How Visual Analytics Leads to Smarter Financial Crime Management

As more and more financial institutions (FIs) begin adopting AI and machine learning-based data into their programs, the most common question financial crime fighters ask is – “how can we best understand the findings?”.

A strong first step is learning how to best compound the massive amounts of data that you’ve compiled. Through a composite of the data gathered, FIs can compound risk factors alongside risk policies. This step alone allows a program to flag abnormal behavior, and prioritize the severity of the event to investigators, all in real time.

With the analytics successfully compounded, it’s vital for the FI to present the output of the data in a clear, concise way for the analyst to make a smart decision quickly. Even if the process itself is automated, having the data easily readable allows your program to efficiently handle decisions at any level of severity.

Next Level Visual Analytics Insights

As our world adjusts to the digital-first ideology, FIs are struggling to keep pace with massive amounts of data to sort. The methods relied upon years ago simply can’t compete with the speed, accuracy and depth of view needed to stay ahead. Analysts must effectively manage this new era by using modern tools and technologies, and visualize how their decisions are being made to help prepare for the future.

For example, by using visual analytics, FIs gain a clear picture of not only their most high-risk customers, but also a view of what products generate the most risk to the organization and their customers (i.e. money transmitters, privately owned ATMs, parking garages, etc.) to help their analysts make a quick decision on abnormal behaviors linked to such products.

Additionally, visual analytics allows for flexible views for whatever your needs are, and for whoever is requesting, such as:

• Descriptive analysis needs
• Predictive analysis needs
• Operational needs
• Management needs
• Regulatory needs
• Audit needs

Put simply, data doesn’t have to be this scary, white whale of a creature that you have no control over. With the ability to clearly pinpoint high-risk data points and discover how the organization’s high-risk activities are grouped by geographical, amount and even frequency risks, you can easily take back control and “tame” the data through visual analytics.

Visual analytics allow for analysts to compound data in an effective, easy to interpret way, and make smarter decisions in the fight against financial crime, so you can focus on what matters most – protecting yourself and your customers.

To learn more about how to use visual analytics to help your organization, click here.