New Delhi – TigerGraph will be delivering new analytical capabilities for CareEdge Risk Solutions to develop the next generation of customer and fraud solutions to financial institutions to manage risk and compliance, acquire customers and improve operational efficiencies.
Using TigerGraph’s graph database technologies and ready-made anti-money laundering (AML) and fraud prevention software toolkits, CareEdge Risk Solutions can now massively increase the amount of data it analyzes while also more deeply interrogate the relationships between different data points.
With 4,000 customers worldwide, CareEdge Risk Solutions provides financial institutions with cutting-edge software solutions for risk management, finance automation and regulatory and financial compliance. It helps industry leaders derive deep insights on their business and craft effective growth strategies.
The partnership with TigerGraph means CareEdge Risk Solutions can overcome bottlenecks such as the lack of scalability, visualization or accuracy that traditional databases are often limited by.
CareEdge Risk Solutions will be able to get answers faster and more precisely for businesses that depend on fraud analysis to make important business decisions. For example, it might find that a company is overexposed, say, in the metals and mining sector and that might increase the risk for a lender if credit is extended to the company.
Between US$800 billion to US$2 trillion are estimated to be laundered globally each year, though the total amount that goes through the cycle is hard to pinpoint, according to the United Nations.
With TigerGraph’s graph analytics platform, CareEdge Risk Solutions can detect, for example, a fraudulent transaction that is being made from a stolen or seldom-used bank account by matching patterns, following the money flow and discovering links to it.
These insights are possible because TigerGraph is the only graph database capable of providing real-time deep link analytics across multiple nodes or hops for massive datasets.
It is able to take unstructured data and automatically reorganize the data according to history and similarities, thus revealing previously undetected relationships and links.
Previously, CareEdge Risk Solutions found it challenging to build and display relationships between different entities, such as companies and shareholders in its investigations. It also sought to uplift and enhance its risk and compliance solutions by bringing in money laundering and fraud prevention capabilities.
New Insights for Customer Acquisition
With TigerGraph’s technology, CareEdge Risk Solutions is also revolutionizing the way it uses artificial intelligence, machine learning and data analytics to discover new insights for its customers.
Besides fraud, CareEdge Risk Solutions can make use of the relational capabilities of graph databases to help a bank acquire new credit card customers. Through improved customer analytics, it can better understand what potential customers seek from a credit card, thus allowing the bank to target its offerings more precisely.
One important improvement is the way that the findings from data analysis are visualized. Using TigerGraph’s ready-to-go toolkits, CareEdge Risk Solutions will be able to develop applications quickly with modern user interfaces that deliver insights with impact.
Another benefit is the fast go-to-market that TigerGraph’s bundle of capabilities provides. Easy to deploy and seamless to integrate with other systems, it enables CareEdge Risk Solutions to start delivering solutions to customers in 30 to 45 days.
Additionally, TigerGraph works with different clouds so CareEdge Risk Solutions does not worry about being locked into cloud-specific tools that can prove to be inflexible in the future.
Operational Efficiencies with Graph Databases
In terms of efficiency, CareEdge Risk Solutions expects a five percent increase in catching fraud with TigerGraph and an additional six percent increase with visualization, said Kiran Surve, CEO of CareEdge Risk Solutions.
Kiran commented: “We wanted our risk and compliance solutions to be built on superior technology with scalable analytics platform and one which offers graph as a service. TigerGraph scored high on our internal evaluation.”
These efficiencies are important as CareEdge Risk Solutions helps customers improve financial supply chain management. The greater visibility offered by graph database opens up new opportunities that enable borrowers and lenders to be transparent about creditworthiness. With this, loans can be more efficiently and safely approved, especially for small and medium enterprises (SMEs).
“Graph analytics’ penetration in data complex industries like financial services would drive significant value. It’s important to invest in robust platforms which not only are scalable but also have defined solutions for the industry,” said Kiran.
“Partnering with TigerGraph allows us to improve our capabilities multifold, from tackling the growing menace of money laundering to empowering banks and businesses in the supply of credit,” he added.
“In a data-driven world, we need new tools that can go through voluminous amounts of data, make meaningful discoveries quickly and deliver the results in an impactful way,” said Khushal Bhansali, India country manager at TigerGraph.
“The partnership with CareEdge Risks Solutions demonstrates the importance of real-time insights that TigerGraph’s capabilities can offer to financial institutions to meet future challenges,” Bhansali added.
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