JUST A START:
How technology can prevent financial issue, how do it prevent data ,how do it prevent economy these are related to country development. on these bases only development of the country depends.
Economy, GDP, Financial, Educational issues need to be given much importance and also need to be improved every day.
Technology helps in the prevention of financial crime all across the world, as Artificial Intelligence (AI), Machine Learning (ML) and Data Analytics are seen as the stages of evolution of technology.
COMPARISION:
If we forget our laptop or mobile pin ,we just can’t open it just like that. some sort of formals have to be in order to get in. Some times legal procedures are also important.
When we come back to financial crime the same method can be applied. There are several similar ways in which these technologies can be used to prevent Financial Crimes.
ARTIFICIAL INTELLIGENCE:
Artificial intelligence is most used technology in the financial matter. It has the ability to identify patterns of transactions and rapidly allow compliance of the professionals to spend their time in a better way.
AI also has the ability to analyze the results, investigate the root causes and collaborate the findings with other financial institutions or authorities.
It is particularly helpful in corporate finance as it can better predict and assess loan risks. For companies looking to increase their value, AI technologies such as machine learning can help improve loan underwriting and reduce financial risk.
HOW TECHNOLOGY CAN PREVENT FINANCIAL ISSUE:
Financial institutions play a very important role as they are the one who collects all the data. Usage of technology is helpful in these aspects such as
- Better reporting of exceptions
- Making it easier to detect hacks
- Preventing out-of-system liabilities
Artificial intelligence, Machine Learning and Data Analysis can be used to distinguish fraudulent transactions from real transactions.
Financial institutions are replacing the traditional black-and-white rules approach with a more technologically focused, flexible and holistic programme, capable of detecting anomalies a lot more efficiently.
When embedding new technologies into the organization, financial institutions need to determine acceptable levels of risk, develop a set of mitigating actions, and weave all of these elements together into a clear change story to mobilize employees.
https://www.banktech.com/regulation-compliance/can-technology-help-prevent-the-next-fin/240166683
CONCLUSION:
In conclusion, there are several undiscovered ways in which Technology can help in decreasing financial crimes. But the key to it lies on pro-activeness of the financial sector as well as the successful implementation of it. India is on the right track but needs to speed up the process and implementation.
