As financial criminals grew increasingly sophisticated, DBS Bank has implemented an artificial intelligence (AI) powered solution to fend off the evolving risks.
Deployed in partnership with Exiger, the automated solution DDIQ helps to streamline and further bolster the bank’s screening processes.
In phase one, the technology will enhance and complement the bank’s customer screening processes for institutional and retail clients in key markets and segments. The capability will be expanded more broadly in the near future.
DDIQ is designed by Exiger’s technologists and financial crime compliance specialists. It understands and analyses content with cognitive reasoning to accelerate and enhance risk assessments of clients, investments, transactions, third parties and counterparties.
Findings from each level of risk assessment are recorded in the platform in a transparent and concise manner. This helps to ease the process of manually extracting and collating data for audit, compliance, and regulatory purposes.
“Using AI to help manage risk in financial crime is a journey that involves many small, difficult steps but tremendous ambition and commitment to keep moving, " said Lam Chee Kin, Managing Director and Head, Group Legal, Compliance and Secretariat, DBBS.
"It 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.”
Brandon Daniels, President of Global Technology Markets at Exiger, commended DBS for cutting the path for traditional financial institutions to transform and compete in today’s digital market. “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."