SAS was recently named as a Leader in the IDC MarketScape: Worldwide Responsible Artificial Intelligence for Integrated Financial Crime Management Platforms 2022 Vendor Assessment (doc #US47457622, July 2022). The report offers IDC MarketScape’s first-ever comparative analysis of the banking industry’s top financial crime management solutions powered by AI. It includes SAS and eight other vendors – all offering standalone AI applications to prevent and detect fraud and anti-money laundering (AML).
IDC recognizes SAS’ responsible #innovation in #FinancialCrimes.
“Only a more holistic, AI-based and real time approach to fighting fraud and financial crime can deliver the agility banks need to keep ahead of the ever-changing and increasingly sophisticated threats that define today’s risk landscape,” said Ritu Jyoti, group vice president, artificial intelligence and automation market research and advisory services IDC. “SAS has proven itself at the forefront of artificial intelligence and machine learning-powered solution innovation, offering an end-to-end solution that enables financial services organizations to combat fraud, money laundering, and terrorist financing across channels and business lines – all from a single, enterprise-wide platform.”
Responsible AI: “emerging 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 foundational pillars: fairness, explainability, robustness, lineage, and transparency. “Responsible AI is emerging as a dominant prerequisite for AI, and businesses must take a proactive stance,” the report advises.
SAS’ dedication to responsible innovation is a company guide star, coordinated by the cross-functional SAS Data Ethics Practice.
“Best-in-class platforms must be trustworthy to achieve long-term effectiveness and resilience,” said Reggie Townsend, Director of the SAS Data Ethics Practice. “A financial institution’s ability to identify and alert for suspicious behavior must be fairly distributed, transparent for auditing and explainable to those affected if their decisions are to be trusted.”
SAS simplifies data integration, enables robust modeling and real time monitoring
The IDC MarketScape’s 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 allows financial institutions “to create a more accurate predictive model tuned to an organization’s needs” and “gives enterprises the flexibility to scale up or out as their business changes and respond faster to new threats as they arise.”
“Embedded machine learning methods detect and adapt to changing behavior patterns, resulting in more effective, robust models,” the analysis states. “Key technology components let enterprises easily spot anomalies for each customer. In-memory processing delivers high-throughput, low-latency response times – even in high-volume environments – enabling enterprises to score 100% of transactions in real time.”