QuanCon 2021: Meaningful Data for Trusted Decisions
Written by Quantexa
Published: 18th Mar 2021
Amid a global pandemic, QuanCon 2021 looked slightly different this year. Our speakers and over 300 attendees tuned in for Quantexa’s first-ever virtual conference to hear the latest ideas and trends around enterprise-scale analytics, data-driven intelligence, and AI augmentation.
QuanCon 2021 explored compelling thought leadership from the Altimeter Group and Accenture, knockout presentations from State Street and ABN AMRO, and an in-depth show and tell on Quantexa’s new capabilities.
Catch up on what you missed from QuanCon Virtual 2021
Watch back over the highlights from QuanCon 2021. Hear from industry leaders and the Quantexa team on how to unlock the potential of your data and build an intelligent enterprise.
The Intelligent Enterprise of Now
In these rapidly changing times, it is more important than ever to be able to trust your data and build the context needed for effective operational decision-making across your enterprise. Enterprise risk is profoundly changing and so is the appetite for digitalization. Organizations must be data-driven and new technology, such as Contextual Decision Intelligence, can assist digital transformation and resilience.
In the past year, we have seen more clients putting data at the center of decision intelligence. But, what’s more important, is combining both machine intelligence and human intelligence together.
Vishal Marria, CEO at Quantexa
Context is Everything
Starting off the epic line-up of presentations was Susan Etlinger, Industry Analyst at the Altimeter Group and one of the most respected voices on the ethical use of data. Susan explored the importance of building the foundation for digital leadership in a world with incredible amounts of digital adoption.
As digital transformation continues to accelerate, companies large and small are moving from on-prem systems to the cloud, with a huge explosion in the digitalization of customer interactions. While there has been a tremendous amount of progress in data silo breakages, there remain challenges in how organizations interpret data.
Even the most sophisticated systems and companies can fall victim to context issues that are utterly human and in some sense, utterly predictable.
Susan Etlinger, Industry Analyst at the Altimeter Group
Organizations now have much more data, much of which is unstructured, creating challenges in how we interpret it. So, how can we solve this challenge? In a shifting world, it’s not just about the data, but we need to look at the data in the context of the right methodology, organizational capacity, and data leadership.
Technology is necessary and data is critical, but true value is driven by how organizations use this data in the context of operationalizing processes and driving organizational change. If the issues of flexing methodologies and inconsistent context can be solved, organizations will be able to differentiate themselves and embrace the tremendous opportunities that lie within information quality.
Building a Future-Ready Anti-Financial Crime Program
Scott Nathan, Head of Innovation for AML and Risk, and Michael Raffa, Global Head of AML and Sanctions, at State Street, discussed some of the key challenges facing the bank’s Transaction Monitoring (TM) strategy and how they overcame these using Quantexa’s platform.
With hundreds of millions of static records and transactions, the sheer scale is challenging for many banks. To overcome this, banks must understand their customers by fusing internal with external data to reveal hidden relationships and behaviors – and ultimately, hidden risks. It’s about taking the complexity of data and simplifying it.
Following the implementation of context-driven intelligence, State Street was able to implement modern risk management at a high speed by using an open architecture solution that was responsive to unique products and transactions at the bank. As the financial markets’ threat landscape continues to evolve, State Street’s AML TM strategy has the ability to identify risk faster and make more effective decisions.
Detecting Financial Crime
Robin De Jongh, Managing Director Detecting Financial Crime at ABN AMRO, continued this discussion of making TM more efficient and effective. Fundamental to ensuring trust in the bank whilst maintaining its integrity, is having a high-quality risk categorization of all of its customers. So, how does ABN AMRO detect both the material and technical-compliance risks in these customer portfolios?
Effective TM requires innovation, not only based on old-fashion handwork but involves moving towards innovative data analysis and modeling. As well as using the right technology, successful financial crime detection necessitates collaboration between the public and private sectors. Collaboration enables financial intelligence units to deliver back to public parties, like the police or the fiscal office, on an ongoing basis.
By investing in financial crime technology, ABN AMRO has achieved a 30% reduction in false positives and is now applying its advanced AML anomaly models to detect a wide spectrum of illicit activities including human trafficking, illegal wildlife trade, health care fraud, terrorist financing, and correspondent banking.
The Future of Risk and Compliance
Heather Adams, Managing Director Resilience Risk & Trust at Accenture, discussed the evolution of data and analytics, and how organizations can build the resilience required to unlock the potential of data for effective compliance programs.
With increasing pressures on risk and compliance functions, organizations are beginning to reimagine these functions to be data-centric, focused on the business, customer, and external stakeholder needs. New structures are being built in line with the old, creating data lakes and going digital a lot earlier in the food chain, enabling businesses to become more dynamic.
