Microsoft joins regtech group to promote AI as a royal commission response

Microsoft will push its artificial intelligence technology deeper inside banks and use its membership of the RegTech Association to show regulators how AI could improve bank compliance to respond to problems exposed by the banking royal commission.

Microsoft has just joined the RegTech Association, an industry group driving collaboration between banks, government and start-ups, as the technology giant increases the focus on regulatory compliance applications available on its Azure cloud services.

Duncan Taylor, director of financial services at Microsoft, said its artificial intelligence technology could allow banks to identify transactions or advice in breach of ever more complex and onerous laws and regulation. It wants to become a bridge between banks and start-ups innovating in the fast-moving area.

“When you consider there are over 300 million pages of regulatory compliance and that’s going up, along with the volume of transactions and financial advice and loans that are written, it’s an impossible challenge to throw enough human effort to interpret whether a transaction or piece of advice been compliant,” he said.

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Source: Microsoft joins regtech group to promote AI as a royal commission response