AI APPLICATIONS
“ With the AI scanning for the smallest anomalies in the user ’ s behaviour , banks can perform continuous authentication , which can reveal malicious actors before fraud can take place ”
TIM AYLING VP EMEA , BUGUROO
According to Darktrace : The average cost of a cyber attack on banking organisations is
$ 18.4mn
The technology is particularly adept at spotting instances of fraud in unobtrusive ways by picking up on small giveaway signs , as Tim Ayling , VP EMEA at buguroo , explains : “ With digital banking fraud on the rise , partly as a result of the pandemic , banks must ensure their customers are not being impersonated or manipulated at any point during their online sessions . Using AI and deep learning to conduct behavioural biometric analysis , banks can build unique ‘ BionicIDs ’ for all users , including cybercriminals . With the AI scanning for the smallest anomalies in the user ’ s behaviour , banks can perform continuous authentication , which can reveal malicious actors before fraud can take place , without impacting the customer experience .”
It ’ s important to remain realistic about where AI is best implemented , however . “ While we don ’ t recommend AI be directly part of your core banking platform , it is very important for your core to be flexible enough to integrate with a partner that provides AI capabilities ,” says Elliott Limb , Chief Customer Officer of Mambu . “ Larger banks and financial institutions that haven ’ t implemented a flexible core banking platform can sometimes have trouble with digital interactions between their clients . Oftentimes they will struggle to be nimble enough to build something ‘ on the fly ’ that would be individualised enough for clients . For those larger institutions , AI will play a major role in the way they shape customer journeys and the way customers interface with banks .”
58 April 2021