Neil Katkov

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Articles

The State of GenAI in Risk & Compliance for Banks

Jan 8, 2025 | bankingexchange.com | Neil Katkov

The use of generative AI for risk and compliance applications is now a reality for financial institutions. As the majority of forward-focused firms try GenAI for risk and compliance functions and, more cautiously, put use cases in production, banks have opportunities to define effective programs for their GenAI initiatives. A Celent survey of financial services executives illustrates the GenAI actions and priorities of financial institutions.
The State of Gen AI in Risk & Compliance for Banks

Jan 7, 2025 | celent.com | Neil Katkov

The State of Gen AI in Risk & Compliance for Banks 8 January 2025 The use of generative AI for risk and compliance applications is now a reality for financial institutions By Neil Katkov, Phd, Research Director - RiskThe use of generative AI for risk and compliance applications is now a reality for financial institutions.
So You Want to Buy an AML System: A Buyer's Guide to Financial Crime Compliance Technology

Nov 26, 2024 | celent.com | Neil Katkov

27 November 2024What to look for when purchasing AI-enabled solutions to more effectively support KYC, sanctions, transaction monitoring, and case management. Efficiency in financial crime compliance is a hot-button issue. Banks are keen to make meaningful reductions in false positives and streamline alert investigation and case management.
Risk and Compliance at Celent's Generative AI Symposium

Sep 27, 2024 | celent.com | Neil Katkov

As part of Celent’s ongoing coverage of technology and business trends in genAI, Celent held its Generative AI Symposium in New York last week. The event featured banks and insurers discussing current areas of focus for generative AI, presentations and discussion led by Celent analysts, as well as a number of vendor demonstrations of genAI-enabled solutions.
Field Guide to GenAI Hyperscalers: Risk & Compliance Edition

Sep 17, 2024 | celent.com | Chris Bendtsen |Alenka Grealish |Neil Katkov |Keith Raymond

Field Guide to GenAI Hyperscalers: Risk & Compliance Edition 17 September 2024Celent examines the Generative AI solutions and capabilities of AWS, Google, IBM, and Microsoft. Abstract In response to the voice of its clients, Celent is writing a series of reports on the tech vendors supporting the GenAI initiatives at financial institutions. This is our inaugural report focused on hyperscalers (AWS, Google, IBM, and Microsoft).
Dimensions: Financial Crime IT Pressures and Priorities 2024

Aug 21, 2024 | celent.com | Neil Katkov

Fighting financial crime has jumped to the top of Risk priorities in 2024, with a majority of Risk executives citing it as one of their top three concerns. This is supporting steady growth in technology spending for financial crime. Based on results from the Celent Dimensions 2024 survey, Celent does a deep dive into financial crime strategies at financial institutions globally.
The CrowdStrike “CrowdOut”: Lessons for Technology Strategists

Jul 26, 2024 | celent.com | Neil Katkov

After seven days, the dust is finally settling on the CrowdStrike outage. While some companies are still struggling to recover from the incident, most have regained their footing—and the use of their computer systems. Losses stemming from the incident are estimated at just over $1 billion for the banking industry globally (Perametrix).
GenAI-oneers in Risk & Compliance: Cross-Sector Survey and Spotlights

Jun 11, 2024 | celent.com | Neil Katkov

GenAI has rocketed from moonshot to reality. To flesh out the reality in the financial services industry, Celent surveyed executives in roles tied to innovation. A majority of firms are implementing or testing use cases in risk and compliance functions. Insurers and banks are leading the way, while a substantial subset of capital markets and wealth management firms also have projects in play.
IT and Operational Spending on Fraud: 2024 Edition

Apr 30, 2024 | celent.com | Neil Katkov

30 April 2024Financial Institutions will spend US$16.3 billion on fraud technology and US$27.5 billion on operations in 2024. With the rise of mobile access to financial services, fraud technology has developed into a complex ecosystem of solutions aimed at securing each aspect of customer access to financial accounts including through digital channels.
IT and Operational Spending on Anti-Money Laundering: 2024 Edition

Mar 29, 2024 | celent.com | Neil Katkov

29 March 2024Financial institutions are prioritizing strategic investments to improve the efficiency and accuracy of AML. AML operations are plagued with perhaps the most severe efficiency and accuracy issues in financial services. Fortunately, new technology is available to help. Machine learning, AI, natural language processing, and now generative AI tools can support more accurate financial crime detection and increase efficiency in investigative processes.