Community banks face a unique set of challenges when it comes to meeting their regulatory obligations. Despite their smaller size, they are often held to the same set of standards as their larger counterparts, which include global, national, and large regional financial services companies. They challenge is that these community banks operate with significantly fewer resources in areas such as compliance, operations, and technology. The result of increased regulatory scrutiny, plus competitive pressure from larger banks and emerging fintechs, is that these smaller organization’s staffing and budgets can’t keep up.
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 up to 90% 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
Community 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.