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90%

improvement in overall risk management and mitigation strategies.

50%

reduction in false positives, minimising unnecessary investigations and saving time.

70%

increase in regulatory compliance and adherence to industry standards.

Overview

In the ever-evolving financial industry, the detection of financial misconduct is crucial to maintaining trust and mitigating risk. A leading professional services company utilised Azure AI to transform risk detection and enhance its risk analytics solution, Magna. By incorporating advanced technologies, including Azure Cognitive Search, Azure Cognitive Service for Speech, and Azure Translator, the company revolutionised its ability to identify subtle signs of financial fraud, improving customer trust and reducing risk.

Challenge

The company faced the challenge of identifying potential financial misconduct within a complex and rapidly changing financial landscape. The signs of fraud were not always obvious and detecting them required a more sophisticated and efficient solution.

Manual analysis of vast amounts of data was time-consuming and prone to errors, making it necessary to leverage advanced AI capabilities.

Solution

To address the challenge, the client turned to Azure AI, embracing Azure Cognitive Services and Azure Cognitive Search.

Azure Cognitive Service for Speech was integrated into Magna to automate the transcription of conversations, providing searchable transcripts that enabled analysts to gain better insights into potential risks.

Azure Translator was implemented to capture multilingual conversations, including local slang and colloquial language used by traders.

Azure Cognitive Search contextualised and searched unstructured data, improving the quality of search results, and consolidating the power of Cognitive Services.

Results

The adoption of Azure AI brought about significant results and benefits:

  1. Faster response time: Alerts provided within two days compared to the previous 30-day timeframe, empowering customers to take swift action against potential risks. The shortened detection window enabled proactive risk management and reduced the potential impact of financial misconduct.
  2. Increased customer trust: The enhanced transparency, compliance, and risk detection capabilities instilled greater confidence in customers. By leveraging Azure AI, the company demonstrated its commitment to being a trustworthy custodian of financial assets, strengthening its reputation in the industry.
  3. Cost savings: The company achieved effective risk detection at a reduced cost, delivering exceptional value to customers. The streamlined processes and automation offered by Azure AI technologies optimised resource allocation and eliminated manual data combing, resulting in cost savings for the company and its customers.

Empower your organisation with Azure AI and take proactive steps towards risk mitigation and enhanced customer confidence with New Scaler’s cutting-edge solutions.

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