With digitalisation and innovation sweeping through the finance sector, big data analytics and artificial intelligence (AI) have emerged as critical tools in helping organisations adjust to industry trends and meet ever-changing compliance requirements.
The automation of financial services including fraud detection, anti-money laundering, audit, compliance, governance and financial investigations has become a game changer for financial institutions around the world.
One of the many vital aspects of the application of big data analytics powered by AI in today’s dynamic financial ecosystem is the ability to detect, report and mitigate instances of financial fraud.
With increased reliance on technology, cybersecurity threats have significantly increased in recent years. With AI, numerous transactions can be analysed within minutes, thus identifying potential suspicious financial activity in real time and making it easier for regulators to investigate potential money laundering cases.
In equipping regulators with advanced tools and infrastructure, AI and big data analytics are augmenting traditional practices and creating headroom for such institutions to develop even greater value for their clients.
And today, with audit firms under severe scrutiny and pressure to enhance auditing processes, AI enables the analysis of far greater data sets to identify inaccuracies, allowing auditors to focus on higher risk areas throughout the auditing process.
Big data analytics and AI have also transformed governance and compliance practices, which is essential for long-term success in the financial industry.
By integrating AI-powered technologies into their compliance processes, businesses and governments can not only improve efficiencies and reduce costs, but also thoroughly review their governance operations, and identify areas for improvement and take the necessary action.
By integrating AI-powered technologies into their compliance processes, businesses and governments can not only improve efficiencies and reduce costs, but also thoroughly review their governance operations, and identify areas for improvement and take the necessary action.
At Presight, our FinTAQ financial services solution combines big data analytics and AI and specialises in anomaly identification and risk scoring based on mass data pattern matching.
The platform can also take on large data analysis tasks and intelligently automate them through AI and expert input. This equips regulators and businesses with tools to detect and address financial anomalies, analyse trends, and run audits.
FinTAQ utilises advanced deep link analysis and clustering AI models to uncover discreet transactions, resulting in robust anti-fraud and anti-corruption measures that can address intricate financial sanctions, regulations, due diligence, compliance, and governance.
For instance, it can rapidly detect fraud by analysing user-submitted documents and flag instances where various elements of an ID are compromised. This is possible through the platform’s advanced features like pattern mismatch, photoshop abnormalities, barcodes mismatch, facial features mismatch and more. Beyond that, the platform’s anti-money laundering notifications have the capability to detect and escalate probable instances of domestic or international money laundering and tax avoidance schemes in the financial system and digital asset sector.
As testament to Presight’s capabilities in financial services, we are proud to have recently partnered with Abu Dhabi Accountability Authority (ADAA) where we provided multiple AI platforms to achieve ADAA’s objectives of driving accountability, transparency, and integrity across all Abu Dhabi Government entities. Our omni-analytics platform helped combine disparate data across their audit, anti-corruption and financial disclosure systems and provided them with an end-to-end 360-degree AI audit, which ran conflict of interest big data models, as well as setting a clear foundation for institutional transparency.
At Presight, we remain focused on helping our finance industry clients harness the revolutionary opportunities made possible by big data analytics, powered by AI.
The writer is the Chief Operating Officer of Presight
