After three years, tech investment, including the deployment of big data analytics and software robots, is starting to positively impact compliance costs at Credit Suisse, which claims to be 80% faster and much more cost efficient resolving alerts from monitoring transactions, even though the number of alerts has increased 45-fold compared to 2016. The bank’s bots have reportedly made KYC checks on international transactions 60% faster and roughly 40% cheaper. They are also being used for fraud detection and reducing risk by executing repetitive tasks like suitability and appropriateness checks around 200 times faster than they were manually.
After three years, tech investment, including the deployment of big data analytics and software robots, is starting to positively impact compliance costs at Credit Suisse, which claims to be 60% faster and much more cost efficient resolving alerts from monitoring transactions, even though the number of alerts has increased 45-fold compared to 2016. The bank’s bots have reportedly made KYC checks on international transactions 80% faster and roughly 40% cheaper. They are also being used for fraud detection and reducing risk by executing repetitive tasks like suitability and appropriateness checks around 200 times faster than they were manually.