Updates from : The Hindu :
Platform scores millions of online transactions in real time
From fighting financial fraud, reducing the time to find lost packages to optimising how ships approach the harbour, were some of the artificial intelligence and data analytics-based innovations showcased by Teradata, a leading data and analytics company.
“We are doing fascinating things,” said Victor L. Lund, president and chief executive of Teradata at the ‘Teradata Partners Conference’ in Anaheim, California. “In the new world of analytics (and AI), we have the highest scalability,” he said.
The Ohio-based company said that Danske Bank, a financial services leader in the Nordics, has worked with Think Big Analytics, a Teradata firm, to create and roll out a state-of-art artificial intelligence (AI)-driven fraud detection platform. It uses machine learning to analyse tens of thousands of potential features, scoring millions of online banking transactions in real-time to provide actionable insights about any fraudulent activity. By significantly reducing the cost of investigating false-positives, the company said Danske Bank increased its overall efficiency and is now poised for substantial savings.
“We recognise the need to use cutting-edge techniques to engage fraudsters not where they are today, but where they will be tomorrow,” said Nadeem Gulzar, head of advanced analytics, Danske Bank. Teradata said that for online transactions, credit cards and mobile payments, banks needed a real-time solution. The company said that the AI-driven fraud platform that it had developed in collaboration with Danske Bank analyses incoming transactions in less than 300 milliseconds. “It means that when customers are standing in the supermarket and buying groceries, the system can score the transaction in real-time and immediately provide actionable insights,” said Mads Ingwar, client services director, Think Big Analytics.
Teradata said its technology outperformed its competitors in helping clients accelerate their AI initiatives and drive operational efficiencies. For example, it said, a major shipping and logistics distributor now used AI for image-matching techniques that reduce costly ‘lost package’ resolution time. It said this had saved the business $25 million a year — a significant return on an initial AI investment. In another instance, it said a government postal service organisation now used AI-driven image recognition and deep learning processes to improve the sorting of over 115 million parcels a year. It said this had radically reduced the cost for the organisation.
Organisations in India too are recognizing AI as an enabler that is crucial to transform their business and stay ahead of the competition than just a mere tool, said Rajesh Shewani, head – technology and solution architecture, Teradata India. But the deep integration of AI in “their business strategy is essential,” he said.
AI technologies will be rapidly assimilated into analytics’ practices, giving business users unprecedented access to powerful insights that drive action, according to Forrester, a research and advisory firm. It said those that are truly insights-driven businesses “will steal $1.2 trillion per annum” from their less-informed peers by 2020.
“AI is dominating boardrooms today,” said Rick Farnell, senior vice president, Think Big Analytics. “We are making significant investments in AI to bring our customers to the edge.”
Teradata also unveiled ‘Teradata Analytics Platform’ that enables users throughout the organisation to leverage their preferred tools and languages, at scale and across multiple data types. It allows users to run their analytics against larger data sets with greater speed and frequency.
Oliver Ratzesberger, executive vice president and chief product officer at Teradata said in today’s environment, various users had different analytic needs and this dynamic caused a proliferation of tools and approaches that were both costly and siloed. “We solve this dilemma with the unmatched versatility of the Teradata Analytics Platform,” he said.