DBS Bank has partnered with tech firm Exiger to implement an AI (Artificial Intelligence) solution to smooth & strengthen the banking process. Exiger is one of the biggest names in risk, compliance, and financial crime solutions for the banking industry. In addition to that, Exiger has also managed to develop an AI-powered solution that helps banks with their customer screening process far more effectively.
The AI-powered platform is called DDIQ, offers a wide range of services that can help DBS Bank in tackling financial crimes. DDIQ has the capability of identifying and analyzing to complete the risk assessment of the bank’s clients quickly. In addition to clients, it can also monitor individual transactions, counterparties, and even third parties in a particular transaction.
The findings from each risk assessment action are transparently stored in the platform, and it will be possible for DBS Bank employees to look up any risk assessment report quickly. The data that is stored in the platform will also come in handy for audits and other compliance-related purposes.
Managing Director and Head, Group Legal, Compliance and Secretariat at DBS Bank, Lam Chee Kin, said,
Using AI to help manage risk in financial crime is a journey that involves many small, difficult steps but tremendous ambition and commitment to keep moving. It is incumbent for financial institutions and their like-minded partners to continue to strive to give customers great experiences yet be adversarial to criminals and terrorists.
The press release published by Exiger also pointed out that the two parties will continue to collaborate on efforts to improve the DDIQ platform further.