Case Study
UST refactored trade surveillance platform at leading American financial services firm, improved fraud detection, increased investigator productivity
OUR CLIENT
Founded more than 75 years ago, this American multinational investment bank is a leader in the financial services industry.
THE CHALLENGE
The fraud investigation team depended on the IT team to adjust fraud detection thresholds
The client’s institutional securities division recently deployed a new tuning platform to improve fraud detection capabilities for business scenarios such as insider trading, market manipulation, and other illegal practices. With the existing trade surveillance big data platform, the fraud detection business users needed IT support to change business rules to help identify potential fraud, which otherwise could take several months. However, the client didn’t have the right skillsets to identify eligible tunable parameters for various business scenarios and onboard them into the newly developed tuning platform to make it more accessible for the trade surveillance team.
THE TRANSFORMATION
UST developed user-friendly tunable parameters for the fraud detection team
UST designed and deployed 18 different business scenarios on the new tuning platform that business users can tune as necessary without IT intervention. Our software engineering team identified the tunable threshold parameters for different fraud scenarios and developed corresponding rules for the new tuning platform. As the business users test different fraud detection thresholds, they can generate alerts and reports to assess and pinpoint fraudulent activities with more precision.
THE IMPACT
Self-sufficient trade surveillance business team no longer dependent on IT team for routine work
After delivering the new business rule functionality on the tuning platform, the client’s trade surveillance team could change fraud detection thresholds as needed to identify suspicious activity. Change requests that used to have a three-month wait time now took fraud investigators only seconds. This exponentially faster process also allowed the team to conduct sampling above and below the fraud threshold as well as A-B testing to detect fraud at a more granular level. Once the fraud surveillance team became self-sufficient, they accomplished much more investigative work than before. The IT team could turn their attention to more strategic IT tasks—increasing productivity and reducing operational costs for both groups.
EXPERTISE & RESOURCES
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Digital Transformation Services | Digital Technology Solutions - UST
Financial Services Technology Solutions & Transformation - UST