target audience: TECH BUYER Publication date: Jul 2022 - Document type: IDC MarketScape - Doc Document number: # US47457622
IDC MarketScape: Worldwide Responsible Artificial Intelligence for Integrated Financial Crime Management Platforms 2022 Vendor Assessment
This IDC study assesses the capabilities and strategies of enterprise financial crimes management software solutions (identification and detection) used by financial institutions (FIs) from the perspective of AI responsibly. A key component of the evaluation is how IT buyers perceive the benefits of the financial crimes management software considering the unique and ever-changing threats of criminal attacks. Financial institutions, as well as their clients, need solutions to mitigate threats, but also act with fairness, robustness, explainability, resiliency, and governance.
"The complexities of identifying and detecting asymmetric criminal behavior in the current landscape need vendors that use the best-of-breed AI technologies but also act responsibly with those technologies," says Kevin Dolan, research director, Worldwide Compliance, Fraud, and Risk Analytics Strategies at IDC.
"Compliance departments at financial institutions are poised to benefit from integrating AI into their financial crime management programs. By implementing responsible AI (fairness, explainability, adversarial robustness, data lineage, and transparency) principles and governance, FIs can ensure a more robust and inclusive system, a lower risk of discriminatory decision making, and a reduced threat of reputational and regulatory harm," says Ritu Jyoti, group vice president, Worldwide Artificial Intelligence and Automation research practice and advisory services at IDC.