Boosting compliance with technology advancements.

TLDR:

• Companies like Hummingbird and Babel Street are using new technologies to improve compliance efficiency.
• Hummingbird’s Automations tool removes manual tasks, centralizes activity, and provides choices for compliance teams.

In the article “How technology is improving compliance,” Tony Zerucha discusses how companies like Hummingbird and Babel Street are leveraging new technologies to enhance compliance processes. Hummingbird’s recent release of Automations aims to boost productivity, reduce risks, and lower costs by removing manual tasks and allowing staff to focus on higher-value duties. The tool centralizes activity on Hummingbird’s platform, providing customers with pre-built solutions and customization options for various compliance activities.

Hummingbird founder Joe Robinson emphasizes the importance of a human element in compliance processes, highlighting that automation should prioritize the human element and ensure legitimate customers are served. Babel Street has also strengthened its compliance capabilities through the acquisition of Rosette and Vertical Knowledge, enabling enhanced name screening and advanced compliance features.

While AI technologies offer immense potential for improving compliance processes, it is essential to focus on solving real problems and ensuring that customers receive the best intelligence while remaining compliant. Both companies are actively working towards innovation and continuous improvement in compliance processes, aiming to address the evolving regulatory landscape effectively.