A standard for best practices would mitigate systemic risk.