As financial landscapes evolve, banking, financial services, and insurance (BFSI) institutions face challenges in safeguarding against fraud and ensuring customer integrity.
To discern whether a corporate client has engaged in financial misconduct or if a retail customer maintains a creditworthy profile requires a nuanced approach. Financial institutions must rely on diverse external sources, including news articles, verdict repositories, and police reports, to glean critical insights and mitigate potential risks. This wealth of information, spanning multiple channels and formats, is vital for law enforcement and minimizes risk for BFSI organizations.
TCS’ Intelligent Financial Event Analysis Platform provides BFSI firms timely insights, enabling them to navigate the complexities of financial risks and customer events effectively. It employs a computer-based system to automatically extract all relevant information about a reported event from online articles and structure it contextually using analytical algorithms. With this offering, TCS enables investigators and BFSI C-suite leaders to engage in informed decision-making.
Proactive risk assessment and mitigation are critical for all BFSI firms to fend off financial crimes and counterparty risks.
Regulatory mandates demand thorough monitoring of business events, sanctions, money laundering, and fraud during customer onboarding and transaction processing. BFSI leaders must stay current and assess reported incidents in real-time. However, this process is long and disjointed. The information BFSI investigators need is available across multiple channels and formats. Moreover, human analysis for getting contextual data based on events can be error prone.
With TCS Intelligent Financial Event Analysis Platform, businesses can streamline the manual and time-consuming process of evaluating incidents in real time, extracting relevant information from diverse channels, and eliminating biases in human analysis. The platform pioneers a model training approach, leveraging historical data to identify and correlate crucial information from natural language texts, thus helping organizations reimagine financial risk assessment.
TCS Intelligent Financial Event Analysis Platform is a comprehensive solution that empowers BFSI firms to prevent financial crimes.
The enterprise-ready platform automates information extraction, compilation, and curation of event-related information from multiple articles. The event-profiling engine extracts information about the nature of events, details and other information like place, timeline, cause, and involved entities. Once the information is curated in a structured way, analytical algorithms automatically establish links between related or similar events and create customized reports that investigators can use.
Some features of the solution are:
TCS Intelligent Financial Event Analysis Platform helps BFSI firms assess risks to the business arising from various reported incidents.
The platform offers multiple benefits:
Effort reduction: Experience a significant decrease in manual efforts typically required for information extraction from news articles and published content.
Swift processing and historical reference: Gain an average reduction of over 60%, accelerating the overall processing time for adverse event searches. Maintain a comprehensive history for cross-referencing, allowing organizations to track and analyze evolving patterns quickly.
Decreased false identifications: Witness an average 40% decrease in false identifications of events, ensuring a more reliable and accurate screening process.
TCS empowers BFSI institutions elevate their screening processes and fortify their organizations against potential risks.
Through strategic partnerships with TCS, financial institutions can unlock the following advantages:
Innovative patented engine: TCS’ patented engine helps users scrutinize events, context, and pertinent information crucial for screening retail and corporate entities. This cutting-edge technology ensures a comprehensive understanding of the content, setting the stage for practical risk assessment.
Context-specific screening: TCS specializes in context-specific screening. This precision ensures that screening processes are streamlined to extract relevant information, minimizing bias, and enhancing accuracy in identifying potential risks.
Event listening for market dynamics: Stay ahead with our event listening feature tailored for market events. This functionality ensures BFSI supervisors are informed and equipped to navigate and respond effectively to market shifts.