Barbara Okai-Tettey, Senior Compliance Manager at Stanbic Bank Ghana has emphasized the need for collaboration between the financial service industry and regulators to enhance the evolving use of AI in transaction monitoring.
She made this statement at ‘The Fintech & Banking Event’ hosted by fintech software company, ThetaRay, at the Kempinski Hotel Gold Coast City, Accra. The event was held under the theme ‘Navigating Ghana’s Compliance Challenges with Al Technology’
Contributing to a panel discussion, Barbara Okai-Tettey explained the importance of cross-sector collaboration using Stanbic Bank as a case. She said, “At Stanbic Bank, I can say that there is indeed a meaningful relationship with the regulators. There are frequent check-ins, all to ensure that the sector is run smoothly especially as we approach the new age of technological advancements.
The regulator’s focus is gradually expanding to include fintechs, instead of checking the activities of just banks as was the norm in the past. As technology continues to evolve, we are seeing how AI comes into play in the financial sector for both banks and fintechs. There must be not only meaningful but sufficient dialogues between the financial service industry and regulators on the evolving use of AI in transaction monitoring.”
She added that, “What we need to understand is that the regulators are not responsible for driving technology in the sector. It is up to us as players in the financial service industry to be creative and innovative to develop the needed technology to respond to the evolving nature and trends. The regulator on the other hand must provide the framework for how the technology should operate. Therefore, we need to step up our game and bring in cutting-edge technology.”
Barbara Okai-Tettey also spoke on what Compliance holds, going into the future. She noted that,
“The future of the compliance space looks promising with the rise of technology. But it will also increase in risk due to fraudulent transactions and other activities. We therefore need to be creative and agile. We must think outside the box and partner with internal and external stakeholders. By working together, we can churn out the products and services that meet the clients needs. Data is a big thing and we will be heavily data-driven. Currently, we are very reactive but with the introduction of technology such as AI, we will be able to delve more into trends and behaviour. This will increase proactivity and have the necessary parameters to drive businesses the right way because we can predict the behaviour of the consumers and design the right products and services to suit their needs.”
ThetaRay’s Banking and Fintech event in Ghana focused on using AI to fight financial crime and mitigate compliance risk. Keynote speakers from ThetaRay, Papss, GCB Bank, Kowri, Zeepay, Stanbic Bank, Hulogis Limited, and experts from the Fintech Industry, and Regulators discussed how AI detects and prevents financial crimes such as money laundering and other criminal activity.
