Oracle AI Service Improves the Speed and Accuracy of Financial Crime Investigations

Rhea-AI Summary

Oracle has introduced the Oracle Financial Services Crime and Compliance Management Investigation Hub Cloud Service, an AI-powered case management solution designed to enhance financial crime investigations. This new service aims to reduce investigator time by up to 70% by automating manual tasks, removing data silos, and providing actionable insights.

Key benefits include:

• Simplified investigator experience with automated data gathering and SAR filing
• Data-driven storytelling with auto-generated narratives and graph analysis
• Highly configurable to meet specific institutional needs
• Built on Oracle Cloud Infrastructure (OCI) for high performance and security
• Seamless integration with other Oracle FCCM solutions and third-party data providers

The Investigation Hub is part of Oracle's Financial Crime and Compliance Management portfolio, offering a comprehensive suite of AML and FCCM SaaS applications for global financial institutions.

Positive

• Potential to reduce investigation time by up to 70%, improving efficiency
• AI-powered automation of manual tasks, allowing focus on high-value analysis
• Integration with existing Oracle FCCM solutions and third-party providers
• Regular updates with latest AI and machine learning capabilities from OCI Generative AI service

Negative

• None.

Insights

Financial Technology Analyst

Oracle's new AI-powered Investigation Hub represents a significant advancement in the financial crime technology market, directly addressing a critical pain point for financial institutions. The solution's claimed 70% reduction in investigation time could translate to substantial cost savings for banks, which typically maintain large compliance teams dedicated to financial crime investigations.

The product strategically positions Oracle to capture growing demand in the regulatory technology (RegTech) space, where banks face mounting pressure to improve efficiency while maintaining compliance with increasingly complex regulations. By automating data collection and narrative generation—tasks that currently consume approximately 80% of investigators' time—Oracle is targeting the most resource-intensive aspects of financial crime compliance.

This launch strengthens Oracle's comprehensive Financial Crime and Compliance Management portfolio, creating potential for both cross-selling to existing clients and capturing new market share. The integration with Oracle Cloud Infrastructure (OCI) further demonstrates Oracle's strategy of leveraging its cloud platform to deliver specialized industry solutions, creating stickier customer relationships and higher-margin recurring revenue streams.

Though no specific financial projections are provided, the banking sector spends billions annually on financial crime compliance, making this a significant market opportunity. The solution's emphasis on AI, automation, and investigator experience aligns with financial institutions' dual mandates of cost reduction and improved effectiveness in combating increasingly sophisticated financial crimes.

Oracle Financial Services Investigation Hub cuts investigator time previously wasted on collecting data while delivering auto-generated narratives and intelligence needed to resolve cases up to 70% faster

AUSTIN, Texas, Oct. 7, 2024 /PRNewswire/ -- Oracle Financial Services Summit, New York – Enabling banks to investigate and resolve financial crime cases faster, Oracle today introduced the Oracle Financial Services Crime and Compliance Management Investigation Hub Cloud Service. The new AI-powered case management solution delivers a modern user experience that reduces manual tasks, removes data silos, and elevates the insights investigators need to focus their time on analysis and combating financial crime.

"Bad actors are becoming increasingly sophisticated, leveraging advanced technologies, and exploiting vulnerabilities in traditional systems," said Jason Wynne, senior vice president, finance, risk, and compliance product development, Oracle Financial Services. "To stay ahead of these threats, financial institutions need flexible solutions that can help them detect, investigate, and prevent financial crime more effectively. Investigation Hub represents a significant leap forward in case management to enable tier-one institutions and smaller banks alike to conduct faster, more accurate, and cost-effective investigations by providing context to the data. With Investigation Hub, data is transformed into an actionable story."

Investigation Hub leverages integrated graph analytics and embedded AI to automate tasks, streamline workflows, and provide investigators with data-driven insights. The result is enhanced investigator performance, improved task management, more detailed reporting, and consistent decision-making across a diverse team of investigators. Benefits of the solution include:

• A simplified investigator experience: The solution reduces investigation touch time by up to 70 percent by automating manual tasks such as data gathering and SAR filing to streamline workflows and provide a unified view of all case data. This allows investigators to focus on higher-value tasks such as analysis and decision-making.
• Data-driven storytelling: A typical investigation process involves an investigator spending 80 percent of their time gathering data and 20 percent of their time on analysis. With Investigation Hub, investigators can now spend most of their time analyzing rich insights, graph analysis, and auto-generated narratives derived from key data points. This significantly improves the speed and accuracy of investigations conducted.
• Flexibility and configurability: The solution is highly configurable to meet the specific needs of different institutions and investigation teams, with a user-friendly interface that can be tailored to different roles and responsibilities. This allows institutions to create an investigator-centric experience that maximizes efficiency and effectiveness.

Built on the high performance, flexibility, and security of Oracle Cloud Infrastructure (OCI), Investigation Hub integrates seamlessly with other Oracle Financial Crime and Compliance Management Cloud Service (FCCM) solutions and third-party data providers to provide a comprehensive view of customer activity and risk. The solution will be regularly updated with the latest AI and machine learning capabilities from OCI Generative AI service to help address regulatory changes so institutions can use the most advanced tools and capabilities while helping to support compliance.

Investigation Hub is part of the Oracle FCCM portfolio, an end-to-end suite of financial crime and anti-money laundering (AML) SaaS applications. These solutions have been tailored to meet the specific AML and FCCM requirements for global banks and financial institutions for more than 25 years.

For more information about the Oracle Financial Services and our new Investigation Hub service visit: https://www.oracle.com/a/ocom/docs/industries/financial-services/fs-investigation-hub-cloud-service-ds.pdf.

About Oracle Financial Services

Oracle Financial Services provides solutions for retail banking, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers. With our comprehensive set of integrated digital and data platforms, banks and insurers are empowered to deliver next-generation financial services. We enable customer-centric transformation, support collaborative innovation, and drive efficiency. Our data and analytical platforms help financial institutions drive customer insight, integrate risk and finance, fight financial crime, and comply with regulations. To learn more, visit our website at https://www.oracle.com/financial-services.

About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

Trademarks
Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

 

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SOURCE Oracle

FAQ

What is the new Oracle AI service for financial crime investigations called?

The new service is called Oracle Financial Services Crime and Compliance Management Investigation Hub Cloud Service, also referred to as Investigation Hub.

How much can the Investigation Hub reduce investigator time by?

According to Oracle, the Investigation Hub can reduce investigator time by up to 70% by automating manual tasks and streamlining workflows.

What are the key benefits of Oracle's Investigation Hub for financial institutions?

Key benefits include a simplified investigator experience, data-driven storytelling with auto-generated narratives, high configurability, integration with Oracle FCCM solutions, and regular updates with the latest AI capabilities.

How does the Investigation Hub improve the efficiency of financial crime investigations?

The Investigation Hub improves efficiency by automating data gathering, providing auto-generated narratives, and offering graph analysis, allowing investigators to focus more on analysis rather than data collection.