Transactional and Validation Analysis for a US-based Regional Bank
Challenges
A US-based Regional Bank observed growing incidents of check fraud. The leading cause of this was a highly manual process for account-level profiling, and tracking account holder behavior. Lack of coordination across banking departments was further contributing to the challenges.
Solutions
- Implemented Transactional Analysis to detect suspicious items like out-of-range check numbers, unusual check amounts, and duplicate check numbers.
- Developed a multi-engine approach featuring advanced voting algorithms, trained on historical data and Fraud Analyst annotations.
- Adopted an AI-based approach for check recognition using deep learning models, including CAR/LAR, OCR, and ICR techniques.
Impact
- Achieved a 30% reduction in full-time equivalents (FTE) compared to the initial staffing levels.
- Attained over 99.5% accuracy in identifying check fraud.
About Us
At Straive, we operationalize data analytics and AI for global enterprises. We leverage our unique people-process-tech framework to build the best-of-breed data analytics & AI solutions. By operationalizing this solution into your core workflow, we deliver real-world measurable impact and better ROIs through a combination of higher efficiency, elevated experiences, and enhanced revenues.
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