| Unregistered |
02-09-2021 09:23 PM |
Quote:
Originally Posted by Unregistered
(Post 181869)
You have answered the question. AI will reduce false positives which will render headcount redundancies. Why would a business need to hire more when volume have dropped? If it can be automated without any human intervention, that would be even better.
Economics - supply and demand.
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Not the earlier poster but to your question - yes and no.
It is true that banks have mostly acknowledged the role AI plays in its business, especially within the compliance space. AML/KYC is one such example.
Conceptually, it looks very good and noble on paper. Realistically, many banks struggle to achieve it. The biggest hurdle? Cost. This may surprise many but it is generally cheaper to hire a warm body to deal with those problems than to integrate into its businesses - until such a point where its business size reaches a critical state in which they are able to justify these costs. And surprisingly, our dearest regulators, the likes of MAS, HKMA/SFC, FINMA and the likes are indifferent on this matter.
And having a big name parent company does not automatically mean the hurdles are all cleared. Because of issues like cross-border data sharing, banking secrecy and etc., you'll probably have problems relying on the existing infrastructure used by the rest of the Group entities.
So circling back to the earlier topic - having some knowledge of data analytics is alright but it wouldn't be something I would break my back over it. On the other end of the spectrum, being a TM analyst the prospects are very much limited these days - many things are and can be filtered/flagged by the pre-determined system rules. |
