Winner of the Banking Tech Awards USA 2022: Symphony AyasdiAI

Symphony AyasdiAI won the Tech of the Future – Data, AI, ML & RPA category for its SensaAML solution at the Banking Tech Awards USA 2022.

Artificial intelligence (AI) has come to the forefront of financial services over the past few years with myriad case uses. One of the great successes of AI has been in the area of ​​risk and fraud, because AI can sift through huge volumes of data to identify patterns, things that don’t quite fit and find the needle in the haystack that causes concern.

Simon Moss, Symphony AyasdiAI: AI is not looking for a needle in a haystack, but rather a needle in a pile of needles

Or, as our CEO, Simon Moss likes to say, AI isn’t looking for a needle in a haystack, but rather a needle in a pile of needles.

Symphony AyasdiAI’s product, SensaAML, has optimized the power of AI for this. It gives banks and financial institutions a complete picture of customer, third-party, and user behavior to uncover crime, risk, and competitive opportunities through unparalleled predictive insights.

The overall result of our interface is a reduction in false positives and the detection of unidentified risks by the TMS in place without overwhelming investigators with an excessive number of net new alerts.

The product works simultaneously to deliver automation and intelligence in the areas that need it most. It was designed to work alongside existing processes and can augment current rules and thresholds, as well as provide additional insights through better data mapping and discovery using AI and machine learning. automatic graphs (ML).

SensaAML is completely transparent, auditable and explainable for regulatory compliance. The solution was created to deliver maximum impact on return on investment (ROI) and efficiency while keeping the smallest footprint on management and implementation changes.

This next-generation platform of breakthrough AI and ML technologies enables Ayasdi to lead the way in helping financial institutions successfully mitigate the emergence of criminal activity within their organizations.

The timing couldn’t be better. Financial crime has never been higher – the COVID pandemic has provided the perfect opportunity for criminal actors to abuse both the economic climate and the growing number of individuals negatively impacted by job loss. The net result has been a disproportionate increase in fraudulent banking activity and an increased sophistication of money laundering tactics.

There was a clear need for a robust solution!

Additionally, the Anti-Money Laundering (AML) Act of 2020 introduced additional regulatory and compliance initiatives for FIs, and thus provided Ayasdi with the ideal scenario to showcase the SensaAML solution and the vast benefits it brings. brings to meet these obligations.

This solution combines machine learning from graphs, behavior maps, inference relationships, longitudinal behavior and risk into a single orchestration to uncover the DNA of complex financial crime.

SensaAML is a cloud, microservices and application programming interface (API) oriented design, holistic solution with built-in integrations for case management systems and other tools.

Given the wealth of investments that financial institutions have made in existing AML and anti-fraud technologies, we fully understand that “rip and replace” is not a viable option for most of them. This philosophy is central to the development of SensaAML to create a platform to work alongside legacy transaction monitoring systems.

Additionally, the lean and agile nature of our system means that implementation times are significantly reduced (typically three months) to ensure a quick and transparent return on investment.

During our first implementations, we generated impressive statistics that prove the effectiveness of our solution.

We have achieved a 20% increase in L3 detection, up to 90% accuracy in detecting new risks, risks can be identified up to a year earlier and there has been a 60% reduction in false positives.

SensaAML has received numerous industry recognitions, resulting in a wave of unsolicited Requests for Proposals (RFPs) inviting us to bid on AML solution programs. To date, we have moved to the proof of concept stage with 50% of these invitations.

Our goal over the coming year is to combine them into a FRAML solution that provides comprehensive risk coverage and operational efficiency. By leveraging third-party and first-party data from banks, we can provide real-time decision making for a seamless customer experience and deliver key competitive advantage to our customers.