The UK’s second largest building society has adopted a predictive analytics software service to enhance its anti-fraud defences.
Coventry Building Society turned to Synectics Solutions for Precision to enhance its current systems and provide its investigations team with additional information to help interrogate referrals.
Predictive Analytics Sales Manager, Osman Khurshid, said: “We are very happy to have implemented our Precision software as a service solution within Coventry Building Society’s Mortgage Fraud strategies. Precision proved it can bring financial benefit for Coventry by improving operational efficiency, as well as helping to identify high risk mortgage applications.
“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.”
The speed at which customer interactions take place online is increasing and so accurately predicting future behaviour based on past experience is becoming ever more necessary to make quick decisions for an impatient consumer.
Precision represents a highly configurable, enhanced suite of predictive algorithms and data analysis, provided as a service that gives organisations analytical capabilities and data science expertise they need to deliver a truly cost effective, competitive edge.
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 are receptive to feedback and quick to act in support of any issues that arise - we know that will continue with Precision.”