In the past, analysts had a growing backlog of transactions to review; now they can keep up. And instead of painstakingly reviewing lines of transaction data, analysts are free to be more specialized and focused. Some are reviewing alerts, some are investigating suspicious transactions. But all are able to perform their functions more efficiently and effectively. This allows analysts to spend more time on what matters: assessing customer and activity risk.
The company also has a single view of its customers, including whether and how frequently they have engaged in potentially suspicious activities, whether and how often they appear on sanctions lists, and what their overall risk score is. This level of insight helps the firm accept customers that would have been beyond its level of risk tolerance in the past, driving business growth.
The partnership with Genpact continues today. Together, we are working on a machine learning solution that will enable the company to identify patterns of behavior that don't match up with expectations. The solution will detect whether there are any anomalies in client transaction patterns, draw inferences from the data, and refine rules over time to keep them in tune with actual and evolving client behavior.
Call it corporate Darwinism. To be sure, those companies, like our client, that digitally transform their operations to suit new ways of conducting business will survive and thrive.