After three years , additional investment , including the deployment of big data analytics and software robots , is expected 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 earlier . 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 compliance checks around 10 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.