Last month, CEO and Founder Greg Woolf traveled to Washington DC to meet with members of Congress and financial regulatory bodies. He and Chuck Senator discussed the opportunity presented by artificial intelligence to change the financial services ecosystem.
During their travels, they met with:
- Senate Committee on Banking, Housing, and Urban Affairs
- Various Members of the House Financial Services Committee
Senior staffers from various offices were receptive to new, innovative ideas but also had ideas of their own on how AI can impact financial services.
Some of the concepts discussed were:
- Surveying social media and other digital content for bad sales practices
- Moving from sample testing to comprehensive analysis in the enforcement of compliance rules and procedures
- Strengthening AML detection and prevention capabilities at firms of all shapes and sizes
- Improving fraud detection and prevention capabilities at firms of all shapes and sizes
Overall, the trip was yet another confirmation that artificial intelligence is on the mind of people in all parts of financial services. Regulators and practitioners both see the potential for the technology to build a stronger system from a regulatory and compliance perspective.
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