Global Financial Crimes Compliance Introducing Alteryx
Company Size
1,000+
Region
- America
- Asia
Country
- Japan
- United States
Product
- Alteryx
Tech Stack
- Analytic Process Automation
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Digital Expertise
- Productivity Improvements
Technology Category
- Analytics & Modeling - Data-as-a-Service
- Analytics & Modeling - Real Time Analytics
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Fraud Detection
- Regulatory Compliance Monitoring
Services
- Data Science Services
About The Customer
MUFG Bank is a Japanese multinational banking and financial services corporation headquartered in Chiyoda, Tokyo, Japan. It is one of the main companies of the Mitsubishi UFJ Financial Group, one of the world's largest financial groups. The bank's Global Financial Crimes Division (GFCD) was launched in November 2017. Based in New York City, where information and insights on global financial crimes are gathered, the GFCD operates in four locations, including London, Singapore, and Tokyo. The GFCD is responsible for promoting a globally integrated and consistent financial crimes compliance program.
The Challenge
MUFG Bank's Global Financial Crimes Division (GFCD) was facing challenges in handling massive data processing and diversified IT systems. The bank, being a megabank, had a large number of transaction data. In Anti-Money Laundering (AML) operations, the staff had to judge each case that the AML system detected with their own eyes, one by one, if it was truly suspicious. Also, detecting new high-risk transactions was a challenge since it required a significant workload. Another challenge was the insufficient human resources of data scientists who can perform exploratory analysis. They needed exploratory data analysis skills to spot global financial crimes and take action quickly. However, there were not enough data scientists currently in the Japanese labor market.
The Solution
To overcome these challenges, MUFG Bank introduced Alteryx, a platform that is user-friendly and has a powerful engine to handle large amounts of data. Alteryx also has network capability to enable centralized data management. The bank chose Alteryx because of its easy-to-use user interface, powerful engine to handle large amounts of data, and network capability to enable centralized data management. After the deployment of Alteryx, the bank realized that Alteryx not only made data processing more efficient and faster but also brought about unexpected benefits, such as improved individual analysis skills and the ability to review business operations.
Operational Impact
Quantitative Benefit
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