Narrowing Down Your Fight Against Financial Crime to Conceive More Impactful Outcomes

Oracle Financial Services, a division of Oracle focused on enabling banks to investigate and resolve financial crime cases faster, has officially announced the launch of Oracle Financial Services Crime and Compliance Management Investigation Hub Cloud Service.

According to certain reports, the stated service brings forth one AI-powered case management facility to conceive a modern user experience, which can effectively reduce manual tasks, remove data silos, and elevate the insights that investigators need to focus their time on analysis and combating financial crime.

More on the same would reveal how this Investigation Hub leverages integrated graph analytics and embedded AI to automate tasks, streamline workflows, and provide investigators with data-driven insights. By doing so, it tries to achieve, on an actionable note, enhanced investigator performance, improved task management, more detailed reporting, and consistent decision-making across a diverse team of investigators.

Talk about the given mechanism on a slightly deeper level, we begin from promise of a simplified investigator experience, where the solution cuts down on investigation touch time by up to 70 percent. This it does by automating manual tasks, such as data gathering and SAR filing, so to streamline workflows and provide a unified view of all case data. All in all, such a setup helps investors in focusing on higher-value tasks like analysis and decision-making.

Next up, there is the potential for data-driven storytelling. You see, a typical investigation process involves an investigator spending 80 percent of their time gathering data and 20 percent of their time on analysis. However, by deploying Investigation Hub, investigators can now dedicate most of their time towards analyzing rich insights, graph analysis, and auto-generated narratives derived from key data points. This translates rather directly to improved speed, as well as to a more accurate brand of investigation.

“Bad actors are becoming increasingly sophisticated, leveraging advanced technologies, and exploiting vulnerabilities in traditional systems,” said Jason Wynne, senior vice president, finance, risk, and compliance product development, Oracle Financial Services. “To stay ahead of these threats, financial institutions need flexible solutions that can help them detect, investigate, and prevent financial crime more effectively. Investigation Hub represents a significant leap forward in case management to enable tier-one institutions and smaller banks alike to conduct faster, more accurate, and cost-effective investigations by providing context to the data. With Investigation Hub, data is transformed into an actionable story.”

Another major highlight users can expect from Oracle’s Investigation Hub is rooted in the prospect of flexibility and configurability. To expand upon that a little bit, Oracle’s latest brainchild is highly configurable to meet the specific needs of different institutions and investigation teams. It also arrives on the scene with a user-friendly interface, which markedly enough, can be further tailored to different roles and responsibilities. Such a system, on its part, should allow institutions to create an investigator-centric experience that maximizes efficiency by an important margin.

Hold on, considering we haven’t yet mentioned that the technology in question is built on the high performance, flexibility, and security of Oracle Cloud Infrastructure (OCI). As a result, it is well-equipped to integrate seamlessly with other Oracle Financial Crime and Compliance Management Cloud Service (FCCM) solutions and third-party data providers.

More on the same would be this solution will be regularly updated with the latest AI and machine learning capabilities from OCI Generative AI service to help address regulatory changes. The idea here is to let institutions use the most advanced tools and capabilities, all while remaining compliant with the established rules.

Among other things, it must be acknowledged how Investigation Hub is part of the Oracle FCCM portfolio, an end-to-end suite of financial crime and anti-money laundering (AML) SaaS applications. In case you weren’t aware, these applications have been specifically made to meet the requirements of banks and financial institutions from all over the world, something they have been doing for more than 25 years now.