How institutions such as banks handle IT systems and their ever increasing complexity

Abstract

As a curious individual, I have always had an interest in financial crime and how it affects the economy, reading many books and watching documentaries covering these topics. Throughout my studies at university, emerging technologies and their applications in the business world have sparked my interest. This past summer, I had the opportunity to work at a local bank where I gained first-hand experience and knowledge about the critical role of transaction monitoring in preventing financial crime. These experiences have inspired me to focus my dissertation research on the topic of transaction monitoring and the technologies used by local financial institutions. The central research question for my dissertation is, "What technologies are local financial institutions using to handle the increasing complexity of transaction monitoring?" This question is essential as financial crimes continue to become more sophisticated, and financial institutions are under increasing pressure to comply with regulatory requirements. My primary aim in this study is to understand the current technologies used by local financial institutions for transaction monitoring. Specifically, I hope to identify the types of technologies currently in use, explore their limitations, and understand the technologies that these institutions are planning to implement in the future. My objective is to provide a comprehensive overview of the current state of transaction monitoring technologies in local financial institutions. The scope of this study will involve investigating the technologies used by local financial institutions for transaction monitoring. I plan to focus on understanding the types of technologies in use, their limitations, and the technologies that these institutions are planning to adopt in the future. To achieve my research aims and objectives, I plan to use a semi-structured interview approach. I will contact employees at local financial institutions and ask them to participate in the study. If consent is given, I will voice record the interviews and later transcribe them for analysis. I will use thematic analysis to identify common themes and patterns in the data collected. The importance of this study lies in the growing significance of transaction monitoring in the financial industry. With the increasing complexity of financial crimes and regulatory compliance requirements, transaction monitoring has become a vital function for financial institutions. As technology continues to advance, there is a need to understand what technologies are being used and their limitations. This study aims to provide valuable insights into the technologies used by local financial institutions and their future technology plans. My dissertation will consist of five other chapters. Chapter one will provide an introduction to the research topic, including the background, research question, and aims and objectives of the study. Chapter two will review the relevant literature on transaction monitoring and the technologies being used in the financial industry. Chapter three will describe the methodology used in the study. Chapter four will present the findings and analysis of the study and chapter five discuss their implications. Finally, chapter six will provide conclusions and recommendations for future research. In summary, my dissertation aims to provide a comprehensive understanding of the technologies used by local financial institutions for transaction monitoring. By understanding the current technologies and their limitations, this study can help financial institutions make informed decisions about their technology investments. Additionally, this study can contribute to the wider academic literature on transaction monitoring and the use of technology in the financial industry.