The Dutch banking giant invests in the US Artificial Intelligence outfit
- Through AI and machine learning Ascent helps companies build, manage, and automate financial regulatory compliance.
- Founded in 2015, Ascent's customers include ING, Commonwealth Bank of Australia and Bremer Bank.
- The new investment will be used for recruitment, product development and raising brand awareness.
What this means
Automation is already proving to be a game changer in many areas of financial services. AI can supercharge that automation though companies will have to demonstrate its transparency as it becomes more advanced.