Financial services are embracing software-as-a-service (SaaS) models to drive efficiency and security, with adoption in banking, financial and insurance sectors projected to reach over $130bn by 2027, up from $54bn in 2022, according to BCC Research.
SymphonyAI, which offers a variety of AI solutions for financial services, recently explored how SaaS in financial crime prevention can improve security, processes and efficiency.
Unlike legacy on-premises software that often relies on high upfront costs, SaaS operates through subscriptions, minimising capital expenditure while providing continuous updates and global accessibility. For financial crime prevention, this flexibility is essential as organisations scale, adopt AI and respond rapidly to shifting regulatory requirements.
Legacy software in anti-financial crime has often been custom-built for individual banks, holding data on-premises with local servers. While this was once effective, the inflexibility of legacy systems makes adapting to new regulatory changes challenging. Maintenance costs continue to rise, and finding skilled staff to manage these systems is becoming increasingly difficult.
In contrast, SaaS offers advanced data security and privacy. Data protection is managed by global leaders like Microsoft and Amazon, ensuring robust security infrastructure and constant updates, reducing the risk of breaches. Organisations benefit from outsourced security, helping to close vulnerabilities that could be exploited by insiders or external actors.
SaaS also excels in integrating with other tools, making it easier for financial institutions to adopt the latest technology without overhauling their systems. Fighting financial crime typically requires multiple tools to operate together seamlessly, a challenge that legacy systems struggle to meet without resource-heavy workarounds.
SaaS empowers organisations to use cutting-edge technologies, including generative, predictive and agentic AI, to stay ahead of criminals using advanced laundering techniques. In comparison, legacy systems require heavy investments to upgrade, creating operational and financial risks for slow adopters.
The flexibility of SaaS is a significant advantage, allowing access from anywhere, supporting remote work and reducing dependency on physical locations. It enables organisations to remain agile, ensuring financial crime prevention teams can respond quickly to new threats.
Scalability is another key benefit, with SaaS designed to grow with an organisation’s needs without significant delays or costs, unlike legacy systems that require complex expansion processes.
SymphonyAI exemplifies the SaaS approach in financial crime prevention, combining over 25 years of anti-fincrime expertise with advanced AI. Its SaaS solutions empower banks to investigate, detect risk, and combat financial crime effectively, while ensuring readiness for evolving regulations.
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