Lately, the financial services industry has been proliferating due to the rise of digital technology, which has dramatically altered the market landscape. Moreover, banks across the globe are offering financial planning and trading applications through smartphones and cloud technologies to increase customer convenience, improve quality, and reduce operational costs.
However, due to rapid globalization, financial services firms are facing an uphill task of providing clients with applications and software that are risk and compliant free and data-driven. As a result, many financial services firms have started adopting fraud analytics solutions to reduce fraud and improve service offerings across all verticals.
With the help of Quantzig’s fraud analytics solutions, financial services firms can identify previously unnoticed fraudulent activities and distinguish them accordingly. Moreover, these solutions not only help enhance rules-based testing methods but can also help measure performance to fine-tune and standardized controls for continuous improvement.
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The Business Challenge
A leading player in the financial services industry was experiencing an increase in fraudulent activities, even though they had an internal audit function, resulting in some of their branches reporting poor returns. They wanted to understand how analytics could help them spot the fraudulent activities that were potentially occurring, ways it could be carried out, and areas that had to be monitored closely. Additionally, the financial services industry client wanted to smartly leverage analytics to undertake a risk assessment study and figure out areas to increase their focus and improve service offerings.
Our Approach and Solutions Offered
To obtain relevant insights to improve service offerings, the client contacted Quantzig’s team of fraud analytics specialists. They followed a comprehensive research methodology that included discussions and conferences with leading stakeholders in the financial services industry. Additionally, the fraud analytics specialists also constructed an analytics dashboard, which included the details of fraudsters and a description of what things to look out for. This, coupled with the analytics solution being offered, made it easy to capture glitches in the data and pinpoint the area of issues.
Fraud Analytics Solution Benefits
- Identified genetic code of fraudsters and gained a description of what things to look for
- Captured glitches in the data and pinpointed the area of issues
- Measured performance to fine-tune and standardized controls for continuous improvement
- Improved service offerings
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Fraud Analytics Solution Predictive Insights
- Increase customer satisfaction, better serve customers, and increase their profits
- Devise effective strategies to promote a relationship with customers
- Make informed business decisions and enhance customer support
- Leverage the use of data mining techniques to forecast future cash flows