Big data and artificial intelligence are hot topics across the business world. Organisations without initiatives to use these technologies can be seen to be outdated and behind the curve. Yet for many, the reality of implementing cutting-edge techniques within a large landscape of legacy technologies can be extremely daunting.
The desire may be to rip and replace systems that are no longer effective, but often a more complimentary strategy is needed – one that can drive more value out of the previous investments with a gradual journey towards full replacement.
How Can AI Be a Useful Addition to Current Tech?
To answer that question, we need to understand why an organisation would want to use big data and artificial intelligence in the first place. At the highest level, it is about empowering better business decisions – increasing effectiveness, driving greater efficiency and, ultimately, driving down costs.
For me, that boils down to two things:
- Bringing more information together intelligently in to view, so that I can understand everything there is to know when making a decision. For example, a key focus for many is to understand more about their customer to ensure organisations are building their business and protecting it within the same breath.
- Gaining automated analysis of that information to provide data driven insights that I wasn’t previously aware of. Letting the machine automatically do what the human brain has been doing for years significantly boosts efficiency.
Now, in an ideal world, every business would replace their old, non-performant systems. But there is a baby step to achieving this: wrapping big data and AI technologies around your struggling dinosaurs to get every dollar of value from the investment you have already made.
Examples of this can be seen in all areas of a business:
- Financial crime: This approach has the ability to reduce false positives from existing monitoring tools or can create a central intelligence unit that automatically aggregates and networks alerts from across your financial crime landscape. It can even improve the data that goes into those systems in the first place so you can begin to monitor entities and households rather than accounts.
- Fraud: AI can be used to create ‘entity watchlists’ (e.g. mules) that can then be fed in to existing payment authorisation systems.
- Customer Insight: AI can be used on top of your existing CRM systems to drive additional customer insight and business development opportunities. Relationship managers can use the same systems as always, just with better information and prospects.
- Credit Risk: New AI and contextual-based features can be added in to credit risk decisioning models to provide uplift.
How to Leverage Your Existing Systems
At Quantexa, we use sophisticated AI alongside entity resolution and network generation techniques to provide cutting-edge technology to all organisations, no matter how far they are on their journey. Our platform integration allows you to drive more value out of your data, whether you need to replace existing technologies or just improve them.
The premise behind our approach is to use the full breadth and depth of data available to you, both inside and outside of your organisation. This creates a contextual view of any entity – person, business, IP etc – that you wish to make a business decision on.
Context means not only the entity itself, but all relationships that exist between entities, including those from transactional flows and social relationships. The contextual view is then used for more effective scoring and risk assessment, or as a feed to enable your existing systems to run their analysis better.
Get in Touch
Almost every industry is being impacted by AI, especially financial services. Companies that do not adopt new technologies are going to be left behind as businesses using these initiatives will have the upper hand when it comes to organisational efficiency and competitive edge.
For more information on how you can drive greater value from your data and enhance your company’s efficiency with AI, email [email protected].