Artificial Intelligence can reduce cost of AML compliance by $217 Billion

| February 28, 2019

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The U.S. financial firms spend approximately $25.3 Billion in terms of compliance, risk management and AML procedures. Europeans banks come close with $20 Billion annual AML expenditure. The increasing territorial and regulatory gap between organisations and consumers has lead to a demand for digitisation of operations. Regulatory bodies owing to evolving nature of online fraud and monetary assets (cryptocurrency) are putting a safety check on every interaction between a business and its consumer. This results in a narrow gap between compliance management and profits. But fortunately technology has evolved enough to remove this barrier.

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OTHER ARTICLES

Microsoft Acquires npm: A Healthy Move for Critical Public Infrastructure

Article | March 16, 2020

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Lenovo Looks to Automate Edge Computing

Article | March 16, 2020

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All-out SaaS for IT operations management

Article | March 16, 2020

Software-as-a-service (SaaS) is an old friend that has been an established business model since the 1960s. It is a broad term referring to everything from platform to software and various other technology ecosystems that are offered to customers on a consumption pay-per-use model. In 2019, the SaaS market was estimated to be worth $141 billion. The 2020 market is projected to reach the $157 billion mark. When compared with figures from 2014 when the industry was said to be worth $63.19 billion, the growth is exponential.

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What Makes Digital Transformation a Success?

Article | March 16, 2020

Despite more than $5 trillion having been spent on digital transformation efforts, survey after survey shows that successful digital transformations are far and few in-between. By many estimates, more than 50% of digital transformation efforts failed in recent years. While a recent survey conducted by Hanover Research and commissioned by AHEAD, the State of Enterprise Digital Transformation, found that 93% of enterprises are undergoing some digital transformation as they seek to cut costs (77%) and improve customer experience (71%). The survey found 42% of enterprises struggling to reach success as their efforts fall behind or stall.

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Spotlight

TeraThink Corporation

TeraThink is an exceptionally nimble, resourceful team of information technology and management consultants that’s purpose-built to help our clients drive real, rapid progress and make smart, sustainable improvements that lead to less stress and greater operational success. Our seasoned consultants are 100% focused on our government clients, and have a proven track record collaborating with them to dramatically reduce cycle times, do more with less, lower error rates, simplify processes, save money, and equip every client to focus more energy and resources on accomplishing their missions.

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