Technology has proven to be a great way to reduce labour cost and to automatise process.
In many industries, this is considered as a treat to workers which need more and more skills to secure a role.
In the financial industry, and in specific in the Compliance field, this is not the case, as financial institutions fight over the existing profiles and find more and more difficult to find human capital for departments fighting money laundering.
Artificial intelligence is being used in many reputable financial institution, none the less, the use of massive amounts of data is creating the need for human analysis opening several roles for skilled proffessionals.
Compliance headcount has grown both in the US and EU in more than the double since 2013 reaching 3% of an average bank head count (as per bomber reported information).
The grow comes as compliance rules gain scope and complexity while financial institutions perform more thorough analysis on business relationships.
The risk appetite decreases as fines skyrocketed making institutions changing cycles of review and tighten the measures applicable to each customer.
Banks spend in general $300 million staffing compliance AML departments, with privations stating that financial institutions are to hire 10000 more people in the next 2 years.
In addition, salaries for compliance officers are reporting a 20% raise since 2016 according to Korn Ferry’s data.
Nonetheless the effective and clear need of technology, the real challenge of financial institutions is in recruiting and maintaining qualified and capable staff to avoid massive fines and to fight against money laundering effectivelly.