REDWOOD CITY, Calif. (PRWEB) April 11, 2018
Daric, a Silicon Valley-based company that delivers comprehensive digital solutions for financial institutions, is proud to announce the launch of the industry's first integrated, AI-enabled compliance management tool for banks specifically intended to assess and mitigate regulatory exposure to anti-money laundering (AML) fines and evolving compliance standards for online financial data applications. This tool will enhance Daric’s current AML solution offerings, which utilize AI to improve the efficiency of transaction monitoring systems.
Daric’s digital footprint includes solutions for improving the digital customer journey, automating credit risk, and tackling compliance challenges at scale through a Machine Learning/AI-assisted platform. Daric’s clients include some of the largest banks and credit unions both in the US and abroad, and it supports a number of strategic partnerships with delivery partners, systems integrators, and institutions such as Mortech, a Zillow Group business that provides mortgage technology solutions for mortgage bankers and secondary market teams. With the growing cost of AML compliance, Vasant Ramachandran, Head of Technology at Daric Inc., says that there is a tremendous push by banks to improve automation of risk modeling and segmentation of customers through AI-based tools to avoid false alerts and unnecessary investigations.
“We’re used to thinking of a digitally-driven customer experience and digitally-driven compliance or risk management as separate, but they are really two sides of the same coin. As new types of transactions and applications emerge to allow banks and third parties to do more with customer information, there is a real need for AI-assisted technology, particularly within the compliance management sphere, where institutions have a significant regulatory responsibility to protect their clients’ data,” says Vasant Ramachandran. “Daric’s industry leading, technologically sophisticated platform not only allows for a better customer journey, but it also allows for the enhancement of financial institutions’ compliance efforts to ensure that they adhere to all legal requirements and best practices.”
Vasant Ramachandran oversees Daric’s technology roadmap, built by a Stanford and MIT-trained team, to empower its clients around the world. The company addresses some of the most challenging technical issues in the digital transformation of banking—for example, the need to develop comprehensive tools to safeguard users data from violation or exploitation by insider threat. This is increasingly important in an age where breaches—like the Cambridge Analytica Scandal at Facebook that exposed information on millions of users—are all too common.
Daric has been featured in a number of leading publications including Bloomberg, TechCrunch, The Wall Street Journal, and Huffington Post. A member of the Stanford StartX accelerator, the company has the support of key financial industry leaders like former Wells Fargo Chairman and CEO Richard Kovacevich.
About Vasant Ramachandran:
Vasant Ramachandran is Head of Technology at Daric. In this role, he applies his considerable expertise toward developing and improving software products that streamline the mortgage and loan process for borrowers and lenders alike. He earned both his Bachelor of Science (B.S.) and Master of Science (M.S.) degrees in electrical engineering from Stanford University. Vasant currently resides in California, and he is involved in a number of tech-focused community initiatives, including Code for Progress, and he also supports the development of entrepreneurs in the area.