Artificial intelligence or AI and its new, generative, iteration has hit the headlines. Depending on where you look the likes of ChatGPT is either going to save the world or be the cause of armageddon. Somewhere in between financial services firms need to navigate the real-world use case(s) for AI in a competitive marketplace where the successful deployment of AI has the potential for substantial cost savings and efficiencies.
For regulators and financial services firms alike the sheer magnitude of the communications data currently being generated outstrips the capacity of individuals to review manually. This has particularly been seen with the now near ubiquitous use of dynamic unified collaboration (UC) tools such as RingCentral, Zoom, Cisco Webex, Slack, and Microsoft Teams. UC tools are an essential part of the modern business environment. That said, due to the scale and complexity of actively and comprehensively detecting unique and growing risks within communications, organizations are turning to technology including AI to help. AI powered detections enable vast volumes of communications data to be analyzed. Critically, it also enables organizations to detect risks and breaches at scale, providing them with alerts at significant speed and helping prioritize what to review.