BFSI Use cases for Graph Analytics

 

Graph analytics is used to analyze relations among entities such as customers, products, operations, and devices. Businesses run on these relationships between customers, customers to products, how/where/when customer’s use products, and how business operations affect the relationships. In a nutshell, it’s like analyzing social networks and financial companies can gain immensely by using Graph Analytics.

Let’s see the four biggest use case of Graph Analytics in the world of finance.

 

1. Stay Agile in Risk & Compliance
   Financial services firms today face increased regulations when it comes to risk and compliance reporting. Rather than update data manually across silos, today's leading financial organizations use Neo4j to unite data silos into a federated metadata model, enabling them to trace and analyze their data across the enterprise as well as update their models in real-time.
   
   
2. Fraud Protection
   Dirty money is passed around to blend it with legitimate funds and then turned into hard assets. Detect circular money transfers to prevent money laundering via money mules. Graph Analytics discovers the network of individuals or common patterns of transfers in real-time to prevent common frauds – to detect illegal ATM transactions. Data like IP addresses, cards used, branch locations, the timing of transfers can be instantly tied to individuals to prevent fraudulent transactions.
   
   
3. Leverage data across teams
   Data is the lifeblood of finance. Companies strive to actively collect, store and use data. At the same time, financial companies are governed by laws, regulations, and standards around data. The burden of being compliant and ensuring data privacy has become ever more complex and expensive.
   Graph Analytics allows tracking data lineage through the data lifecycle. Data can be tracked and navigated, vertex by vertex, by following the edges. With graph analytics, it is possible to follow the path and find where the information originated, where it was copied, and where it was utilized. This makes it easier to remain compliant and use data for its full value.
   
   
4. Capture 360-degree view of customers
   Marketing is all about understanding relationships of their customers and their products. Knowing the relationships between customers, customers’ transactions, and products will build a 360-degree view of customers – which can be used for better marketing and more effectively provide customers with what they want.