July 11, 2024
Kinil Doshi is a renowned Fintech expert in Banking Compliance and Risk Management, boasting two decades of extensive experience in the financial services and technology sectors.
Kinil Doshi
He has played a pivotal role in global corporations in successfully implementing Fintech solutions across various banking verticals. Kinil has proficiently navigated and addressed complex compliance and risk challenges using tech-enabled solutions. He has pioneered and directed product strategy for a comprehensive suite of Risk and Compliance applications.
Kinil holds a Master’s degrees in Management, Business Administration, and Commerce, complemented by specialized IT certifications. His thought leadership is further evidenced by his numerous publications on Fintech and Banking in reputed journals. He has also served on program committees, editorial boards and conducted peer reviews for reputed journals. He plays active role as jury member for reputable award organizations in Technology and Business which include Brandon Hall Group, Finovate, Globee Awards and others.
Kinil Doshi is an eminent member of the Forbes Technology Council, and a distinguished Senior Member of IEEE. This is further evident as he has been accoladed with Prestigious 2024 Global Recognition Award as well as prominent publication houses such as Finance Digest, Digital Journal, International Business Times, MSN, and TechBullion have featured Kinil’s insights on various topics for their readership
Currently Kinil Doshi is a Sr. Vice President Position with Citi bank where he is responsible to bring technology transformation in compliance. In this interview with our Global Banking & Finance Review team, he discusses how Open AI is bringing transforming in Testing and Monitoring compliance for Banking Industry.
Open AI is an artificial intelligence technologies and platforms made in such a way that they are more accessible by any organization, including the banks. Open AI refers to all the machine learning models, natural language processing systems, predictive analytics and other artificial intelligence-based solutions which can be plugged into various business processes and operations. In the banking industry, Open AI is particularly relevant for enhancing compliance, improving testing and monitoring processes, and driving operational efficiencies.
OpenAI technologies are being increasingly integrated into the banking sector to enhance compliance by leveraging advanced natural language processing (NLP) and machine learning (ML) capabilities. These technologies assist in automating the monitoring of transactions, identifying suspicious activities, and ensuring that all operations align with regulatory standards.
Open AI Cloud can revolutionize compliance testing in banking by automating mundane functions and facilitating real-time analysis which has the power to spot likely compliance dangers. AI-powered algorithms also have the ability to sift through massive volumes of data in order to identify any anomalies, suspicious or unusual transactions, and compliance with the predefined regulations. They can even offer forward-looking views, helping banks foresee and mitigate potential compliance challenges before they escalate.
Open AI offers several benefits for monitoring activities in banking compliance, including:
OpenAI has significantly enhanced testing and monitoring processes. AI models can simulate various scenarios to test the robustness of compliance frameworks and identify potential vulnerabilities. Additionally, continuous monitoring powered by AI ensures that compliance systems remain up-to-date with the latest regulations and can adapt to new threats as they emerge. This proactive approach helps in maintaining a high standard of compliance and risk management.
One notable example is the implementation of AI-driven transaction monitoring systems. Previously, manual reviews of transactions were not only time-consuming but also prone to human error. By integrating OpenAI’s NLP and ML capabilities, we have automated the analysis of transactions, significantly reduced false positives and improved the accuracy of identifying suspicious activities. This has not only enhanced our compliance efficiency but also allowed our team to focus on more complex compliance issues that require human expertise.
Another example is, banks are building AI solution to scan through the different banking landscape like regulatory changes, regulatory exams, emerging risk, risk assessment and other inputs to identify risk and ensure to have appropriate coverage to mitigate the risk
Despite its benefits, integrating Open AI for compliance purposes comes with challenges, such as:
6)How can banks overcome these challenges?
Banks can overcome these challenges by:
7) What is the future outlook for Open AI in banking compliance?
The future of Open AI in banking compliance looks bright. However, with the continued evolution of AI technologies as well; data analyst functions that were once replicable by software systems will increasingly more accurately and sophisticated. By doing so, banks be able to gain the highest levels of compliance and as a consequence mitigating the risks associated with collapses which also leads to much higher operational efficiency. In addition, improved AI is likely to result in new and innovative compliance-solutions that are created specifically for the banking industry’s compliance requirements.
Banks can start leveraging Open AI for compliance testing and monitoring by:
Kinil Doshi’s Conclusion
As per Doshi, banks can transform their compliance testing and monitoring processes, ensuring they remain robust, efficient, and adaptive to the evolving financial landscape by strategically implementing Open AI
Open AI refers to artificial intelligence technologies and platforms that enhance accessibility for organizations, including banks, to improve various business processes and operations.
Compliance testing is the process of evaluating whether a bank's operations align with regulatory standards and internal policies to ensure adherence to legal requirements.
Artificial intelligence (AI) is the simulation of human intelligence processes by machines, particularly computer systems, enabling them to perform tasks that typically require human intelligence.
Risk management involves identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events.
Monitoring in banking refers to the continuous observation of transactions and activities to detect irregularities, ensure compliance, and maintain operational integrity.
Explore more articles in the Technology category
