AI drives digital transformation in financial services

[TechExperts]

AI is empowering institutions in the financial services industry to accelerate differentiation in the market. In this on-demand webinar, experts from Celent, Aerospike, Intel, and HPE share AI knowledge plus real-life best practices.

We live in the age of insights where sophisticated artificial intelligence (AI) and machine learning (ML) models provide capabilities for more reliable real-time decision making and risk mitigation. As financial institutions, you deal with non-negotiable terms on a day-to day basis. You need to balance the unrelenting requirement to combat the threat of financial fraud with the push to deliver innovative products and services to better serve your existing clients and expand to new ones.

At the same time, you must provide a platform that keeps up with the growing volume of transactions while keeping cost down and profits high. Given AI isn’t something you buy off the shelf, what is the best approach?

Identifying barriers to AI adoption to pave the way for digital transformation

AI is enabling the financial services industry to bring digital transformation to the forefront, empowering you to accelerate your differentiation in the market – and just in time to help you overcome common barriers to enterprise-wide AI adoption. These include:

• Cultural and organization alignment
• Technical know-how
• Foundational building blocks
• Lack of adequate AI governance
• Increasing regulatory requirements

Move ahead – and operationalize AI to boost business benefits

The evolution of cloud along with the development of workload portability, AI as a service, and other techniques are enabling financial service organizations to operationalize AI to gain greater business benefits.

What all is involved to operationalize AI? This configuration is a snapshot of a high-level solution architecture showing how you can enable real-time applications with AI. And while every implementation will be unique, below are some building blocks to consider. But you don’t have to do this alone. Our HPE GreenLake platform delivers an enterprise-grade ML cloud service that enables developers and data scientists to rapidly build, train, and deploy ML models – from pilot to production, at any scale.

Measuring AI success in financial services 

Consider these two uses cases.

At PayPal ­– real-time fraud prevention for digital payments

PayPal used Aerospike to power its global fraud prevention network that processes more than $280B payments annually. PayPal replaced Oracle and a Terracotta cache with Aerospike to improve real-time performance and the amount of data they could consume, resulting in PayPal now meeting their internal SLAs to run their fraud algorithms with millisecond performance.  This enabled PayPal to reduce false positives by 30x and increase revenues due to a 10x improvement in fraud calculations on data used. At the same time, they were able to improve their TCO by reducing their server footprint by 15x.  

 “PayPal is innovating deep analytics to rapidly respond to emerging fraud patterns, then deploying into an event-driven, fast data, in-memory architecture to accelerate detection, reduce losses and achieve near-continuous availability.” – Lead architect for new risk and compliance platform at PayPal 

At Barclays – machine learning for credit card fraud detection

With a modern machine learning solution, Barclays has been able to consolidate its siloed fraud applications into a single unified solution that can be used throughout the bank.  This is enabling them to better manage and scale their business, and has provided numerous competitive benefits:

• Increased data consistency
• Improved user profile data
• Eliminated latency issues
• Created ability to store and process volume of data needed

“With Aerospike, we were able to dramatically reduce stand-in processing (STIP), data consistency issues, and reduce false positives and false negatives for future transactions.” – Dheerai Mudgil, Vice President,  Enterprise Fraud Architecture, Barclays

Ready to dig deeper into AI for financial services?

Register to watch the complete on-demand webinar: How financial services use AI for risk mitigation and better experiences

Here, our panel of experts from Celent, Aerospike, HPE, and Intel share their knowledge on AI and real-life best practices. Within 60 minutes, you’ll walk away with insights on how to:

• Identify opportunities where AI can positively impact FSI requirements
• Operationalize AI at scale
• Utilize AI to contribute to the evolution of your cloud deployments
• Start and successfully implement AI in financial services
• Effectively measure AI ROI

Speakers include:

• Neil Katkov, Head of Risk, Celent
• Stuart Tarmy, Global Director, Financial Services Industry Solutions, Aerospike
• Thomas Odenwald, Head of AI Practice, North America, HPE
• Parviz Peiravi, Global CTO/Principal Engineer, Financial Services Industry Solutions, Intel

Or if you’re tight on time, browse through our Fraud management at massive scale for financial applications real-time data analysis solution overview with HPE and Aerospike. You’ll find various blueprints available to help jump start your AI journey.

Whether you’re just starting off on your AI digital transformation, or have a seasoned AI implementation, this is an exciting time for innovators like yourself. AI has so much to offer. Are you ready?

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Meet blogger Tracy Siclair, Senior Field Marketing Manager, HPE

Tracy has worked for HPE for 26 years in various positions, all geared towards providing a better customer experience. She has a passion for thinking out-of-the-box and finding innovative ways to share commercial insights. Utilizing research and insights, she’s putting those into action through storytelling techniques customers can easily understand and influencing customer engagement.

Insights Experts
Hewlett Packard Enterprise

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