Coventry Building Society has adopted predictive analytics software to enhance its anti-fraud defences.
The UK’s second largest building society has selected Precision software from Synectics Solutions to boost its existing systems and provide its investigations team with additional information to help interrogate referrals.
The software uses configurable predictive algorithms and data analysis to accurately predict future customer behaviour based on past experience. It will be deployed by Coventry to identify high risk mortgage applications and provide fast decisions when dealing with online customers.
Lewis Jackson, financial crime manager at Coventry Building Society, said: “Precision will support us in identifying high risk cases, in a way that also improves efficiency. In addition, one of the big drivers for selecting the service was the existing relationship we hold with Synectics via their SIRA product.”
Synectics’ predictive analytics sales manager, Osman Khurshid, added: “It is becoming more evident that predictive analytics is a key tool in an organisation’s fraud defences, and we’ve seen the value of that from an insurance perspective in the claims environment. Now it’s great to prove the benefits within financial institutions.”
Latest News
-
Gemini to cut quarter of workforce and exit UK, EU and Australia as crypto slump forces retrenchment
-
Bank ABC’s mobile-only ila bank migrates to core banking platform
-
Visa launches platform to accelerate small business growth in US
-
NatWest to expand Accelerator programme to 50,000 members in 2026
-
BBVA joins European stablecoin coalition
-
eToro partners with Amundi to launch equity portfolio with exposure to ‘megatrends’
Creating value together: Strategic partnerships in the age of GCCs
As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories