In today’s technology-driven world, companies are making significant strides in transforming the industry using AI in financial communications. By changing how financial information is analyzed, communicated and utilized, AI is setting the stage for more efficient and intelligent financial operations, highlighting its pivotal role in the sector’s ongoing evolution, according to Patrick Palomo (pictured), vice president of solutions engineering at Smarsh Inc.

Smarsh’s Patrick Palomo talks to theCUBE about AI in financial communications.

“AI brings a number of efficiencies and risk mitigations, and I think the bigger you are, the more acute those problems are and the more willing you are to invest in those,” Palomo said. “Everyone wants to meet customers where they are … our CIOs, want to make that easy for their customers to communicate with one another … but they have compliance obligations. That’s where we come in, making sure they can stay compliant and still allow their teams to communicate the way that they expect to.”

Palomo spoke with theCUBE’s Savannah Peterson at the AWS Financial Services Symposium, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed the integration of AI in managing digital communications within the financial services sector, emphasizing regulatory compliance and operational efficiency. (* Disclosure below.)

The role of AI in financial communications

The integration of AI in financial services is not merely about compliance; it’s also about enhancing operational efficiency. Beyond compliance and efficiency, AI’s potential to generate business insights is increasingly recognized, Palomo noted.

“I know it’s so topical today and ubiquitous the topic of AI, but we do it a long time for financial services. Our core use cases is our how do you make sure someone’s not perpetrating the next Bernie Madoff … type of scheme,” Palomo said. “So that’s the first place our customers look to us for…hopefully happy insights about your business and customers and revenue opportunities. But right now, it’s absolutely about keeping capital markets safe and sound.”

The financial sector’s reliance on AI tools is set to grow. This comes as companies increasingly adopt these technologies for enhanced efficiency, regulatory compliance and risk mitigation, Palomo concluded.

“I expect voice to be the next frontier,” Palomo said. “I would love to be able to come back here and talk about how many customers have expanded their compliance programs, identifying potentially risk behavior in phone calls across hopefully multiple jurisdictions.”

Here’s the complete video interview, part of SiliconANGLE’s and theCUBE Research’s coverage of the AWS Financial Services Symposium:

(* Disclosure: Amazon Web Services Inc. and Smarsh Inc. sponsored this segment of theCUBE. Neither AWS, Smarsh nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Photo: SiliconANGLE