INTERVIEW
Jack Thompson :
Holistically fighting financial crime
ACAMS Today caught up with Jack Thompson , head of the U . S . Financial Services Business Unit at SAS . Thompson leads the charge in delivering cutting-edge analytics and artificial intelligence ( AI ) solutions to clients in banking , insurance and fintech .
With a proven track record of success , Thompson oversees a top-performing team of sales and technical talent with the common goal to transform the financial services industry by providing enterprise decisions at scale . Thompson partners with industry leaders to create dynamic solutions for complex areas such as risk management , fraud and security intelligence , customer intelligence as well as enterprise decisioning .
ACAMS Today ( AT ): Please tell us about SAS and your responsibilities as vice president of the U . S . Financial Services Business Unit .
Jack Thompson ( JT ): I lead a world-class sales , presales and industry consulting team supporting our largest and most complex financial services clients . With a constant focus on innovation , my team serves clients across banking , insurance and fintech .
AT : In his interview ( also featured in this issue ), the Honorable Rodney Hood spoke about how credit unions are using predictive modeling to better serve their customers . How important are innovative technologies such as AI and machine learning in helping financial institutions ( FIs ) meet the needs of their customers and stay competitive in the industry ?
JT : It is critical . A key strategic issue for credit unions is winning the hearts , minds and wallets of its members , as well as future members . They must attract millennials and Gen Zs , a combined group of over 138 million consumers . These powerhouses demand convenience , ease of use and speed on their apps . They are digital first . To do this , credit unions need as much insight into their members as possible . AI solutions will help institutions to proficiently analyze and utilize vast amounts of data for myriad applications , including originations , account management , collections , marketing decisions , fraud , risk and more . It will help gain behavioral insights and triggers ( e . g ., nuances , customer preferences , buying priorities , deposit flight , risk of churn ), real-time analytics and decisioning , credit risk assessment and fraud protection , as well as the agility to respond quickly to changing market conditions .
AI will give credit unions the power to understand what is happening , to predict what will happen and to see the next best move . That means the ability to offer members the right service at the right levels to minimize risk and maximize growth , regardless of the channel . This is an opportunity to better understand your members , to provide them with more consistent and personalized experiences .
AT : What do you see as the most notable technological innovations for combating financial crime that have appeared in the past year ?
JT : Historically , there has been too high a barrier to entry for credit unions and mid- and small-sized institutions to use technologies such as AI , machine learning and natural language processing , for example . Luckily , we see this changing as technology is refactored to be cloud-native , providing all with access to leading compliance capabilities
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