Tapan Agarwal, product council head at iGTB, has been cited in the cover story of the latest issue of Global Trade Review, speaking on the subject of “regtech” – the use of technology to resolve regulatory issues and manage compliance risk.
Agarwal discusses iGTB’s DDIQ engine – developed by OutsideIQ – which uses artificial intelligence to undertake due diligence. DDIQ uses natural-language processing tools combined with machine-learning techniques to automatically expose bad actors and risky parties amongst bank customers.
“We had a case study with a large private bank in the US which was under regulatory pressure to complete due diligence on a large set of its private customers,” says Agarwal. “If the bank were to do it with its own team and software, it would take an estimated 12 months, whereas with DDIQ it was able to complete the task in one month.”
The article highlights the opportunities for technologies like DDIQ to help banks cope with the wave of regulation brought on by the financial crash of 2008.
“In the last year, we have seen a lot of interest,” says Agarwal. “The market acceptance has matured. People have more faith in artificial intelligence.”
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