Financial crime prevention provider, Quantexa makes sure they always look to the bigger picture in order to correctly assess the level of risk.
Who is Quantexa – what problem are you solving?
Ultimately, we are focussed on helping Financial Institutions to better detect Financial Crime & Fraud; whilst also empowering our customers to make better decisions around things like Credit risk.
Financial Crime is a $3 trillion problem globally; and where legacy systems and technologies are still in place, less than 1% of laundered money is currently being detected worldwide. That’s the problem we are helping solve.
You talk a lot about using context to support your clients better understanding and use of their data – how does this work? Can you give an example?
Of course – ‘context’ for us, simply means having all of the relevant information available to you, in one place, so you can see the bigger picture and correctly assess the level of risk – whether that be when onboarding a new customer, or during complex Financial Crime investigations
Think of your customer as the nucleus of complex cellular structure. If you cannot see all the connecting components or ‘networks’ within that structure, how are you able to truly understand what risks or even opportunities it may contain?
How does the system uncover ‘new and unknown’ connections?
Looking at customers, companies or even individual transactions in isolation, simply does not provide the full ‘context’ needed to be able to make informed decisions concerning risk.
By bringing together quite literally, billions of data points from internal, external, static and behavioural sources, we can create a ‘single entity’ view of the customer right across your organisation.
Having the ability to then build and visualise those networks in real time, means that we can identify both new and/or unknown relevant connections, relationships and behaviours. Understanding these relationships and behaviours allows us to help financial institutions detect and investigate Financial Crime more effectively and efficiently.
Right now, the platform supports projects that deal with KYC & AML, Fraud, Credit Risk and Customer Insights – what other areas can Quantexa work with?
Even within those four core areas, we are continually seeing new use cases appearing. For example, within AML alone, there is a need for expertise-led technology solutions to tackle illicit flows of money in Trade Finance, Capital Markets, Correspondent Banking etc. We are also involved in other significant globally recognised projects around human trafficking for example, which again is intrinsically linked to money laundering.
What makes Quantexa different compared to others in this space?
First and foremost, we put our customer first. Most FinTech’s with shareholders have an insatiable appetite for growth and increased revenues. We of course have that too, but we can only achieve that by truly solving the problems our customers face day in day out.
Something else that sets us apart is the way in which we utilise big data, A.I and machine learning. You’ll hear these buzzwords frequently in this space, but not many can truly show how putting that into practice yields quantifiable results in terms of risk detected, costs saved, and resources unburdened.
We have an array of craft beers and independent music at FinTECHTalents – Give us a great song to listen to AND tell us your favourite tipple
Given what we are trying to prove around the value of context and connections – we’ll go for Connection by Elastica!
Drink-wise, you can’t go wrong with a good Negroni in the winter, or a Mezcal margarita in the summer!
Quantexa will be presenting as part of the FinTech Stories Stage at FinTECHTalents this November.
