Navigating compliance in community banking: AI brings opportunity - NGDATA

Read the BAI article here.

Here is a brief summary:

• Community banks play a vital role in fostering localized prosperity and supporting small businesses.
• Compliance demands and regulations can be challenging for smaller community banks, necessitating the use of technology and artificial intelligence (AI) to fill the gap.
• Banks of all sizes face numerous regulations to ensure the safety and soundness of the financial system, with compliance demands increasing based on asset size.
• Compliance regulations aim to protect consumers, maintain market integrity, and prevent financial crimes, overseen by various governing bodies including the FDIC, OCC, and Federal Reserve System.
• Compliance costs can disproportionately impact community banks, creating a challenging environment and potentially affecting their ability to compete with larger institutions.
• AI solutions such as HawkAI, TridentAI, Greenlite, and Shiboleth offer efficient tools for community banks to streamline compliance, manage risks, and automate manual tasks.