Experian’s Post

Discover how Experian Ascend Technology Platform™ is revolutionizing credit, fraud and analytics! In a recent interview with DigitalJournal.com, Alex Lintner, CEO of Experian Software Solutions, shares insights on overcoming industry challenges and driving better outcomes for consumers. Read more: https://lnkd.in/g3U42GbD #Experian #AI #FinTech #CreditAnalytics #FraudPrevention

TransUnion's OneTru is revolutionizing the financial industry with AI-driven analytics, enhancing credit assessments, fraud prevention, and marketing strategies. It's a game-changer for data-driven decision-making and operational efficiency, promising to meet the sector's evolving demands while prioritizing data security and regulatory compliance. Excited to see how this will shape the future of finance! Thoughts? #OneTru #FinancialInnovation #DataAnalytics #DigitalTransformation Join the conversation! https://lnkd.in/eFqmqkhg

TransUnion, one of three major credit bureaus in the U.S., is launching a new cloud-based platform to create a unified portal for its suite of data analytics, credit risk and fraud detection offerings assisted by artificial intelligence. Generative AI has grown in both interest and adoption across the banking industry since the introduction of OpenAI's ChatGPT in November 2022, with institutions like Ally Financial (Ally), JPMorgan Chase and SouthState Bank all incorporating the technology into different divisions. Smaller banks like Grasshopper Bank in New York have also taken cues on AI from their larger peers and have adopted products for improving efficiency. The Chicago-based credit bureau officially debuted the platform, known as OneTru, on Wednesday. Through the new platform, TransUnion combines its preexisting hybrid cloud framework with an AI-powered platform it acquired in part through the 2021 purchase of the digital identity firm Neustar to offer financial institutions AI and machine learning tools for addressing credit, marketing and fraud needs. "Fragmented data sources and disconnected business applications can compromise access to analytic capabilities and increase time to insights. … TransUnion has brought together the complementary assets we have built and acquired in recent years to streamline data access and maximize the speed and quality of analytics and the decisions they drive," Chris Cartwright, president and chief executive of TransUnion, said in a press release. Read more for free in my latest for American Banker below. #artificialintelligence #dataanalytics

Remember the old "computer says no" sketches from Little Britain?  That tag line comes up a lot in discussions of AI and other tech-based decision systems. (For those who haven't seen them: a receptionist named Carol simply accepts the answer her computer gives her, even when it makes little sense.  And she's unable/unwilling to explain that answer to the people who are affected.) Some companies have developed this awful habit of building tools and then abdicating responsibility for those tools' actions.  Case in point: "Why Banks Are Suddenly Closing Down Customer Accounts" (NY Times) https://lnkd.in/grc8djhw >> As is the pattern, the Dear John letter from the bank offered no explanation. But when he went into the branch, the frustrated manager said more than he was supposed to. “The answer was: ‘Don’t ask me. Ask the computer that flagged you,’” Mr. Ferker said. (Kafka had nothing on modern-day corporations, it seems.) Let's take a moment to remember that every AI system is: - built by people … - … based on decisions made by people … - … fueled by datasets and features that were chosen by people Every AI model packages up all of those decisions and is effectively a proxy of those who built it.  Including the decision to not permit a human to override the model.  There is at least one person behind every action a model takes.  Let's not fall for the idea that "the model said so."  What can you do, if you want to improve transparency around your company's AI efforts? 1/ Keep track of every decision that was made about the model: what features to use, what training data to use, what training data to exclude.  And be willing to explain all of that to regulators and affected parties. 2/ Create mechanisms for team members to override the model when it's misbehaved. 3/ Establish points of contact for affected people to contact those team members when things go wrong.  Because it's one thing to be mistakenly flagged by a model.  Quite another to have no way to address the issue.

