About Finnova
Finnova is a leading provider of banking software in the Swiss financial centre. Finnova’s solutions are used by more than 100 banks. Finnova supports banks and outsourcing providers in achieving digital transformation and open banking.
Through Finnova’s Open Platform, banks are able to be more innovative, agile, and better satisfy their clients’ needs. Finnova supports their customers’ individual digitalisation strategies, both with their own products and with a broad-based partner network.
Starting position and challenge
Banks have to meet complex regulatory requirements. Rule-based systems can only provide limited support. Without the use of powerful, precise analytics, these requirements are managed with high risks and costs.
Solution
The solution was to create the Finnova Analytical Framework (FAF) — a business solution based on Prospero’s software platform for predictive analytics, DetectX®. FAF is embedded in the Finnova banking software and responds to requirements from all suites and modules.
DetectX® can be used to map the entire range of applications of machine intelligence for optimising the business processes of a bank in a uniform platform — including anti-money laundering, fraud prevention, risk management, robo-advisory, and potential-oriented sales management. Banks get a 360° view of their customers, risks, and opportunities.
The smart core of the Analytics Framework
The heart of FAF is the DetectX® Analytical Engine, which validates, optimises, and calibrates models continuously in the background. Whether the models are for fraud detection, transaction analysis, link analysis, robo-advisory, or analytical CRM, the engine ensures maximum precision and stability of the modelling process.
Data from different sources is loaded for processing, checked for completeness and distortion, transformed, supplemented, and enriched. In a complex optimisation process, millions of combinations are calculated and the relevant factors are continuously determined with their weightings — all in an automated process so that expert intervention is reduced to a minimum. Model creation and application run in parallel in an unlimited, scalable process.
Result
FAF has been recognised with the Best Predictive Analytics Platform and Best Financial Transaction Company awards at the 2022 Fintech Breakthrough Awards, and earlier with the Banking IT-Innovation Award from the Universities of St. Gallen and Leipzig.