target audience: TECH BUYER Publication date: Apr 2023 - Document type: IDC Perspective - Doc Document number: # US50532223
Will More Banks Fail in 2023?
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Abstract
This IDC Perspective reviews the findings of IDC's 2022 worldwide Industry AI Path Survey specifically for artificial intelligence (AI) as a transformational technology to support risk and compliance in global banking. Today's risk and compliance environment is complex and changing fast. Automation with AI and advanced analytics is reshaping the ways that banks manage risk and compliance. Banks recognize that in order to minimize the risk of financial crimes or errors and address changing compliance issues, they need to proactively detect, prioritize, and contextualize issues. AI enables banks to update their processes using a more sophisticated, comprehensive approach with real-time data analytics.
"Banks that adopt AI technologies in cloud environments to address the increasingly complex and fast-changing risk and compliance landscape can push the boundaries of innovation, creating significant improvements and operational efficiencies," says Jerry Silva, program and research vice president, IDC Financial Insights.