The financial sector is especially vulnerable to risk management issues that are time-sensitive. In cases of sophisticated electronic fraud for example, an unsophisticated algorithm or post-hoc system may highlight the incident after the window period to prevent or reverse the damage has passed. Here we look at how the DataReady platform can mitigate or prevent these issues in real-time.
The system can identify patterns in data that indicate where fraud is most likely to occur.
Predictive and Preventative Applications There are a number of concrete scenarios in which DataReady’s real-time analytics can be applied to predict, detect and in some instances prevent unwanted situations.
Enhancing Inbranch Customer Experience
The DataReady platform can also be applied to direct revenue generation and improvements to profitability by highlighting new opportunities and increasing efficiency.
Wire transfers have a three day window to cleared and deposited at other financial institutions. Internal bank transfer are less complex, one involving millions of dollars took more than six days to clear.
Financial Use Case #2
Bank could not manage Service Level Agreement (SLA) with ATM cash replenishment service Provider
Financial Use Case #3
Property & Casualty Insurance Company had no way to proactively limit its exposure to ever increasing flood claims. Each flooded basement cost them on average $16000 to repair. Industry risk exposure is over 2 billion per year.
Increase customer satisfaction – priceless