Will regulatory compliance drive artificial intelligence adoption?

With their vast warehouses of structured and unstructured data, and the competitive pressures they are facing from nimble technology companies, financial firms may seem like prime candidates for artificial intelligence (AI) technology. But firms could be attracted by another driver to AI and cognitive technologies: compliance. “One incredibly important aspect of a digital agent, this is the thing that is drawing insurance companies to us, drawing the financial services companies to us, and the healthcare and medical services providers, is regulatory compliance obligations,” said Jonathan Crane, chief commercial officer for IPsoft. Research firm IDC predicts that “cognitive software,” which includes artificial intelligence and other tools that offer intelligent advice and assistance, will grow at a compound annual growth rate approaching 35 percent over the four-year period from 2015 to 2019.…

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