𝐓𝐡𝐞 𝐈𝐝𝐞𝐚𝐥 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧 𝐌𝐨𝐧𝐢𝐭𝐨𝐫𝐢𝐧𝐠 𝐓𝐨𝐨𝐥: 𝐓𝐨𝐩 5 𝐌𝐮𝐬𝐭-𝐇𝐚𝐯𝐞𝐬 🕵️♂️💼 A robust transaction monitoring tool is not a luxury in the ever-changing world of financial crime; 𝘪𝘵 𝘪𝘴 𝘢 𝘯𝘦𝘤𝘦𝘴𝘴𝘪𝘵𝘺. But with so many options available, how do you choose the best one? The following are the top five elements to prioritize: 1. 𝐀𝐝𝐚𝐩𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 & 𝐒𝐜𝐚𝐥𝐚𝐛𝐢𝐥𝐢𝐭𝐲 📈: Financial crime patterns change over time. As your company grows, your tool should be able to adapt to new typologies and scale. Look for systems that allow for simple rule changes without requiring a complete overhaul. 2. 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐝 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 & 𝐀𝐈 🧠: Modern tools use AI and machine learning to detect unusual patterns, reducing false positives. This not only saves time, but it also keeps you one step ahead of sophisticated financial criminals. It is important to understand the methodology of the software that is helping to reduce the false positives, often technology providers say they perform this optimization, but the outcome may be just pretty words. 3. 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧 𝐂𝐚𝐩𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 🔗: A tool that integrates seamlessly with your existing systems (such as core banking or CRM) ensures data consistency and reduces manual intervention. It all boils down to making your processes run more smoothly and efficiently, as well as, helping your compliance program perform their de-risking process quicker without any errors. 4. 𝐔𝐬𝐞𝐫-𝐅𝐫𝐢𝐞𝐧𝐝𝐥𝐲 𝐈𝐧𝐭𝐞𝐫𝐟𝐚𝐜𝐞 & 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 🖥️: Time spent figuring out a complex tool is wasted time. Choose a tool with an easy-to-use interface. Furthermore, customizable reporting features can aid in tailoring outputs for various stakeholders, ranging from compliance teams to board members. 5. 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐀𝐬𝐬𝐮𝐫𝐚𝐧𝐜𝐞 📜: Make sure that the tool is designed with both global and local regulatory requirements in mind. It should help you meet your obligations in every jurisdiction you operate, not create new ones! Your transaction monitoring tool is your knight in shining armor in the fight against financial crime. Choose wisely, and make sure it's ready to defend your fortress!  🏰💰 𝐖𝐡𝐚𝐭'𝐬 𝐭𝐡𝐞 𝐨𝐧𝐞 𝐟𝐞𝐚𝐭𝐮𝐫𝐞 𝐲𝐨𝐮 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐢𝐬 𝐢𝐧𝐝𝐢𝐬𝐩𝐞𝐧𝐬𝐚𝐛𝐥𝐞 𝐢𝐧 𝐚 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧 𝐦𝐨𝐧𝐢𝐭𝐨𝐫𝐢𝐧𝐠 𝐭𝐨𝐨𝐥? Share your thoughts in the comments below! 💭 #FinancialCrime #Compliance #TransactionMonitoring

🚀 Welcome to the Age of Digital Transformation! Get ready, Grandpa! 👴💻 Exciting article by Rich Jones on how Credit Unions are fully embracing the digital revolution! Key takeaways 🧐: 1. Credit unions are going high-tech with AI bots and tech for a better member experience. 2. Mobile apps are a game-changer. 3. Say goodbye to passwords – retina scans are the new security trend. 4. Compliance remains vital in the digital realm. 5. Newsletters go digital, sometimes hiding in spam folders 📧🙈. 6. Virtual events are booming, connecting us from afar. 7. Efficiency's up, but we're losing a touch of that personal charm. 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 🍋 #digitaltransformation #creditunions #techrevolution #mobilebanking #compliance #virtualleadership #creditunion #digitalengagement #aiautomation #ai #itms

Open Banking's proposed rules for the USA dropped from the CFPB yesterday. We welcome the news on data sharing which essentially puts consumers in control. Hopefully the US goes one step further and includes A2A payments and not just data. The US market would be perfect for VibePay 🇺🇸🤝🇬🇧 Simon Taylor summary on Twitter yesterday was great, here it is; “Here's the overview and my snap analysis 👇 🧠🧠🧠 Need for a "fair standards body" that 1. Balances decision making power across all parties 2. Has an appeals process, due process and transparency of communications 3. Must be authorized by the CFPB 🧠🧠🧠 Roles 👩🎤 "Data providers" are any credit, debit, prepaid or deposit account provider. "Authorized 3rd parties" are anyone else authorized by a consumer to access that data (e.g. a Fintech company) "Data aggregators" - Plaid, MX, Finicity etc. 🧠🧠🧠 Data provider obligations 👩⚖️ 1. Must make all data for 12 months available from the most recent authorized transaction. Includes any fees, rewards or yield. Also any account verification like name, address or email. 2. Excludes any data used for preventing fraud, AML or algorithms used in underwriting 3. Cannot charge fees for establishing a connection or API calls (!!). 4. 99.5% of message responses must be "proper" 🧠🧠🧠 Authorized parties 1. Cannot use data to target advertising, cross sell (!!), or re-sell that data 2. Must have written policies, adequate data security and disclosure 🧠🧠🧠 🤔 My thoughts 1. No mention of investment products. Does this mean Fidelity and Akoya are fine for now but PNC isn't? 2. No fees for data access, so banks just have to take the hit on cost? 3. No cross selling; how will that be enforced and measured? 4. Does FDX have to change its governance or is there an opportunity for an alternative? 5. This is a proposed rule, comments due by December. Passed ~before the election?” https://lnkd.in/eJk_enki

