Technological advancements are not new to the decision-makers, they are always in hunt for advanced profit bearing technologies to invest in. These advancements have assisted the businesses in regulatory compliance, KYC/AML compliance, risk prevention through ID proofing of the clients and automation of several business operations. According to a 2019 survey of Gartner’s 49% of the CIO,s (Chief Information Officers) inferred that their organization has changed their business models. International Data Corporation (IDC) predicted in 2018 that the global spending on AI (Artificial intelligence) will increase to $57.6 billion by 2021. The trend among the businesses to invest in technological assets has been increasing and the CIOs and CEOs are pondering over compatible and value bearing investments.
3 technology trends and how they generate value for your business
Strategy Bots improving decision making:
Decision making is no more confined to vigorous research of days and time-consuming board meetings. It is made easy with bots helping the executives in accessing the data, board discussions and providing useful insights for complex decisions. All due to technological advancements.
AI-based AML/KYC compliance tools preventing risk:
According to a PWC survey of executives from around the globe, 27% of the executives stated that their organization has implemented AI in many departments and 20% stated that they are planning to deploy AI organization-wide during 2019. Global fintech businesses are providing AI-based Regtech solutions for regulatory compliance of KYC/ AML regulations. Global cybercriminals generated revenues of $1.5 trillion in 2019 hence the KYC and AML regimes have transformed. The regulations not only require the businesses to identify their customers before serving them but they also require them to respect the privacy of their customers, thanks to recent data breaches of facebook, Equifax and Google.
The businesses could not hand over the confidential data of their business to a random third party on the internet. Hence the question is how to choose the reliable identity verification service provider among the fraudsters and cybercriminals? Below is the checklist for finding the best among the ordinary:
- Must have a global reach
- Reliable software with noteworthy customers
- Must have related certifications from cybersecurity and PCI, etc.
- Must be compliant with global data protection regulations like GDPR and CCPA.
- Updated global databases
Shufti Pro is one of the best identity verification service providers which provides KYC verification free trial, hence making the tough decision even easier.
AI for revenue generation:
According to a PWC survey, 48% of executives make AI-based investments for revenue generation. The trend for investments in AI startups has been increasing among companies. Artificial intelligence has proved itself to be a very fruitful investment. By the end of 2018 US venture capitalists invested $6.6 billion in the AI companies. And it is predicted that 52% of companies will spend on the acquisition of AI startups.
Hence well researched technological investments have not disappointed the companies so far. Technology has been transforming all kinds of industries and most of the participants of industries are adopting these advancements to reap long-term gains.