As well as an emphasis on data, Heather discussed lessons that can be learned from the insurer side. Risk and compliance functions of the future are increasingly focusing on the customer journey.
Banks could learn a lot from insurers, like bringing different elements of the data that you already have internally together, and being more driven by the customer journey. But equally, banks have been pushed a lot harder from a regulatory compliance perspective around things like functions, and there are some things that the insurance industry can learn from the bank too.
Heather Adams, Managing Director, Resilience Risk & Trust at Accenture
Therefore, to increase the effectiveness of controls whilst managing costs, organizations need to have their strategic imperatives in balance, reacting to both internal and external forces: putting data at the center.
Stay at Home, Build Software
Jamie Hutton, Chief Technology Officer and Co-Founder at Quantexa took the audience through some recent innovations in the Quantexa platform and plans for the future. Two key streams of development focus on simplification and new investigation capabilities. By investing in huge amounts of automation, the platform is being continually improved for easier deployment, data fusion, and graph scripting. On the other hand, new investigation and research capabilities will provide improved, dynamic, and single customer views.
Better Data, Better Detection, Better Value
From when Quantexa began its journey five years ago to today, the vision has remained the same: to transform the way operational decisions are made with the power of data and analytics technology. QuanCon 2021 explored exactly this: the importance of bridging the gap between data and decision making. Focusing on the change in the world, the event highlighted that by using the right tools and putting the data to work at the core of an organization, a solid foundation can be built for digital resilience and automating accurate decision-making at scale.
On behalf of the entire Quantexa team, thank you to all guest speakers and attendees for helping us make QuanCon 2021 a huge success!
QuanCon Virtual 2021 is available on-demand!
Catch up on what you missed from QuanCon. Hear the latest ideas and trends around enterprise-scale analytics, data-driven intelligence, and AI augmentation.
You may be interested in…
Creating Value For The Enterprise Using Data
In this episode, Vishal Marria, CEO at Quantexa, speaks with the Chief Data Scientist at Dun & Bradstreet, on overcoming common data challenges, digital resilience, and creating enterprise value using in AI and data & analytics.
How Danske Bank Is Adopting Data and Analytics Technology
To maximize the value of data, enterprises need the right IT infrastructure in place. In this episode, Bo Svejstrup, CIO at Danske Bank discusses resolving legacy data challenges, improving collaboration between business and IT, and the future of cloud adoption.
How Allianz Is Transforming Using Tech
Quantexa speaks with Allianz CEO to discuss the challenges of adopting technology across the enterprise, the role of data in customer-centricity, and leading transformation in the insurance industry.
New Risk Factor Guidelines to Strengthen Financial Crime Detection
The updated European money laundering and terrorist financing risk factor guidelines highlight taking into account “wider, contextual factors.” Find out how contextual decision intelligence can ensure enhanced risk detection and due diligence measures.
Tech For Good: How Standard Chartered Bank Is Revolutionizing Investigations
Learn how Standard Chartered Bank has made huge strides in harnessing the power of data to revolutionize financial crime investigations.
4 Signs Your Data Lake Needs a Life Raft
Learn the four signs that the data in your data lakes needs rescuing – and the technology required to save it.
Reduce the tax gap, identify fraud and non-compliance, and operate as efficiently as possible with limited resources.
Reveal hidden risks and detect criminal activity faster. Reduce false positives to manage the cost of compliance. And improve investigations to make faster and more consistent decisions at scale.
Customs Agencies & Border Control
Contextual Decision Intelligence enables faster decisions, increased revenue collection and enhanced compliance. The Quantexa platform enables Customs and Border agency teams to analyze data successfully, automate and accelerate decision-making, and achieve improved results.
Identify potentially fraudulent activity by looking at people or transactions in isolation. Understand the context surrounding the organizations you do business with to make fast, accurate decisions.
Fraud, Waste & Abuse
Empower your team with the best tools available for today’s challenges to identify and prevent fraud, waste and abuse with contextual decision intelligence software.
Understand your customers, their business structures and supply chains. Make better lending decisions, faster. And support digital risk transformation.
Know Your Customer
Reduce significant manual effort across onboarding, refreshes and remediation. Automate checks, implement continuous monitoring, and focus on contextual decision making.
Generate a complete view of the context around your customers and prospects to build better relationships, reduce attrition and find hidden opportunities.
Master Data Management
Connect all data—internal and third party—to create a joined-up, contextual view of all the relationships between your customers and every other domain.
See how we help to reduce costs and improve coverage for financial crime compliance.
See how our platform uses contextual analysis to turn data into a high value asset.
See how our platform uses financial crime technology to enhance your existing IT ecosystem.