Nordic banks to cut compliance staff in favour of robots

guest · Jun 17, 2019

Nordic banks to cut compliance staff in favour of robots
June 17, 2019
https://www.finextra.com/newsarticle/33982/nordic-banks-to-cut-compliance-staff-in-favour-of-robots

Two of the Nordics' biggest banks, Nordea and Danske Bank, expect to significantly reduce the number of staff employed in its compliance and financial crime departments and instead turn to robotics and artificial intelligence.

The comments, which were reported by Bloomberg, follow a recent hiring spree by both banks which has added hundreds to their respective compliance departments. However, both Nordea and Danske, have said that the additional headcount will be temporary and will be sizeably reduced due to the greater use of robotics and AI technology.

Given the increasing volume of transactions and the need to monitor and report more transactions due to regulations like MiFID II, the use of manual processes continues to be a source of inefficiency.
But, once the technology matures, the bank will benefit from "proper systems, algorithms, scenarios, case management platforms and ultimately AI and robotics", he said. “And usually this is the phase where you start to reduce the number of people you need.”
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Bloomberg: Banker Compliance Jobs at Risk as Nordea, Danske Turn to Robots

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