DBS partners Exiger to roll out AI-powered risk assessment solution
DBS Bank on Friday said it has partnered Exiger, a provider of risk and compliance solutions to fight financial crime, to implement an artificial intelligence (AI)-powered due diligence solution to streamline and boost its screening processes.
The solution - called DDIQ - is designed by Exiger to analyse content with cognitive reasoning in order to accelerate and enhance risk assessments of clients, investments, transactions, third parties and counterparties.
The platform will also help ease the manual extracting and collating of data for audit, compliance, and regulatory purposes and is the bank's bid to counter the evolving risks of financial crime.
In the first phase of the roll-out, DDIQ will be used to initially enhance and complement the bank's customer screening process for institutional and retail clients in key markets and segments. This is with a view to using this capability more broadly, DBS said.
Lam Chee Kin, managing director and head, group legal, compliance and secretariat at DBS Bank, said using AI to help manage financial crime risks is incumbent for financial institutions and their like-minded partners to continue to strive to give customers great experiences yet be adversarial to criminals and terrorists.
Exiger president of global technology markets Brandon Daniels said: "Banks are quickly recognising that legacy systems and legacy technology will hold them back from achieving the next phase of growth and meeting increasingly demanding regulatory compliance requirements."
DBS said that both organisations will continue collaborating in the adoption of AI in compliance, driving new ideas and innovation in banking.
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