Harnessing AI with Fintech
Compliance is a part of every single aspect of a financial product - from marketing to onboarding and account closures. For example, all terms of a product including fees, interests and payment requirements are required to be clearly and plainly communicated in the marketing materials. Being up front about those terms and clearly communicating them is compliance.
Govern GPT is an AI compliance tool for the financial services industry that aims to make compliance a big part of the business, leading to how companies should be turning left and right. The company's CEO, Mamal Amini, is a machine learning scientist who has published papers and patents in search organizations and startups that have raised a lot of money. Govern GTP is designed to help compliance officers by automating tasks such as regulatory filings, and by providing real-time monitoring and alerts to help them stay on top of new and existing regulations. The company focuses on a single process with high volume to ensure that its models are well-trained, and it still believes in the importance of augmenting people who use its AI tool. AI in financial services is both overhyped and underhyped, according to Amini, and companies need to be careful in how they approach it. Some operations are less critical and can benefit from AI, while others require the human touch. Ultimately, Govern GTP's vision is to make compliance easier for everybody to be compliant, instead of having it be an afterthought.
FinTech Law is a technology driven lawn firm that focuses on innovators and startups in fintech, regtech, and financial services. Here at FinTech Law, we have a deep understanding of the legal, regulatory, corporate, and transactional challenges that impact our clients. Our team of experts is well-versed in the latest and most pressing issues in our rapidly evolving industry.
If you'd like to learn more about how Govern GTP and FinTech Law is working towards utilizing AI for compliances, watch the full video here:
Harnessing AI in Fintech Compliance with Mamal Amini of Govern GPT.