Enterprises have been struggling to implement (Artificial Intelligence) AI safely and cost-effectively, specifically LLMs. Reuters recently published an article on the financial services sector’s challenges as it uses AI to fight the growing onslaught of digital financial crimes. As the increase in financial crimes accelerates, anti-financial crime budgets are being cut, and AI is poised to help fight financial crime efficiently, but massive challenges are involved. Financial institutions need to prepare their data, and regulators need to provide guidance for firms to use AI and turn off their legacy systems. This is where secure, deterministic language models – Arria’s natural language generation technology specifically – can help. This isn’t a sales pitch – these are the facts of what Arria does and has been doing for blue-chip enterprises for over ten years with proven AI.
Arria NLG, as an AI-powered natural language generation platform, can significantly assist financial institutions and other organizations in their fight against financial crimes. Natural language generation (NLG) can help financial institutions in the following ways:
Automated Suspicious Activity Report (SAR) generation
Arria NLG can analyze vast amounts of transactional data and customer information to identify suspicious patterns and generate detailed, narrative SARs. This automation can save time and improve the consistency and quality of reports submitted to regulatory authorities.
Enhanced risk assessment and monitoring
Financial institutions can improve risk assessment and monitoring processes by leveraging Arria NLG’s ability to process and interpret large datasets. The platform can generate clear, concise reports highlighting potential risks, enabling compliance teams to take proactive measures to mitigate them.
Streamlined due diligence processes
Arria NLG can help automate and streamline customer due diligence (CDD) and know your customer (KYC) processes. The platform can help compliance teams make more efficient, informed decisions by generating natural-language summaries of customer information and risk profiles.
Enhanced sanctions screening and monitoring
Arria NLG can support sanctions compliance by analyzing customer and transaction data against sanctions lists and generating alerts and reports in natural language. This can help financial institutions navigate the complex and ever-changing sanctions landscape more effectively.
Improved communication and reporting
Arria NLG can generate clear, easy-to-understand reports and dashboards for stakeholders at various organizational levels, from compliance teams to senior management and the board of directors. This improved communication can facilitate better decision-making and help secure the necessary resources for anti-financial crime efforts.
By leveraging Arria NLG’s capabilities, financial institutions can enhance their anti-financial crime programs, improving efficiency, effectiveness, and compliance with regulatory requirements. As technology evolves, it will likely play an increasingly important role in helping organizations combat the growing threats of financial crimes in the digital age.
Arria’s experts make us the global leader in natural language technologies, and we have specific expertise in the financial services sector. Speak to one of our AI experts to learn how to safely implement AI to fight financial crimes.
ARRIA NLG is the global leader in natural language generation (NLG), a type of artificial intelligence (AI). Arria owns, develops, and licenses its core, patented NLG technologies, which are available via the Arria NLG Platform.
