Next Generation AI and AML Workflows - with Priyank Patel of KeyBank
Jan 15, 2024
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Priyank Patel, SVP at KeyBank, discusses implementing AI and ML in AML workflows, focusing on challenges, leveraging data, and transitioning to cloud infrastructure. Emphasis on reducing false positives, prioritizing ML detection, and optimizing data investments for AML enhancements.
Leveraging existing technologies and data sources is crucial for transforming AML workflows in response to increasing monitoring volumes.
Prioritizing machine learning detection over generative AI can help reduce false positives in AML monitoring, enhancing detection capabilities and ensuring effective risk management.
Deep dives
The Challenge of Efficiency and Effectiveness in AML Workflows
Priyank Patel highlights the ongoing challenge in AML workflows related to efficiency and effectiveness, emphasizing the need for adaptation in the rapidly evolving technological landscape of financial services. He underscores the importance of leveraging existing technologies and data sources to cope with increasing monitoring volumes. Patel stresses the significance of evolving within the AML space to avoid becoming outdated amidst banking sector transformations.
Key Challenges in AML Transformation: Cloud Migration and Skill Development
Patel discusses the primary challenges faced by financial institutions in AML transformation, focusing on the readiness to migrate ML applications and data to the cloud. He points out the importance of addressing resource issues, particularly in acquiring specialized skills demanded by evolving technologies. Patel highlights the dilemma between buying vendor applications versus building in-house solutions, emphasizing the necessity of defining roles and capabilities for effective execution.
Prioritizing ML Detection Over Generative AI in AML Operations
The discussion shifts towards the prioritization of machine learning (ML) detection over generative AI in AML workflows. Patel elaborates on the need to reduce false positives in AML monitoring through ML and predictive analytics before moving towards generative AI adoption. He emphasizes the significance of managing alert volumes and enhancing detection capabilities to maximize return on investment and ensure effective risk management.
Today’s guest is Priyank Patel, SVP and Director of Financial Crimes Risk Surveillance at KeyBank. Priyank joins us on today’s program to talk about how the fight against false signals in AML workflows is entering a whole new dimension given the democratization of data and new generative AI tools. Throughout the episode, Priyank offers financial leaders sound advice on where to leverage existing technologies and data sources to transform workflows in these areas and beyond. If you’ve enjoyed or benefited from some of the insights of this episode, consider leaving us a five-star review on Apple Podcasts, and let us know what you learned, found helpful, or liked most about this show!
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