Anti-financial crime (AFC) operations have been rapidly evolving over the past several years as regulatory pressures and competitive forces drive banks to invest in more effective and efficient systems. As banks seek to improve data collection analytics and decision-making processes, many AFC operations are moving toward hyperautomation to accelerate their transformation. A new report by Chartis Research, in partnership with Nasdaq, explores the journey to hyperautomation and how banks can deliver long-term success.
The Chartis report, which focused primarily on Tier 1 banks, found that hyperautomation led to time and cost savings of up to 90%, particularly for investigations and remediation. More specifically, the report discovered that implementing hyperautomation within AFC operations at banks:
- Reduced the time taken for Level 1 investigations by 90% and reduced the number of full-time employees focused on repetitive manual tasks by 75%.
- Reduced the time and people required for AFC operations by two-thirds.
- Eliminated manual data gathering, consolidation and standardization from Level 1 review, reducing the required decisions by up to 60%.
- Reduced the number of bottlenecks in the alert handling, risk and reporting stages.
- Drove efficiency beyond the AFC operations process, with cuts as high as 90% in manual data extraction and processing as part of reporting to the internal audit, policy, and risk departments.
- Created powerful analytics to enable continuous improvements in AFC.
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