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Ensuring compliance with standards such as AML/KYC, GDPR, or OFAC is critical! For example, an RPA bot can automatically check a client’s KYC details against global sanction lists (OFAC) before policy approval. This is especially valuable when integrating with older systems not optimized for modern workflows.
For most of the public lists (EU, OFAC, UN, HMT, etc.) Banks will leverage their vast amounts of data more intelligently and increasingly deploy AI driven chat bots, virtual assistants and other digital services and apps to better engage with their customers, personalize the user experience and monetize it – like Amazon does today already.
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