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In recent years, banks, mostly in developed markets, have been struggling to sustain a competitive edge. On the one hand, cut their operating costs, and on the other, increasing their top line, but due to fierce competition and low margins, have seen little success.

Digital Transformation, and the introduction of advanced analytics, specifically artificial intelligence (AI), are changing this paradigm. By minimizing the dependency on labour intensive tasks, efficiency is increasing in orders of magnitude, processes become thousand times faster and marginal transaction costs are nullified. At the same time, the customer journey is drastically improved, as processes shorten, and interaction becomes personalized.

Return on equity (ROE) in the banking sector has remained subdued since the global financial crisis, averaging 5% in Europe in 2016 and 9% in the US—several percentage points below the average cost of equity. Given the constraints on revenue growth, banks must seek to cut costs—and they have been trying to do so, but to the most are failing to change processes in ways that not only achieve lasting cost reductions but also improve the quality of the customer experience.

ELEMENT™ offers a variety of applications that allows banks to target both the top line and the bottom line, with minimal business disruption, and complete flexibility to adapt to changing needs.

ELEMENT™ of Compliance

Delivering an end-to-end financial crimes compliance process and leveraging advanced AI, this application addresses requirements for Know Your Customer, Anti-Money Laundering, Anti-Fraud, Watchlist Screening, Adverse Media Monitoring, and Transaction Monitoring & Intelligence, while dramatically increasing operational efficiencies.

About BlackSwan Technologies

BlackSwan Technologies is reinventing enterprise software through Agile Intelligence for the Enterprise – a fusion of data, artificial intelligence, and cloud technologies that provides unparalleled business value. Our multi-tiered enterprise offerings include the award-winning platform-as-a-service, ELEMENT™, which enables organizations to build enterprise AI applications at scale for any domain quickly and at a fraction of the cost of alternatives. BlackSwan and its global partners also provide industry-proven applications that are ready-made and fully customisable for rapid ROI. These offerings are generating billions of dollars in economic value through digital transformation at renowned global brands. The private company maintains gravity centers in the UK, Europe, Israel, the US, and Sri Lanka.