Customer Risk Assessment with AI: Insights from ThetaRay’s experts

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Vered Gottesman, CMO at ThetaRay, and Nitzan Solomon, VP of Product at ThetaRay talks about our latest product innovation: ThetaRay Customer Risk Assessment. 

A solution that addresses pain points in the customer due diligence process, streamlining risk assessments and adapting to the evolving regulatory landscape. Let’s find out more:

Understanding Customer Risks

Knowing your customers in the FinCrime and RegTech industries is synonymous with understanding your business risks. A significant portion of high-risk customers within a portfolio elevates the overall risk profile of the business. It’s critical that companies accurately identify and manage these risks to maintain compliant and secure operations.

Challenges in Customer Risk Assessment:

Financial institutions often need help with traditional customer risk assessment solutions, which tend to rely on simplistic, deterministic approaches. Such methods might categorize risk based on broad, arbitrary criteria, failing to capture the complexities of real-world risk scenarios. Nitzan Solomon, VP of Product at ThetaRay, highlighted how ThetaRay Customer Risk Assessment leverages advanced AI to overcome these challenges, providing a nuanced understanding of customer risk.

Workflow of ThetaRay Customer Risk Assessment Solution:

ThetaRay Customer Risk Assessment incorporates a sophisticated workflow:

  • Comprehensive Data Integration: This is essential for accurate assessments, allowing a vast array of data points, including know-your-customer (KYC) information and transaction details.
  • AI-Powered Risk Assessment: The AI algorithms analyze the integrated data to determine nuanced risk profiles adaptable to specific institutional risk levels.
  • Investigation and Action: The solution generates actionable alerts and recommendations, empowering financial institutions to make informed decisions.

Nitzan summarizes that ThetaRay Customer Risk Assessment solution leverages advanced AI technology for extensive data integration, crafting precise risk profiles and significantly reducing false positives—a typical challenge in traditional systems. By employing both supervised and unsupervised learning, it detects known and emerging risk patterns, enhancing operational efficiency and improving customer experiences by streamlining KYC/AML processes. Its configurability allows financial institutions to tailor the system to their specific needs and regulatory environments, ensuring adaptability and compliance in the face of rapidly evolving regulations. This blend of precision, efficiency, and flexibility makes ThetaRay Customer Risk Assessment a standout in risk management technology.

Looking Forward:

ThetaRay continues to develop innovative solutions that address the evolving needs of the financial industry, with Nitzan Solomon and our product team, leading these efforts. We look forward to sharing more insights and developments in future segments.

To learn more about ThetaRay Customer Risk Assessment, listen to the full interview on our podcast here.

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