A milestone has been reached in modernizing financial crime detection! On October 29, The U.S. House of Representatives passed the “COUNTER Act” Bill which requires …Read More
Compliance and risk automation
for financial services
Coalesce.ai software products simplify risk and compliance workflows in the financial services industry.
Our intelligent workflow automation improves operational efficiencies in fraud detection, surveillance and monitoring, providing a scalable infrastructure that reduces costs and risks while enabling growth of regulated financial products.
The Coalesce.ai solutions are helping transform financial institutions, making them more efficient, agile, and better able to detect financial crime by streamlining repetitive, replicable and routine risk and compliance tasks.
Our products help assist enterprise business users by:
- Enhancing process efficiency and improved response times
- Increasing worker productivity and performance
- Reducing costs and operational risks
- More effective monitoring, risk, and fraud detection
Instead of trying to find the proverbial “needle in the haystack”, Coalesce’s AI solutions shrink the haystack for fraud and compliance analysts – learning to reduce false positives so business users can focus on higher value tasks.
Rules-based risk and compliance solutions are ineffective.
- 59% of total profits spent on risk compliance (ABA Magazine)
- 90%+ false positive rates
- <1% effective at financial crime detection
More than half of manual workflows can be automated or enhanced with machine learning and artificial intelligence.
- Fines and losses from inefficient compliance monitoring and surveillance reached more than $20bn in recent years
- Monitoring and supervision has doubled in the last 5 years, reaching 10% -20% of all operating costs for financial institutions
Coalesce’s AI solution catches more than 80% of Synthetic identify fraud at financial institutions.
- 85%-95% of applicants identified as potential synthetic identities are not flagged by traditional fraud models
- Banks and credit unions write-off more than $10bn in loan losses from Synthetic Identity Fraud
- $15,000 is the average charge-off balance per instance of synthetic identity fraud in 2016
“Voted AI solution most likely to be adopted by financial services in the next 12 months”
Financial Information Management Association
THE POWER OF COALESCE
Coalesce.ai invented a technology called User Defined Machine Learning (UDML) which allows business users to teach the software to filter, analyze and process data without programming or large training datasets. The result is intelligent, customized automation which has proven to be 80% more effective than rules-based solutions.