Nov 24, 2023
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Service categories
Service Lines
Artificial Intelligence
IT Services
Web Development
Domain focus
Banking & Financial Services
Other
Programming language
CSS
Python
Scala
Frameworks
React Native
Subcategories
IT Services
Business Analysis
Challenge
We have partnered with a major bank that has branches all over the US, providing loans, deposits, and more banking products.
The key American bank faced rising financial fraud threats, and traditional systems proved ineffective. We were picking the best ways to use machine learning in banking and finance against increasing fraudulent activities that endangered customer safety and the bank’s reputation.
We have partnered with a major bank that has branches all over the US, providing loans, deposits, and more banking products.
The key American bank faced rising financial fraud threats, and traditional systems proved ineffective. We were picking the best ways to use machine learning in banking and finance against increasing fraudulent activities that endangered customer safety and the bank’s reputation.
Solution
We suggested adding an ML-powered extension to the banking system to scrutinize large data volumes and protect funds from malicious activities. It analyzes account holders’ transactions and raises alerts for any unusual, suspicious, or fraudulent behavior. With deep learning fintech algorithms, our team processed extensive data to spot irregularities signaling potential fraud risk.
We suggested adding an ML-powered extension to the banking system to scrutinize large data volumes and protect funds from malicious activities. It analyzes account holders’ transactions and raises alerts for any unusual, suspicious, or fraudulent behavior. With deep learning fintech algorithms, our team processed extensive data to spot irregularities signaling potential fraud risk.
Results
Timspark’s top-notch ML extension spots fraud and takes action. Security’s solid — no breaches or financial crimes.
1) x2.4 speedier in processing:
our ML algorithms swiftly handle heaps of data, keeping up with the rapid transactions.
2) 99.3% accuracy of fraud detection:
using these algorithms, we find tricky patterns that humans might miss. That means fewer mistakes and less unseen fraud.
3) Less mundane tasks:
our solution checks hundreds of thousands of payments per second, making the transaction process as painless as possible.
The algorithms catch tiny changes fast, checking tons of payments per second. The bank gets tighter security, faster transactions, and less chance of missed fraud. It means smoother banking and peace of mind for the end customers.
Timspark’s top-notch ML extension spots fraud and takes action. Security’s solid — no breaches or financial crimes.
1) x2.4 speedier in processing:
our ML algorithms swiftly handle heaps of data, keeping up with the rapid transactions.
2) 99.3% accuracy of fraud detection:
using these algorithms, we find tricky patterns that humans might miss. That means fewer mistakes and less unseen fraud.
3) Less mundane tasks:
our solution checks hundreds of thousands of payments per second, making the transaction process as painless as possible.
The algorithms catch tiny changes fast, checking tons of payments per second. The bank gets tighter security, faster transactions, and less chance of missed fraud. It means smoother banking and peace of mind for the end customers.