Banks face increasing pressure from many directions, and two of the biggest challenges are meeting their regulatory obligations and finding ways to cut costs. Economic crises have resulted in an unprecedented quantity of increasingly complex regulations. At the same time, increased competition and the emergence of fintechs are squeezing the bottom line and forcing tighter budgets across all cost centers. Until now, the idea of cutting costs while still meeting your regulatory requirements was a nearly impossible endeavour.
More real cases. A lot less noise.
Red flags can often be more clearly identified when a pattern of activity is present, rather than an individual alert. Using state-of-the-art machine learning, Beam’s superior detection software analyzes hundreds of factors about millions of financial transactions to adaptively search for abnormal trends and activity.
Beam’s models take the results of analysts’ investigations in a feedback loop to continually learn from new findings, leading to significantly fewer false positives.
The power of social intelligence
Beam uses online sources to enrich your data and flag suspicious activity. For example, if a customer is applying for a loan, Beam will ensure that the loan amount isn’t greater than the value of the home, that the customer’s stated income is typical for their profession, and that their stated profession matches their profile on social media.
Keep what works
Banks can dramatically enhance their current compliance solutions by integrating Beam into their existing algorithms, rule sets, and systems without complete software replacement. The Beam Data Ingestion module allows you to send your data through the Beam solution and start increasing your productivity fast.