Financial services clients live with ever-changing regulatory demands, increasing expectations for value, and pressure from shareholders to reduce costs and increase returns. These clients are constantly innovating to adapt to changes in consumer needs, evolving technology, retail industry specific trends and regulations and perform risk analysis by testing new ideas in order to meet the expectations.
Virtual Labshelps you build a strong analytics platform that not only provides business Insight, but also estimate business impact with an unparalleled access to quality data and increased operational efficiency and supports financial organizations to drive more profitable decisions across their organizations.
In an uncertain economic climate with heightened regulatory demands and reduced customer confidence, banks are under severe pressure to determine the strategies and businesses that will maximize their value. With increased expectations from clients for more value, more oversight from regulators and pressure from shareholders, banking institutions need to implement systems in a disciplined way, balancing value creation with the cost of the investment.
The insurance sector strives to create optimal customer experiences. Fraudulent activities account for billions of dollars lost in insurance, banking, healthcare, retail, transportation, manufacturing, communication industries each year. The insurance industry estimates that about 25 percent of each premium dollar is spent on covering fraudulent or inflated claims, putting the yearly costs at an estimated in billions nationally.
In order to minimize these losses, most effective methods have to be deployed. Industry experts estimate that each dollar spent on combating fraud, $5 to $15 is saved, depending on the industry being served. Flexibility remains a critical aspect for quickly responding to the changing fraud patterns. It is important to dynamically expose new patterns of fraud without having to reprogram, retrain or reinvent the underlying systems.
With the strong knowledge and experience in building business intelligence and predictive analytics models, Virtual Labshelps you create a strong analytical model for answering business questions, discovering information across structured and unstructured information and evaluating trends, patterns around the information.
The Fraud detection techniques that we offer will uncover new fraud in action as well as historical frauds. Effective fraud detection saves money and protects businesses and their employees, shareholders and customers.