DBS Bank partners with Exiger to implement AI-powered due diligence solution

ExigerSingapore-based DBS Bank has partnered with Exiger, a provider of tech-enabled financial crime, risk and compliance solutions, to implement an AI-powered due diligence solution to streamline and bolster bank’s screening processes.

The automated AI-powered solution, DDIQ, understands and analyses content with cognitive reasoning to accelerate and enhance risk assessments of clients, investments, transactions, third parties and counterparties. Findings from each level of risk assessment are recorded in the platform in a transparent and concise manner to ease the process of manually extracting and collating data for audit, compliance, and regulatory purposes, Exiger said in a statement.

“Using AI to help manage risk in financial crime is a journey that involves many small, difficult steps but tremendous ambition and commitment to keep moving. It is incumbent for financial institutions and their like-minded partners to continue to strive to give customers great experiences yet be adversarial to criminals and terrorists,” said Lam Chee Kin, Managing Director and Head, Group Legal, Compliance and Secretariat at DBS Bank.

In phase one, DBS will work with Exiger to deploy DDIQ’s AI-powered screening technology to initially enhance and complement the bank’s customer screening processes for institutional and retail clients in key markets and segments.

“Banks are quickly recognizing that legacy systems and legacy technology will hold them back from achieving the next phase of growth and meeting increasingly demanding regulatory compliance requirements. DBS is cutting the path for traditional financial institutions to transform and compete in today’s digital market..,” said Brandon Daniels, President of Global Technology Markets at Exiger.

Earlier this week, DBS Bank announced that it is planning on launching Google Pay services with DBS PayLah! by early 2020. The integration will allow DBS PayLah! customers to send and receive funds and also pay merchants via Google Pay using a single-click sign-up.

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