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How AI is changing operations: From settlement optimisation to automating risk monitoring
Journal of Securities Operations & Custody,
12
(2),
102-115
(2020)
Abstract
Banking executives continue to evaluate new ways to incorporate artificial intelligence (AI) into the middle and back office to improve efficiency, mitigate risk and reduce cost. Even with these efforts, a Business Insider report1 estimates the aggregate potential cost savings from AI applications at US$248bn by 2023 in the middle and back office. In this paper, the authors discuss two uses of AI that are experiencing investments from firms: settlement optimisation (maximising daily resolved trades by using AI to optimise the order that transactions are settled) and automating risk monitoring (using natural language processing to systematically review and filter content relevant to a specific risk-monitoring purpose).
Keywords: settlement optimisation; text analytics; risk monitoring; natural language processing; text summarisation; content collection; robotic process automation; event logging
The full article is available to subscribers to the journal.
Author's Biography
Tony Brownlee is the President of Kingland and is responsible for all business operations for the company. Tony is recognized as a creative thought leader and is a frequent speaker at executive level events as well as working with Fortune 500 leadership teams on strategies to advance how people use data and technology. He holds a Bachelor of Arts in economics from Central College in Pella, Iowa and an MBA from Iowa State University.
Jesse Sommerfeld is Head of Data Science at Kingland. He studied at Iowa State University’s Ivy College of Business. At Kingland, he has also worked as a Data Analyst, Data Process Lead and Solution Analyst, and Data Research Analyst.
Kyle Hansen is Head of AI Engineering at Kingland and works on AI (artificial intelligence) technologies for new and existing solutions. Kyle graduated from Iowa State University with a degree in Computer Science and a minor in English. He has worked on data projects involving database design and management, backend data processing, settlement and more.
