Published by The Straits Times – 8th Nov 2017
OCBC Bank is stepping up its collaboration with an Israeli fintech firm to employ artificial intelligence (AI) and machine learning to combat financial crime.
It said yesterday that it would extend its testing with ThetaRay after early results showed that the company’s technology was able to reduce the number of alerts that did not require further review – by 35 per cent.
The technology was also better at categorising flagged transactions by their risk levels, which vastly improved the accuracy rate of identifying suspicious transactions, the bank said.
