In Bank Director’s special report on Artificial Intelligence, Kiah Haslett focused on how Valley National Bank is benefiting from Refine’s solutions, interviewing Russell Barrett, who is today Senior Vice President and COO.
“[Refine Intelligence is] really being used in an assistive fashion. We don’t have the AI taking the decision [away] from us when it comes to investigations that would typically take a lot of coordination between branch and compliance teams,” Barrett says. Instead, Refine’s software assists compliance investigators, which he says “makes their lives a lot easier.” That’s yielded results. Since launching in 2023, investigation time decreased from two weeks to two minutes by diverting 60% of AML-related issues to digital channels, according to the bank.
