Navigating the new era of compliance: AI innovations in wealth management

Navigating the new era of compliance: AI innovations in wealth management

In the latest episode of Napier AI’s podcast series, the spotlight shines on the transformative power of automation in the compliance processes within the Wealth & Asset Management sector.

Graham Hogan, the esteemed Head of EMEA Region at Napier AI, delves into the critical need for asset management firms to evolve beyond their outdated, manual systems to meet the increasing demands for transparency from both customers and regulators.

The financial sector, especially wealth and asset management firms, is at a pivotal juncture. The dual pressures from customers for greater transparency and from regulators for stringent compliance are mounting. Graham Hogan, leveraging his two decades of expertise in financial services and risk management, articulates how these firms can transition to more modern, flexible solutions. Centralising client screening and Know Your Customer (KYC) processes, enhancing data quality, and adopting Artificial Intelligence (AI) are not just steps but leaps towards achieving compliance efficiently, thereby allowing firms to focus more on customer experience and streamline the onboarding process for new clients.

Napier AI’s podcast series serves as a bridge, connecting trending FinTech topics with the intricate world of financial crime compliance. This initiative equips financial institutions with the necessary insights to disrupt financial crime effectively. The fourth episode, in particular, addresses the business challenges that wealth and asset management firms face today. Hogan discusses the common pitfalls in tackling financial crime compliance and underscores the significance of improving customer experience without compromising compliance standards.

Moreover, the episode sheds light on the pivotal role of AI in revolutionising financial crime compliance within the sector. By automating compliance processes, firms are not just mitigating risks but are also positioning themselves for future growth. This strategic move towards automation and AI not only enhances operational efficiency but also fosters a more robust, transparent, and customer-centric business model.

Listen to the podcast here.

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