Avoiding fraud and money laundering is a challenge for many financial organizations. Artificial intelligence has the potential to help banks become more efficient in the process of detecting fraud and money laundering. To quickly identify potential fraud, AI engineers have developed tools and systems that automatically conduct and compress data that normally requires many hours of labor in just a matter of minutes, writes Alex Hickey of CIO Dive. Larger institutions are more inclined to update their legacy systems due to the rising number of fintech companies that are adopting AI. One of the banking giants, Citibank, is already using machine learning and big data to prevent criminal activities and monitor potential threats to customers in commerce.

https://www.forbes.com/sites/forbestechcouncil/2018/12/05/how-artificial-intelligence-is-helping-financial-institutions/#492bf3f4460a