Most people see blockchain technology as a way to reduce costs in the financial ecosystem. While it is certainly true Bitcoin technology can help institutions save a lot of money, there are other technologies which can be beneficial as well. Machine learning can help reduce costs on transaction monitoring, which is quite an interesting strategy to consider.
Regardless of how people want to look at things, the financial world will be undergoing some changes shortly. Fighting crime, money laundering, and terrorism financing all hinges on new technology and digitization. Using blockchain technology to achieve these goals is only a logical conclusion.
Improving Transaction Monitoring Processes
At the same time, it is important to keep an eye on other emerging technologies. Machine learning can play a significant role in automating the future of finance, especially when transaction monitoring is concerned. That is, assuming financial institutions can overcome the challenges associated with this process.
Up until this point, a lot of false positives have been generated as far as fraud prevention is concerned. Transaction monitoring is not as easy as it may sound, as it is difficult to determine illicit patterns. Coming up with new and accurate solutions is direly needed, but there is only so