"Real-time location #analytics stand out as a key component in this new approach. #Financial institutions map their customers' #data, #analyse geographical patterns, and derive valuable #insights into their #behaviours and preferences," says Charl Fouche, Chief Operations Officer, AfriGIS. #bankingindustry #digitalbanking #knowyourcustomer #kyc #dataanalytics #customerdata #locationanalytics #compliance

I'm thrilled to unveil the findings of our 2024 Anti-Fraud Benchmarking Report as featured in Banking Exchange. This four-part series delves into crucial strategies and technologies to combat fraud with agility. As fraudsters become increasingly sophisticated, it's imperative for financial institutions to leverage advanced analytics and AI-driven solutions to safeguard their operations and protect their customers. Check out the article to learn more about innovative approaches and gain actionable insights from the report:http://2.sas.com/6044dD5WO #BankingIndustry #FraudPrevention #AI

𝐈𝐦𝐚𝐠𝐢𝐧𝐞 𝐚 𝐰𝐨𝐫𝐥𝐝 𝐰𝐡𝐞𝐫𝐞 𝐛𝐚𝐧𝐤𝐬 𝐬𝐞𝐚𝐦𝐥𝐞𝐬𝐬𝐥𝐲 𝐝𝐞𝐭𝐞𝐜𝐭 𝐟𝐫𝐚𝐮𝐝, 𝐯𝐞𝐫𝐢𝐟𝐲 𝐢𝐝𝐞𝐧𝐭𝐢𝐭𝐢𝐞𝐬, 𝐩𝐫𝐨𝐜𝐞𝐬𝐬 𝐥𝐨𝐚𝐧𝐬, 𝐚𝐧𝐝 𝐦𝐚𝐧𝐚𝐠𝐞 𝐫𝐢𝐬𝐤𝐬 𝐚𝐥𝐥 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐭𝐡𝐞 𝐩𝐨𝐰𝐞𝐫 𝐨𝐟 𝐜𝐨𝐦𝐩𝐮𝐭𝐞𝐫 𝐯𝐢𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐥𝐚𝐧𝐠𝐮𝐚𝐠𝐞 𝐦𝐨𝐝𝐞𝐥𝐬. 1. 𝐅𝐫𝐚𝐮𝐝 𝐃𝐞𝐭𝐞𝐜𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐏𝐫𝐞𝐯𝐞𝐧𝐭𝐢𝐨𝐧   → Detect anomalies in transactions using visual data.   → Cross-verify transaction data with customer communication. 2. 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐕𝐞𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧   → Facial recognition for secure customer identification.   → Analyze textual and visual data for identity verification. 3. 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐞𝐝 𝐋𝐨𝐚𝐧 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐢𝐧𝐠   → Automate document verification for loan processing.   → Assess creditworthiness using visual and textual data. 4. 𝐑𝐢𝐬𝐤 𝐀𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭   → Analyze imagery for physical asset risk assessment.   → Combine visual and textual data for risk profiling. 5. 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐞𝐝 𝐂𝐥𝐚𝐢𝐦𝐬 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐢𝐧𝐠   → Analyze images for insurance claim validation.   → Analyze documents and communication for discrepancies. 6. 𝐄𝐧𝐡𝐚𝐧𝐜𝐞𝐝 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐒𝐞𝐫𝐯𝐢𝐜𝐞   → Virtual assistants with facial recognition for service.   → Virtual assistants analyze visual and textual data. 7. 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐮𝐫𝐯𝐞𝐢𝐥𝐥𝐚𝐧𝐜𝐞 𝐚𝐧𝐝 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞   → Monitor activities for regulatory compliance.   → Analyze trader communications with visual data. 8. 𝐀𝐬𝐬𝐞𝐭 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐕𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧   → Use imagery and modeling for asset valuation.   → Combine market analysis with visual data. 9. 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐞𝐝 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬   → Extract information from physical documents.   → Interpret and summarize legal jargon. Discover how the synergy of computer vision and language models is revolutionizing banking, offering enhanced security, efficiency, and customer service. "𝐇𝐨𝐰 𝐝𝐨 𝐲𝐨𝐮 𝐭𝐡𝐢𝐧𝐤 𝐭𝐡𝐞 𝐢𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐜𝐨𝐦𝐩𝐮𝐭𝐞𝐫 𝐯𝐢𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐀𝐈 𝐜𝐨𝐮𝐥𝐝 𝐢𝐦𝐩𝐫𝐨𝐯𝐞 𝐲𝐨𝐮𝐫 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐞𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐚𝐧𝐝 𝐞𝐧𝐡𝐚𝐧𝐜𝐞 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲?" ♻️ Repost it to your network and follow Timothy Goebel & Edward Frank Morris for more. #aIinbanking #smartbanking #fintechinnovation #securebanking #futureoffinance