HSBC: Fighting Financial Crime With Big Data Analysis
HSBC is the winner of the Celent Model Bank 2019 Award for Risk Management for launching a global analytics solution that identifies potential financial crime by contextually analyzing customer, transactional, and publicly available data in order to understand a customer’s global network.
• The Global Social Network Analytics (GSNA) Platform initiative significantly strengthens the ability of one of the world’s leading international banks to tackle financial crimes like money laundering, human trafficking, and terrorist financing.
• The initiative is both large and complex. Success depends on good data, sound entity resolution, social analysis, and ultimately, the ability to ingest and contextually analyze vast amounts of data to inform meaningful risk decisions.
• HSBC’s data-driven and analytical approach to intelligently detect and disrupt illicit activity represents a significant step forward in the fight against financial crime for HSBC and the industry.