Fintech Nexus Newsletter (February 21, 2024): Hummingbird Launches New AI Automation Tool For Compliance

Republished By Plato

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While AI seems to be everywhere these days, one place it is getting real traction is in the compliance space.

There is a lot of manual, repetitive work in the compliance teams at large banks and fintechs. Hummingbird is looking to ease that burden with the launch of a new AI-based compliance tool.

This new tool, called Hummingbird Automations, will help financial institutions assemble information that will be presented to the compliance team and a human will decide whether or not to take further action.

Much of the work of compliance teams is combing through large volumes of financial data to find anomalies, something that AI-based systems can be very proficient at.

Given this is a highly regulated area Hummingbird Automations is built with high levels of transparency, human oversight, and reporting for compliance.

The product has been in beta testing with Hummingbird clients since the spring of 2023 and is now being released to the broader market.

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Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

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