Robots — or more precisely, software that takes data and turns it into natural language — may be producing the next report a bank regulator reads. That’s if Narrative Science‘s latest offering takes hold. The Chicago-based software firm launched a solution for AML (anti-money laundering) processes on Nov. 10 that is currently in beta testing with one large financial institution, according to Kim Neuwirth, product manager with Narrative Science. When an alert of suspicious activity hits a system, AML analysts need to first make certain they aren’t dealing with a false positive. Once that determination is made, an investigation is kicked off and entered into the case management system. The data is analyzed and a suspicious activity report, or SAR, is produced. This is where Narrative Science comes in, taking the data and producing a report that will be read by internal auditors, as well as regulators. Narrative Science argues that this service frees up workers, who may need to produce two or three reports on an average day, for other jobs. The company, launched in 2010, is known for astounding Finovate audiences by turning spreadsheets into well-written paragraphs and making journalists sweat. Neuwirth said the company’s focus in financial services — it has applications in many other verticals, as can readily be appreciated — is threefold: portfolio commentary, wealth managements, and trade desk reporting. Regulators have not raised objections so far. The latest move, which is also built on the company’s core Quill product, represents a shift from asset managers to the compliance team. The company is looking into risk management and more work in the compliance workstream, Neuwirth said, noting this is not a definitive statement. And why would it be? What can’t you do when you can take a spreadsheet and turn it into a natural language report?
Narrative Science, the platform that uses artificial intelligence to write reports has launched a new service for anti-money laundering (AML). The company is launching an online reporting tool called “Anti-Money Laundering Reporting Service” in partnership with the Financial Crimes Enforcement Network (FinCEN). The system is currently in beta testing with one large financial institution.