siliconindia

Banks are struggling to adapt to the new normal in the post COVID era. With more customers shifting their focus to digital channels, it has become essential for banks to address this demand spike. Further, operationally they are struggling with regulatory compliance and risk management as model issues have emerged in every aspect of a bank’s operations. To this end, banks need to rightly digitize their legacy platforms by addressing the challenges of information silos that make data-intensive AI solutions ineffective, complex mash-up of banking platforms, everevolving regulatory mandates and compliance needs, to name a few. Also, the situation highlights the requirement of an efficient partner who has the experience and expertise to transform banks’ operations.

Having a comprehensive understanding of these challenges, Cleareye.ai is delivering the only platform of its kind designed with the sole purpose of enabling banks to accelerate digital transformation journey.

As a platform to simplify banking, Cleareye.ai enables topline and bottom-line growth for clients while ensuring compliance to ever-evolving regulations.

“Banks are weighed down by legacy platforms/ infrastructure that is rigid and expensive to maintain. The generalized digital solutions that are available in the market are time consuming and not customizable. Unlike these products, Cleareye.ai platform plays a crucial role in accelerating the performance of banks,” says Mariya George, President, and Chief Revenue Officer at Cleareye. ai. The Cleareye.ai platform digitalizes the legacy core while reducing IT complexity and costs through automated and efficient integration. The platform is designed to be flexible and scalable to meet the emerging needs of banks. It is composed of fully configurable industry-leading horizontal capabilities in data assimilation, decision automation, data mining, anomaly detection, integration, insight generation, and experience delivery. The platform facilitates an engineering process that takes full advantage of open source ecosystems to cut out the time to market by 10X—when compared to traditional ground-up engineering. “To accelerate platform composition, we continuously source, analyze, and harden the open source capabilities specifically for cyber security and regulatory compliance,” mentions Sarath Sasikumar, Chief Operating Officer at Cleareye. ai. The company also leverages a diverse ecosystem of research partners that include niche start-ups and academia. They continuously mine for cuttingedge innovations that can be brought to commercial applications at scale, enabling Cleareye.ai to bring marketready products that deliver immediate value for banks.

Cleareye.ai can quickly configure the products to banks specific needs. Stating a client example, Mariya, expands on an instance where Cleareye.ai helped a bank in Europe to ensure compliance with regulators.

The bank was asked to perform a look-back analysis of historical transactions by the regulators. Cleareye.ai proposed a hybrid detection model to the bank for the anti-money laundering problem. In a couple of weeks, millions of transactions were analyzed. “We could reduce false positives by 40 percent; identified multiple fraud patterns that were missed out by the rule based systems. Detection of false negatives was increased by 75 percent and operations efforts reduced by 50 percent through actionable insights,” Mariya mentions. In a nutshell, Cleareye.ai is a true digital platform for banks that is superior to anything else in the market today. Its unique ability to create products based on the foundational blocks positions the company as the leader in next-generation banking products in lending, risk management, AML, trade finance and customer service. For the future, Cleareye.ai is launching a Joint Venture AI Company partnering with a leading Global Financial Services Consulting firm to help banks, hedge funds, and asset managers reduce their backoffice cost base. The engineering breakthrough is so very unique that it can take data from any source, stage and link it together using proprietary data models and taxonomies, then perform accounting and reporting calculation tasks as defined by users. This JV will create new and exciting job opportunities in the U.S., Europe, and Indian markets. Cleareye.ai also plans to expand its footprint to newer markets in 2021. “In Q1 2021, we will be expanding our market presence to Europe and in Q2 we will foray into the APAC market through strategic partnerships,” concludes Sarath.