Smarter, more effective financial crime investigations with visual intelligence analysis
Customer Company Size
Large Corporate
Region
- Europe
Country
- United Kingdom
Product
- IBM i2 Analyst’s Notebook
Tech Stack
- Visual Intelligence Analysis
Implementation Scale
- Departmental Deployment
Impact Metrics
- Productivity Improvements
- Cost Savings
Technology Category
- Application Infrastructure & Middleware - Data Visualization
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Fraud Detection
- Visual Quality Detection
Services
- Data Science Services
About The Customer
Skipton Building Society is the UK’s fourth largest building society, with GBP 17 billion in assets, over 820,000 members, and a national network of branches. Skipton’s financial crime department aims to be recognized as one of the most innovative, expert and effective in the UK banking sector. The department is relatively lean due to Skipton's focus on mortgages and savings, rather than more vulnerable products like credit cards and loans. The financial crime team is tasked with combating increasingly complex frauds, money laundering attempts and other financial crimes.
The Challenge
Skipton Building Society, the UK’s fourth largest building society, was facing a constant battle against criminals who were using ever more sophisticated techniques to defraud institutions and their customers, launder money, and commit other types of financial crime. As the fraudsters got smarter, Skipton realized that it needed to innovate and turn to technology to help detect fraud attempts, minimize losses, prevent further exposure, identify culprits, and gather evidence to help law enforcement catch and prosecute them. Prior to the implementation of a new solution, Skipton’s analysts could spend days on complex investigations – trawling through spreadsheets, using pivot tables to try to spot patterns in the data, and drawing diagrams on paper to help them visualize and understand the relationships between suspicious transactions and potential fraudsters.
The Solution
Skipton’s financial crime team uses IBM i2 Analyst’s Notebook for visual intelligence analysis to reveal the connections between people, events and transactions. This helps to accelerate investigations and catch fraudsters faster. The solution eliminates hours of spreadsheet-based analysis by presenting data visually. Once Skipton’s analysts are confident that they have found evidence of wrongdoing, or identified a potential suspect, they can easily create simplified summary diagrams that can be output as part of a report, and shared with investigators and other stakeholders. The solution was easy to install and did not require a major IT project to get it up and running.
Operational Impact
Quantitative Benefit
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