Compliance will be focus for Generative AI

According to a new report by Accenture, banking and insurance are the two sectors where Generative AI will have the greatest impact and have the highest potential for automation.

They also identify “Office and Administrative Support” and “Business and Financial Operations” as two job of the top 4 job categories that are set for transformation. Job categories most associated with financial crime compliance.

Institutions have seen a rise in compliance costs of 19% between 2020 and 2022, according to LexisNexis, and the UK now spends a staggering £34.2 billion fighting financial crime. 60.6% of these costs are related to employees and training. Two areas where Generative AI could provide significant cost reductions.

No surprise then that Accenture suggests that “generative AI will support enterprise governance and information security, protecting against fraud, improving regulatory compliance, and proactively identifying risk by drawing cross-domain connections and inferences both within and outside the organization”.