TigerGraph, provider of the graph analytics platform, has announced that it will be delivering new analytical capabilities for CareEdge Risk Solutions to develop the next generation of customer and fraud solutions to financial institutions to manage risk and compliance, acquire customers and improve operational efficiencies.
Using TigerGraph’s graph database technologies and ready-made anti-money laundering (AML) and fraud prevention software toolkits, CareEdge Risk Solutions can now massively increase the amount of data it analyses while also more deeply interrogate the relationships between different data points.
The partnership with TigerGraph means CareEdge Risk Solutions can overcome bottlenecks such as the lack of scalability, visualisation or accuracy that traditional databases are often limited by.
“In terms of efficiency, CareEdge Risk Solutions expects a five percent increase in catching fraud with TigerGraph and an additional six per cent increase with visualisation,” said Kiran Surve, CEO, CareEdge Risk Solutions.
Kiran commented, “We wanted our risk and compliance solutions to be built on superior technology with scalable analytics platform and one which offers graph as a service. TigerGraph scored high on our internal evaluation.”
These efficiencies are important as CareEdge Risk Solutions helps customers improve financial supply chain management. The greater visibility offered by graph database opens up new opportunities that enable borrowers and lenders to be transparent about creditworthiness. With this, loans can be more efficiently and safely approved, especially for small and medium enterprises (SMEs).
“Graph analytics’ penetration in data complex industries like financial services would drive significant value. It’s important to invest in robust platforms which not only are scalable but also have defined solutions for the industry,” said Kiran.
“In a data-driven world, we need new tools that can go through voluminous amounts of data, make meaningful discoveries quickly and deliver the results in an impactful way,” said Khushal Bhansali, India Country Manager, TigerGraph.
“The partnership with CareEdge Risks Solutions demonstrates the importance of real-time insights that TigerGraph’s capabilities can offer to financial institutions to meet future challenges,” Bhansali added.