Financial Services Company Reduces Fraud and Bootstrap with ModelOps Enterprise Solution

as published in “ModelOps for Dummies”
Business Goal
Improve fraud detection and prevention with AI and Automation.
Challenge
At one of the world’s largest financial services companies, systems were monitored constantly using an engine that detected potentially fraudulent activity and determined which automated action should be executed. However, teams still needed to manually route events. As attacks continued to grow more frequent and sophisticated, the number of events that had to be inspected continued to expand, and the number of false alarms also continued to increase. These issues placed a growing strain on staff and led to increased cost and exposure.

Recognizing the potential to employ AI to address the fraud challenge, the company’s data scientists developed a composite fraud detection model by using a combination of existing rules-based and new machine learning (ML) models. However, this and other models were sitting in the labs, as it was very complicated and risky to push them into production without a proper ModelOps system.
Solution
The team used ModelOp Center as the core component of the new AI platform to provide fully automated and orchestrated model operations that ensured the fraud models performed optimally and received the proper oversight and controls.
Benefits
  • Better fraud detection and prevention
  • Multi-million-dollar operating expense (OPEX) benefit while protecting the company and its customers against increasing fraud attempts
  • 50% time-to-market reduction
  • Protection from multi-million dollar operational and regulatory risks for models in production
  • Standardize model operations across the enterprise, while enabling BUs and data scientists to use the model development tools of their choice.

Read the entire case study in “ModelOps for Dummies”

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