Market Insight : Challenges, Opportunities, and Innovations in Transaction Monitoring and Alert Management
Report Description:
Quadrant Knowledge Solutions Market Insights research provides detailed insights to into the challenges, opportunities, and innovations involved in Transaction Monitoring and Alert Management
According to Shruti Jadhav, Associate Research Director at Quadrant Knowledge Solutions “Financial institutions should focus on optimizing transaction monitoring by infusing the power of advanced technologies including advanced analytics, artificial intelligence, machine learning, and robotic process automation into their transaction monitoring system framework. Despite the continued challenges faced by FIs to keep up with the increasing volumes of transactions and alerts, regulatory requirements, as well the growing complexity of the rules, these advanced technologies are helping financial institutions to significantly reduce the false positive rates, improve the speed and accuracy of fraud detection, meet regulatory and compliance requirements, address the “black box” challenge, and ensure appropriate alert prioritization.” Shruti further adds “It is important for financial institutions to employ an appropriate transaction monitoring approach by considering various factors such as the quality of data, company-specific use cases, readiness for adoption of new technology, “explainability” of machine learning models, costs and vendors expertise, thereby paving their way towards better transaction monitoring”
Table of Contents
Need for transaction monitoring system
Optimizing Transaction Monitoring System
Challenges involved in alert management
Adoption of ML models and AI for transaction monitoring
Towards better transaction monitoring
This Market Insight is a part of Quadrant’s Integrated Risk Management and Financial Crime & Compliance practice.
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