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How Is AI Helping Financial Institutions with Reconciliation
In this video Roque Martinez from SmartStream RDU spoke to Doug Mackenzie about one of the big ways AI can be used to help institutions. Text reconciliation.
Reconciling data is not just about numbers and with older technology, mistakes can be made. Natural language processing means we’ll have less ‘fuzzy matching’ as Martinez calls it.
This is a major help for KYC and anti-money laundering, meaning a reduction in false sanctioning and quicker onboarding processes. “Now [the text] doesn’t have to match. There are phonetic searches, text searches, and we’re doing all of that as well.”
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