Digitalization is seeping in every industry, and the financial sector is not an exception. From depositing money to transferring and withdrawing it, financial institutions have eased up and simplified almost every financial service using digital techniques. However, the digital transformation in FI’s is often accompanied by new kinds of risks like payment frauds, cybersecurity breaches, regulatory and compliance issues, and so on with high priority. On the other hand, with evolving market dynamics, stiff competition, and regulatory scrutiny, onboarding clients quickly, and providing seamless service has also become a great challenge for large and small-sized financial institutions. Besides, the use of legacy systems and lack of integration between the anti-money laundering and fraud department further complements the challenges faced by financial firms in curbing breaches. The need of the hour is an integrated continuum system that addresses the money laundering and fraud instances that benefit banks as well as customers.
This is where California-based Cognive marks its presence in the financial security landscape with its battle-tested unified cognitive ecosystem powered by active artificial intelligence (AI) and distributed protocols that cover every step of the anti-money laundering and fraud prevention continuum. With its unified ecosystem, Cognive connects different financial firms, people, and technologies to avoid the institution’s annual revenue loss that arises as a result of compliance risks and data breaches.
In a broader sense, Cognive’s unified ecosystem, powered by cognitive technology, processes the various events and information from internal and external sources to create dynamic contextual knowledge around the customers and money laundering events they faced.
“As all institutions are connected to one federated ecosystem, it becomes easy to prevent the suspicious transactions automatically on the level of transaction monitoring systems and decrease the time spent on manual investigations,” states Victor Nazarov, founder of Cognive. Furthermore, Cognive’s unified ecosystem’s f lexibility enables organizations to integrate business with anti-money laundering and anti-fraud department and quickly make decisions around customer onboarding and monetary transactions. The system also allows financial institutions to create smart action plans to work differently with distinct customers, thereby providing an efficient functional solution for every fraud case and preventing clients before any fraud transpires.
Another major benefit that Cognive’s unified ecosystem brings to the table is cross-institutional distributed intelligence automation, enabling financial firms to integrate their systems and arrive at a conclusion based on an arbitrated analogy about sharing sensitive data. “The financial institutions can incrementally improve detection percentage and reduce false positives by learning about incidents occurring in other organizations, without sharing any confidential information,” mentions Nazarov.
Cognive is establishing a loyal customer base by leveraging the multi-faceted benefits offered by its unified cognitive ecosystem. The company primarily caters to the financial sector to assist them in money laundering and fraud prevention with a goal to create a level of satisfaction necessary for the organization. However, Cognive is now planning to extend its footprint of cross-institutional intelligent automation in other industry verticals as well.