It has been a hard year for banks and fintech compliance teams. On one hand, regulatory scrutiny continued to mount, with recent developments like the collapse of FTX, challenges for the Banking-as-a-Service (BaaS) sector and growing sanctions lists amidst global conflicts.
If this wasn’t enough, economic cycles have turned and compliance teams are receiving the pressure to cut costs and improve operational efficiency.
This was all summed up by a conversation I had with Chief Compliance Officer (CCO) earlier this year:
“We need to increase compliance with fewer resources. It’s an impossible task.”
While compliance technology has made strides over the last decade, introducing sophisticated transaction monitoring, identity verification, and fraud detection systems, these solutions still hit a common bottleneck: manual workflows to investigate the risks identified by the systems. Manual investigation remains a time-consuming reality, leading to operational inefficiencies.
Traditionally, compliance and operations leaders had a binary choice to scale these manual investigations: either expand their teams by hiring more analysts or resort to business process outsourcing (BPO).
Both options, however, have challenges:
- Variable quality: With different analysts comes a range of accuracy in their work, resulting in a lack of uniformity in compliance operations.
- Inflexibility: Scaling teams up or down is a slow and rigid process.
- Slow ramp: It takes on average 3 months to recruit, train and ramp up an analyst onto your workflows.
- High costs: The financial burden of additional staff or outsourcing is significant and growing.
- Bound by work hours: There's a finite limit to human labor within the traditional workday.
These options leave management frustrated and compliance teams stuck with manual, tedious processes. They also leave your organization at risk of non-compliance as backlogs pile up.
Ideally, compliance teams would have a third option to scale compliance operations that has a few key qualities:
- Consistent and high-quality: operations in-line with your policies that exceed your QA standards.
- Flexible: capacity can be ramped up or down depending on business needs.
- Fast deployment: deployed in under a month and instantly productive.
- Lower cost: more output at lower total cost.
- Works 24/7: investigates risks at any time of the day, 7 days a week.
1 year ago, this would have been impossible to achieve. But with a new wave of technology led by large language models, we’ve been able to build something remarkable for compliance teams.
Introducing Greenlite
Greenlite is AI staffing for bank and fintech compliance teams. Instead of throwing more bodies at manual processes, teams can now deploy intelligent coworkers to add instant capacity to their operations.
Coworkers use large language models, 200+ datasets and the playbooks of the worlds best financial crime investigators to investigate risks identified by screening systems.
Greenlite is built for the enterprise, with auditability, accuracy and explainability at its core. From robust audit logs to human-readable evaluations, Greenlite is designed to strengthen your compliance program under the highest scrutiny.
That’s why Greenlite is already trusted by financial institutions across the world, ranging from an OCC-regulated bank in the US to a merchant payment network in Singapore
Our clients consistently report improved output quality, increased focus on strategic tasks for their analysts, and a significant reduction in operational costs. It's a win-win-win scenario that has placed Greenlite on the wish lists of countless financial institutions.
We’re just getting started
With the support of Greylock Partners, Y Combinator and angels from teams like Stripe, J.P. Morgan and Palantir, we're on a mission to bring AI-driven efficiency to compliance teams globally.
If Greenlite's mission resonates with your organization's goals, we invite you to book a demo. Let's explore how we can scale your compliance operations together.
We're also expanding our engineering team. For those passionate about AI and eager to tackle real-world problems, have a look at our career page.
