Conclusion
Thinking about risk assessment and mitigation measures ahead of time is always critical , but in the aftermath of a disaster , AI technologies can be implemented . Online banking solutions that reach more consumers via mobile banking units , temporary branches or even virtual customer support can compensate for the downtime of brick-and-mortar locations and effectively leave the lines of communication open for customers during potential service disruptions , allowing customers to access their accounts and ledgers . Such measures also enhance employee safety as they can be accomplished via remote work .
By encouraging banks to think creatively about the community support that the FDIC is advocating , it is important to note that human expertise is still an essential tool in assessing the context and making critical decisions during a natural disaster . Considering the viability of AI as part of a bank ’ s overall risk management approach , the impact of future natural disasters on financial viability can be minimized . That can only be a good thing .
Matthew Leaney , chief revenue officer , Silent Eight , New York , USA , matthew . leaney @ silenteight . com , @_ SilentEight , 1
For an example of a decision made to ease regulatory restrictions to financial institutions in areas affected by disaster , view : “ Financial Institution Letter : Regulatory Relief ― Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Florida Affected by Hurricane Idalia ,” Federal Deposit Insurance Corporation , September 1 , 2023 , https :// www . fdic . gov / news / financialinstitution-letters / 2023 / fil23048 . html
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