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Tuesday, June 27th, 2033, Karen jumps out of the self driving bus in front of her co-working space. The door opens automatically, thanks to the combined face and voice recognition. The same technology brings her to the 7th floor, without her having to push a single button. When she opens the kitchen door, the coffee machine starts to brew her favourite macchiato automatically.
Once in her office, she puts on her 3-D glasses and asks Fred a full report of what happened during the weekend. Fred gives her a short summary of the number of transactions scanned during the weekend and the number of alerts treated. Today there seem to be only 3 cases, for which Fred does not fully trust his own algorithm and for which he asks Karen to step in and apply her judgment.
What a difference with 10 years ago, when Karen would probably have spent the whole day analysing the hundreds of transactions flagged as potentially suspicious. The beautiful thing is that Fred (Fraud Risk Early Detection) continuously further improves his algorithm based on Karen’s input. Without Karen’s review , feedback and judgement, Fred would be lost in an environment where risks evolve continuously.
Karen can now spend much more time discussing with her peers and colleagues in the business, analysing trends and risks in the industry, interacting with regulators and supervisors to capture emerging risks and feed Fred will all this information.
What do you think? Will Artificial Intelligence replace the compliance function and first line of control operators in the future or will it make the function more interesting and more effective and where the “human factor” will remain indispensable?
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