Solutions
Octai for Financial Services
Bringing AI-powered solutions to reduce risk
Data Revolution
FS&I industries data-driven reset
From mitigating risks proactively, to creating personalized customer services, we help financial services harness the power of AI to create differentiation and transform their bottom line.
Prevent risk and personalize services
The Octai for financial services enables companies to develop, deploy and manage AI applications, transforming AI projects into real-world business outcomes. With Octai, organizations can build and run AI models in real time, deploy them anywhere and bring to life their most ambitious data-driven strategies for differentiation and risk mitigation.
The Issue
Challenges financial services face with ML
Model risk management hurdles
“Black box” ML makes it challenging to understand and act on model results, and makes it difficult for model risk management teams to approve deployment.
Bespoke financial platforms
Financial platforms are diverse, complex, and often bespoke, making it difficult to embed ML into existing and custom business processes and applications used for decisioning.
Evolving fraud techniques
Traditional rule-based fraud detection methods may struggle to keep pace with emerging fraud patterns. Machine learning can help identify complex patterns and anomalies in large volumes of transactional data, but the challenge lies in staying ahead of ever-evolving fraud techniques and training ML models to detect emerging fraud patterns effectively.
Market dynamics constantly changing
The average model takes 11 months from ideation to deployment, making it difficult to quickly iterate or experiment, and leaving customer and investment opportunities to languish.
Management and governance complexities
Legacy models in multiple languages which are mostly deployed on-premise increases the risk profile and creates potential portfolio risk with outdated models.
Real World
Why Octai for FS&I
Find new customers & opportunities
Standardize and parallelize the model development process to engineer thousands of features, test hundreds of modeling strategies, and experiment with multimodal modeling to uncover new opportunities in your portfolios. Then quickly identify abnormal activity to reduce risk.
Identify key business drivers
Quickly identify important portfolio and customer features with hyper-granular signals that provide financial leaders with meaningful drivers of change. Access clear visual explanations across data types that front-line decision makers can understand and action.
Get models into production fast
Oversee all models, including those that are legacy or custom-developed outside of Octai, ensure their high performance, and mitigate risk in credit and trading decisions, all within a unified platform. Preserve the efficiency of models in production and lessen risk on credit and trading decisions using a thorough set of drift monitoring tools and alerts. As the landscape of customer and market data shifts over time, seamlessly "hotswap" in challenger/champion models with Octai, avoiding any disruption to your operations.
Seamless integration:
Octai is designed to seamlessly integrate with existing systems and workflows commonly used in financial services and insurance organizations. This ensures a smooth transition and minimizes disruptions to ongoing operations. Octai's compatibility with various data sources, APIs, and cloud platforms enables efficient data integration and facilitates collaboration across teams.
Resources
Financial services applications
Real world examples of how Octai accelerates impact to your business – increasing productivity, speed, and efficiency with an analytics platform powered by no-code AI.
applications
Claims Fraud Detection
Maintain claim transparency and alertness with an AI-powered Fraud Detection System. Do not let frauds cause direct loss of revenue and potential reputational damage.
applications
Card Fraud
Credit card fraud is now the number one type of identity theft, and credit card new account fraud rose an astonishing 88% in 2019
