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Investigating credit card fraud is mission-critical for any financial institution, but manually sifting through mountains of data can be incredibly time-consuming and tedious. Manual processes create delays that impact customer satisfaction and drain the energy and morale of the highly skilled data scientists doing this dull, repetitive work.
A Fortune 200 financial services company knew this struggle all too well. Their merchant fraud protection team faced a major bottleneck because data scientists spent an average of four hours manually investigating every data anomaly. These and other delays also crippled their sales team because straightforward prospect merchant analyses took two weeks to complete.
This fast-growing business believed in the potential for AI to help improve its fraud detection and mitigation processes but didn’t know how to meet the challenges. They partnered with RapidCanvas to find a better way.
Resource Bottleneck: Every fraud investigation required hours of manual analysis by data scientists, which limited the company’s ability to scale and protect its customers.
Analysis Limitations: Manual processes limited the scope of analysis to a subset of available data, so some fraud was slipping through.
Customer Impact: Long wait times for fraud protection recommendations, sometimes up to two weeks, left merchants feeling vulnerable and frustrated with the level of support provided.
Scalability Issues: Fraud is an arms race. Relying solely on static fraud prevention rules based on historical data left the company vulnerable to new fraud tactics.
RapidCanvas deployed a specialized team of experts with extensive experience in AI and financial services to collaborate with the client’s data scientists and security leaders. Through workshops and collaborative sessions, they analyzed existing fraud detection processes and developed a tailored solution to address the company's specific needs and objectives.
Rapid Canvas created a bespoke automated analysis platform to streamline and enhance fraud investigation. This platform featured a centralized data repository with automated data ingestion from multiple sources, ensuring a comprehensive view of every transaction. AI-powered algorithms detected patterns and anomalies indicative of fraudulent behavior, significantly reducing the manual effort required for initial assessment.
A dynamic rule generation engine automatically created and updated fraud prevention rules based on real-time insights. Interactive merchant dashboards provided clear and accessible visualizations of fraud trends and recommendations, empowering non-technical teams to make informed decisions. To further enhance capabilities, RapidCanvas leveraged intelligent integration. The system identified hidden patterns and anomalies that might have been missed with manual analysis and generated personalized rule recommendations for each merchant. Accompanying clear explanations were designed to foster understanding and trust.
RapidCanvas orchestrated a process redesign that transformed the company's fraud operations. What was once a collection of manual processes that taxed the resources and patience of the company’s data scientists became an efficient automated solution.
In the first year of deployment, the company saved 4,400+ analysis hours, reducing the average query analysis time from four hours to under five minutes. False positive flags decreased by 15%, and overall fraud detection improved by 10%. Merchant capacity rose from 550 to 2,000+ analyses annually without increasing staff.
Key Business Metrics
The data science team was very pleased with the changes. On average, each data scientist's workload was reduced by 40%, enabling them to focus on more complex analysis and proactive anti-fraud initiatives. Further, non-technical staff were empowered to use the tools, with clear explanations and AI-driven insights visualized in the easy-to-use dashboard.
The Rapid Canvas solution has also been transformative for the sales team. While in the past, they had to wait two weeks to get ROI analyses to share with prospects, the new system analyzes merchant data and provides an instant assessment. Further, merchants receive personalized recommendations to protect their business and reduce financial risk. The platform even creates customized, branded presentations to streamline admin tasks and keep sellers hunting.
Real world stories like this illustrate the profound impact that expert-led AI and automation solutions can have for financial services businesses. Human teams work best when they are empowered with AI and industry-leading automation. With Rapid Canvas, you and your team can win back the time to do the strategic work you love while driving even better results for your business.
To learn more about how RapidCanvas can help your business with your challenges, contact us today for a free consultation.
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