To support the bank’s high growth ambitions from its consumer banking business and fulfil its mission of building a digital bank of the future, Goldman Sachs needed a watchlist screening solution that would be efficient in minimizing the number of hits and effective in catching blacklisted individuals while being scalable enough to support a fast-growing client base. The bank recognized the potential of machine learning-powered screening solutions and, after a due diligence of third party solutions available in the market, decided to build an in-house tool for screening consumer banking customers. The solution provides major business benefits, including a one hundredfold reduction in alert volumes and an estimated US$30 million cost savings achieved through headcount reduction due to optimal alert generation.

Click on the video link below to watch a conversation between Farzad Mashayekhi, Managing Director at Goldman Sachs, and Arin Ray, Senior Analyst with Celent's Risk practice; Celent Risk research members can download the PDF of a detailed case study.