We resolved card and payment related issues and prevented their further occurrence.
About the Industry
The advancement of smart technologies in the banking industry has brought many positive results. Frequently changing consumer behavior with multiple regulatory frameworks and norms has brought about a paradigm shift in the industry.
The incorporation of Artificial Intelligence and Machine Learning has revolutionized the digital journey of this industry. Similarly, the rising use of data analytics is bringing a positive shift in banking practices. Enhanced governance with advanced financial reforms is targeting not only services, but also safety measures for the customers. Though the rising compliance cost is posing an alarming threat to the industry, measures to mitigate such issues are under way.
About the Client
Our client is a US-based management consulting firm that is active across multiple areas, including Energy & Utilities, Healthcare, Life sciences, and Manufacturing. The organization holds specialized expertise in providing financial, banking, and insurance-related services.
Currently, the company is serving in thirty nations and employs more than three thousand employees. Along with core management consulting, our client also offers specialty services. To successfully transform the business landscape, the company is fully automating its business processes.
The Business Challenges
We analyzed client’s situation and identified some of the pain areas. The organizational challenges were as follows: -
The Business Solution
From our understanding of their business process, we were able to identify the gaps that were generating issues. We implemented the following solutions to fix the flaws: -
• Card Cloning
• Double Card Swiping
• Illegal Money withdrawal
• Spark-Streaming Technique
• Trained Machine Learning Models
• Data Categorization
• Deployment of Data Analytics, analysis of the historical data
• Significant reduction in the cases of card cloning and faulty money withdrawal
We improved the decision-making capabilities of our client and helped them in saving significant costs. About the Industry...
March 31, 2020
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