Running a strategic AI change program using bank compliance as an example. (Part two)
Future Proofing Compliance Technology
The future of compliance technology appears promising for several reasons, including the shift towards enterprise and centralized operating models and the upcoming automation revolution. This revolution offers more than just basic "AI on the box". However, it is reasonable to be concerned about when the technology will be fully ready and when a company should adopt it.
To address this problem, consider some fundamental truths about technology that operate like the laws of physics:
1. “Technology tends toward the removal of burdens”.
As the second law of thermodynamics shows that entropy is ever increasing, so too is there a tendency in technological innovations over time to remove burdens. This means that a prior technology has to become thought of as a burden, a chore or requiring excessive manual labour before people will look to replace it with something else. This is why the internet was so revolutionary, as global networking technology meant a whole host of previously settled technological paradigms suddenly looked burdensome. For example, letters have been a thing since the times of ancient Egypt. Letter-sending technology, the postal service, has been improved upon and perfected for two thousand years before the internet made letter writing burdensome. Why bother traipsing down the road to the post office, buying a stamp, posting the letter, having someone pick it up, take it to its destination and then deliver it through their front door when you could address an email over the new worldwide technology network and get it there in seconds? Consider here that the Internet is, essentially, an automated service.
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