The new IDC MarketScape finds that in the fight against fraud and financial crime, SAS’s end-to-end solutions help companies expertly balance model accuracy and explainability.
CARY, NC, August 11, 2022 /PRNewswire/ — SAS was recently named a leader in the IDC MarketScape: Global Responsible Artificial Intelligence for Financial Crime Integrated Management Platforms 2022 Vendor Assessment (doc #US47457622, July 2022). The report provides the first IDC MarketScape benchmarking of the top of the banking industry financial crime management solutions powered by AI. It includes SAS and eight other vendors, all offering autonomous AI applications to prevent and detect fraud and money laundering (AML).
IDC recognizes SAS responsible #innovation in #FinancialCrimes.
Industry leaders have come to recognize AI-based fraud and financial crime management as the backbone of broader business decision-making.
“Only a more holistic, AI-driven and real-time approach to fighting fraud and financial crime can deliver the agility banks need to stay ahead of the increasingly sophisticated and changing threats that define the current risk landscape,” he said. Ritu Jyoti, Group Vice President, IDC Artificial Intelligence and Automation Market Research and Advisory Services. “SAS has proven itself to be on the cutting edge artificial intelligence and machine learning-driven solution innovation, which provides an end-to-end solution that enables financial services organizations to combat fraud, money laundering and terrorist financing across channels and lines of business , all from a single business platform.”
Responsible AI: “Emerges as a dominant prerequisite for AI,” according to IDC
The IDC MarketScape report defines responsible AI as a framework for fostering an organization’s trust in its AI solutions, underpinned by five fundamental pillars: fairness, explainability, robustness, lineage and transparency. “Responsible AI is emerging as a dominant prerequisite for AI, and companies need to take a proactive stance,” the report advises.
The dedication of SAS to responsible innovation is a star in the company’s guide, coordinated by SAS’s transversal data ethics practice.
“Best-in-class platforms must be reliable to achieve long-term effectiveness and resilience,” he said. Reggie Townsend, Director of SAS’s Data Ethics Practice. “A financial institution’s ability to identify and alert to suspicious behavior must be distributed fairly, transparent to the audit and explainable to those affected if its decisions are to be trusted.”
SAS simplifies data integration, enables robust modeling and real-time monitoring
The IDC MarketScape analysis, based on vendor interviews, end-user feedback and publicly available information, found that the simplicity of SAS’ data integration capabilities on a single platform enables financial institutions to “create a more accurate predictive model tailored to an organization’s needs.” ” and “gives companies the flexibility to scale or expand as their business changes and respond more quickly to new threats as they emerge.”
“Embedded machine learning methods detect and adapt to changing behavior patterns, resulting in more effective and robust models,” the analysis states. “Key technology components enable enterprises to easily detect anomalies for each customer. In-memory processing delivers high-performance response time and low latency, even in high-volume environments, enabling enterprises to obtain 100% of real-time transactions”.
Extolling SAS’s strengths, the report notes that “SAS has achieved strong strategic functionality and reliable and ethical AI offering, growth and capabilities and customer satisfaction,” adding that “customers liked that SAS have the tools to help balance the accuracy and explainability of machine learning models.”
The IDC MarketScape analysis also recognizes AML and the future of SAS fraud software development: “SAS business priorities include enhanced supervised learning, greater visualization and integration, all of which will help improve financial institutions’ ability to fight financial crime with greater efficiency and accuracy.”
A competitive advantage
AI-based responsible fraud and financial crime management is about more than improving detection rates and reducing false positives. Industry leaders have come to recognize it as the linchpin of broader business decision-making that can help financial firms differentiate themselves in an increasingly competitive industry.
“The explosive acceleration of digital banking and payments has brought artificial intelligence and machine learning to the table in detecting fraud and suspicious activity while quickly adapting to rapidly changing risks,” he said. Stu Bradley, Senior Vice President of Fraud and Security Intelligence at SAS. “Those who approach this innovation responsibly can help overcome operational silos, increase efficiency, fuel product and service innovation and optimize the experience along the customer journey. While, above all, promoting trust in technology and automation”.
Find out why other analysts also consider SAS a leader in fraud and AML technology by visiting SAS online.
About IDC MarketScape
The IDC MarketScape Supplier Assessment Model is designed to provide an overview of the competitive fitness of ICT (Information and Communications Technology) suppliers in a given market. The research methodology uses a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position in a given market. The IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and potential vendors.
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Danielle M. Bates