As the problems posed by financial crime and bad actors grow more regular and more challenging, many banks and financial institutions are rethinking their approach to regulatory technology completely.
In a move to help banks investigate and resolve financial crime cases faster, computer tech giant Oracle has introduced a new AI-powered case management solution.
Oracle’s new solution, dubbed the ‘Financial Services Crime and Compliance Management Investigation Hub Cloud Service’, aims to reduce manual tasks, remove data silos, and enhance the insights investigators require to focus their time on analysis and combating financial crime.
Investigation Hub leverages integrated graph analytics and embedded AI to automate tasks, streamline workflows, and provide investigators with data-driven insights. This results in enhanced investigator performance, improved task management, more detailed reporting, as well as consistent decision-making across a diverse team of investigators.
“Bad actors are becoming increasingly sophisticated, leveraging advanced technologies, and exploiting vulnerabilities in traditional systems,” explained Jason Wynne, senior vice president of finance, risk, and compliance product development at Oracle Financial Services. “To stay ahead of these threats, financial institutions need flexible solutions that can help them detect, investigate, and prevent financial crime more effectively.
“Investigation Hub represents a significant leap forward in case management to enable tier-one institutions and smaller banks alike to conduct faster, more accurate, and cost-effective investigations by providing context to the data. With Investigation Hub, data is transformed into an actionable story.”
Leveraging automation
Oracle explained that its new solution reduces investigation touch time by up to 70 per cent by automating manual tasks to streamline workflows and provide a unified view of all case data. This enables investigators to focus on higher-value tasks such as analysis and decision-making.
It explained that a typical investigation process involves an investigator spending 80 per cent of their time gathering data and 20 per cent of their time on analysis. However, by leveraging Investigation Hub, investigators can spend the majority of their time analysing rich insights, graph analysis, and auto-generated narratives derived from key data points, improving the speed and accuracy of investigations conducted.
Built on Oracle Cloud Infrastructure (OCI), Investigation Hub integrates with other Oracle Financial Crime and Compliance Management Cloud Service solutions and third-party data providers to provide a comprehensive view of customer activity and risk.
Oracle explained it will regularly update the new solution with the latest AI and machine learning capabilities from OCI Generative AI service to help address regulatory changes so banks and FIs can use the most advanced tools and capabilities while helping to support compliance.
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