SMBC chooses Exiger AI compliance solution
Sumitomo Mitsui Banking Corporation (SMBC) has chosen compliance technology service, Exiger, and its AI-powered know-your-customer (KYC) onboarding technology, DDIQ, to deploy throughout its client onboarding and monitoring processes.
DDIQ understands and analyses content with AI-powered cognitive reasoning, which accelerates and enhances risk assessments of clients, investments, transactions and third parties.
New York-based Exiger promises SMBC, Japan’s second largest bank by assets, that it will boost its operational efficiency by more than 80%, giving the banking fintech “a competitive edge” on other industry players.
“As a forward-thinking global bank, SMBC is an ideal customer for us,” says Exiger’s global technology markets president, Brandon Daniels. “Our goal is to ease the client onboarding process by bolstering SMBC’s deep expertise and global footprint with DDIQ’s capabilities, leading the way to advance the standard of efficiency and automation in global banking.”
SMBC is excited to use the explainable AI technology to enhance its risk management and inform customers much more quickly on machine decisions.
An SMBC representative says its agreement with Exiger “continues [its] investment in technology to advance the standard, speed and efficiency of [its] anti-money laundering (AML) processes.”