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The necessity of artificial intelligence in fintech for SupTech and RegTech supervisory in banks and financial organizations
1 Nigeria Deposit Insurance Corporation (NDIC), Strategy Development Department (SDD), Abuja, Nigeria.
2 LLM Intellectual Property and Technology Law, University of Illinois Urbana-Champaign.
3 Cybersecurity, University of Tampa, United States.
4 Computer Science and Engineering, University of Huddersfield.
5 Masters in Business Administration, Scott College of Business, Indiana State University, Indiana.
6 Information and Communication Science, Ball State University, Muncie, Indiana.
7 LLM Data Protection and Intellectual Property, The University of Law, Manchester, UK.
Research Article
International Journal of Science and Research Archive, 2024, 12(02), 2853–2860.
Article DOI: 10.30574/ijsra.2024.12.2.1614
Publication history:
Received on 19 July 2024; revised on 26 August 2024; accepted on 29 August 2024
Abstract:
In the rapidly evolving financial landscape, the integration of Artificial Intelligence (AI) into Supervisory Technology (SupTech) and Regulatory Technology (RegTech) has become increasingly vital. As banks and financial organizations grapple with the complexities of compliance, risk management, and regulatory oversight, AI offers transformative capabilities that enhance efficiency, accuracy, and resilience. This paper explores the critical need for AI in Fintech for SupTech and RegTech, focusing on its role in supervisory functions within the banking sector. A case study on AI-driven anti-money laundering systems is presented, along with a discussion of authentic laboratory research and survey results. The paper concludes by illustrating the potential impact of AI on financial supervision with graphs and data, underscoring its necessity in modern financial governance.
Keywords:
Artificial Intelligence (AI); Financial Technology (Fintech); Supervisory Technology (SupTech); Regulatory Technology (RegTech); Regulatory Compliance; Blockchain; Financial Supervision; Fraud Detection
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
