USA 2022 Banking Tech Awards Winner: Symphony AyasdiAI

Symphony AyasdiA won the Tech of the Future – Data, AI, ML & RPA category for its SensaAML solution at the Banking Tech Awards USA 2022.

Artificial intelligence (AI) has come to the forefront of financial services in recent years with a myriad of case applications. One of AI’s great success stories has been in the realm of risk and fraud, as AI can plow through massive amounts of data to identify patterns, things that don’t quite fit, and find the needle in the haystack of cause for concern.

Simon Moss, Symphony AyasdiAI: AI is not looking for a needle in a haystack, but a needle in a pile of needles

Or, as our CEO, Simon Moss, likes to say: AI is not looking for a needle in a haystack, but for a needle in a pile of needles.

Symphony AyasdiAI’s product, SensaAML, has maximized the power of AI for that. It enables banks and financial institutions to gain a complete picture of customer, third-party and user behavior to uncover crime, risk and competitive opportunities through unparalleled, predictive insights.

The overall result of our interface is a reduction in false positives and the detection of risks unidentified by the incumbent TMS without overwhelming investigators with an inordinate number of net new alerts.

The product works simultaneously to provide automation and intelligence in the areas that need it most. Designed to work in parallel with existing processes, it can increase current rules and thresholds, plus provide additional insights through better data mapping and discovery using AI and machine learning (ML).

SensaAML is fully transparent, verifiable and accountable for regulatory compliance. The solution is built to maximize return on investment (ROI) and effectiveness while maintaining the smallest footprint on management and implementation changes.

This next-generation platform with breakthrough AI and ML technology enables Ayasdi to lead the way in helping financial institutions successfully reduce the occurrence of criminal activity within their organizations.

The timing couldn’t be better. Financial crime is always high – the COVID pandemic provided the perfect opportunity for criminal actors to abuse both the economic climate and the growing number of individuals negatively impacted by job losses. The net result is a disproportionate increase in fraudulent banking activities and an increased sophistication of money laundering tactics.

There was clearly a need for a robust solution!

In addition, the Anti-Money Laundering (AML) Act of 2020 introduced additional regulatory and compliance initiatives for FIs, thus providing Ayasdi with the ideal scenario to showcase the SensaAML solution and the tremendous benefits it offers in meeting these obligations.

This solution combines graphical machine learning, behavior maps, inference relationships, longitudinal behavior, and risk in a single orchestration to uncover the DNA of complex financial crime.

SensaAML is a cloud-native, microservices and Application Programming Interface (API) oriented design, a holistic solution with built-in integrations for case management systems and other tools.

With the wealth of investments that financial institutions have made in existing AML and fraud technologies, we fully understand that ‘rip and replace’ is not a viable option for most of them. This philosophy is at the heart of SensaAML’s development to create a platform that can work alongside legacy transaction monitoring systems.

In addition, the lightweight and flexible nature of our system means that implementation times are significantly reduced (typically three months) to ensure a fast and seamless ROI.

During our first implementations, we have generated impressive statistics that prove the effectiveness of our solution.

We achieved 20% more L3 detection, up to 90% accuracy in detecting new risks, risks can be identified up to a year earlier and the number of false positives decreased by 60%.

SensaAML has received numerous industry recognitions, leading to a flood of unsolicited proposals (RFPs) inviting us to bid on AML solution programs. To date, we have progressed to the proof-of-concept phase with 50% of these invitations.

Our goal for the coming year is to combine them into a FRAML solution that provides comprehensive risk coverage and operational effectiveness. By leveraging data from third-party and first-party banks, we can make real-time decisions for a seamless customer experience and deliver a significant competitive advantage for our customers.

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