Revolutionising-global-banking-through-the-power-of-ai21 Dec 2021 08:43
Richard Shearer, CEO of Tintra PLC
Let’s imagine a scenario in which an individual living in Kenya wants to send money to London. If the person were living in the UK, this would be a very simple matter: two taps on their smartphone phone would result in a near-instantaneous transaction with no questions asked. As a cross-border payment, however, this transaction looks very different: The individual’s money will have multiple arduous hurdles to clear as it’s passed from a local bank to a local electronic money institution [EMI] to a UK EMI, then on to a UK bank, before – if they are lucky – arriving in the hands of the beneficiary. This is a long-winded process riddled with red tape that could last as long as three months. In addition, this already lengthy process is compounded by a further impediment: because the person is from an emerging country, they will – in the eyes of KYC/AML compliance teams – be considered high risk, despite the fact their earnings and transactions are entirely above board. In essence, these challenges boil down to two key and interrelated issues: compliance processes are full of friction [often in the form of sluggish, manual, complex, and time-consuming KYC checks from multiple banks and EMIs], and Western KYC/AML teams are subject to bias, meaning they can’t [or possibly won’t] discern ‘good’ clients from ‘bad.’ Therefore, in order to truly achieve global banking, we need to develop a solution that will allow financial institutions to deal with both challenges quickly, efficiently and automatically – which is where technology, and more specifically, artificial intelligence, has the answer.
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