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Home Finance KPMG in the UK and Quantexa Collaborate to Deliver Contextual Decision Intelligence Solutions

KPMG in the UK and Quantexa Collaborate to Deliver Contextual Decision Intelligence Solutions

by maria

Helping organisations defend against fraud, money laundering, and illicit finance

London, 21 Oct, 2021 – Quantexa, the data and analytics software company pioneering Contextual Decision Intelligence (CDI), announced today it is working with KPMG in the UK. KPMG will deploy Quantexa’s cutting-edge CDI software for clients to enable them to unlock the power of their vast data assets to combat against an increasing international financial crimewave.

By placing data in context with Quantexa’s CDI approach, customers can reveal and understand previously hidden risk in the real-world relationships between people, places, and organizations. By enriching data with contextual meaning and uncovering patterns which humans alone cannot detect, data scientists and investigators can make better-informed, trusted decisions, to navigate their organisations through transformational changes and situations which can increase risk.

A new approach to solving risk and compliance challenges

This collaboration will help customers improve operational business decision making performance, minimise client risk and ensure higher levels of compliance. This is enabled by developing more effective strategies to enhance value across the areas such as Transaction Monitoring, Investigations, Credit Risk and Fraud Detection.

Together, Quantexa’s next-gen CDI capabilities and KPMG’s consulting services can transform customer transaction reviews with new levels of accuracy, efficiency and scale, in near-real-time. Through a powerful detection capability that draws on a diverse choice of data sources to create a single version of the truth, Quantexa and KPMG help clients to leverage AI and ML to present a single entity view of customers’ data and their associated risks.

“Building greater trust and automating decision-making, along with efficiency that lowers costs, while reducing financial crime risk and assuring compliance, is simply good business”, said Quantexa CEO Vishal Marria. “New risks demand new technology and techniques. Using Contextual Decision Intelligence, customers are experiencing a whole new way to maximise the power of their data, revealing risks and opportunities they cannot otherwise see today.”

Mark Cordy, partner in financial crime technology at KPMG in the UK, said: “Fighting financial and economic crime has a substantial cost to society and business. Financial institutions understand they must have robust procedures as well as the right technology to effectively identify and prevent financial crime. Using digital technology to detect money laundering risks and other suspicious activities helps companies achieve compliance, understand their business better and protect against crime.”

Solving the data – decision gap in Financial Services

Contextual Decision Intelligence solves a basic issue for managing disparate data in Financial Services. Without accurate, connected data, even the most automated of decision-making models underperform and lack transparency, and investments in them fail to deliver. According to IDC, 57% of companies believe data fragmentation is the key obstacle to enterprise decision-making.

Quantexa’s Contextual Decision Intelligence platform makes faster and more accurate decisions possible, connecting disparate internal and external datasets, for example, integrating the UK’s National Fraud Database with internal customer data. With these connections established, CDI creates a single view of data surfaced in network graphs of real-world entities, such as people and organizations, and links them to each other. Suspicious behaviour patterns are flagged so investigators can recognize and solve cases. Throughout, Quantexa’s CDI platform ensures the logic behind each decision is traceable and explainable.

ABOUT QUANTEXA

Quantexa is a global data and analytics software company pioneering Contextual Decision Intelligence that empowers organizations to make trusted operational decisions by making data meaningful. Using the latest advancements in big data and AI, Quantexa’s platform uncovers hidden risk and new opportunities by providing a contextual, connected view of internal and external data in a single place. It solves major challenges across data management, financial crime, customer intelligence, credit risk, fraud and throughout the customer lifecycle.

The Quantexa platform enhances operational performance with over 90% more accuracy and 60 times faster analytical model resolution than traditional approaches. Founded in 2016, Quantexa now has over 400 employees and thousands of users working with billions of transactions and data points across the world. The company has offices in London, New York, Boston, Washington DC, Brussels, Toronto, Singapore, Melbourne and Sydney.

For more information, contact Quantexa here or follow us on LinkedIn.

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