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There is no denying that the future of banking is digital. While the financial industry has been increasingly witnessing a rapid evolution of digital technologies in the last few years, the added impetus of the COVID-19 pandemic is what has really sealed the digitalized fate of this sector. We are now witnessing banks quickly adapting and improving their digitalization tools to interact with their customers online. As such, we can see a multitude of virtual services like online account opening, P2P payments, mobile payments, and digital wallets quickly coming into prominence around the world.
However, as digital banking continues making transactions more convenient and easy for customers, it is also leading to an increase in digital banking frauds. And amid this tumultuous situation, many banks are now realizing that their traditional anti-fraud rules are falling short on multiple grounds, be it letting a potential scam slip through, or equally worse, flagging a genuine transaction as a suspicious one. These shortcomings are primarily stemming from hundreds of static, reactive rules that govern typical anti-fraud algorithms’ financial data analytical capabilities. “The main problem for many banks is that they don’t have enough historical data on fraudulent transactions for the algorithm to accurately verify a new transaction,” explains Joël Winteregg, Co-Founder, Board Member, and CEO of NetGuardians. As a result, even if the algorithm can raise a few potential scam alerts, it still allows fraud to occur.
Enter NetGuardians.
NetGuardians is an award-winning Swiss fintech company that has developed ready-to-go AI risk models using data from different banks, covering different situations, regions, sizes of the bank, and types of customers. It allows banks to create analytics that looks at the context of a particular data instead of looking at it as a one-off use case. These transaction models can then be overlaid on top of a bank’s own data to make a more circumstantial decision without the need for an army of data scientists.
The implementation of NetGuardians’ ready-to-go AI risk models is made smoother for its clients through the specialized fintech software—NG|Screener.
NetGuardians has a clear vision of adding the ‘Swiss quality’ seal to its NG|Screener platform for the banking world to benefit from
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