GUARDIAN ANALYTICS PLATFORM
OMNICHANNEL FRAUD DETECTION PLATFORM
ENTERPRISE FRAUD ANALYTICS DASHBOARD
The Guardian Analytics has 7 products in its suite, each for independent and different financial platforms like Wire platform, ACH platform, Online Platform, etc. The Guardian Analytics products, in short, generate alerts on suspicious financial transactions and activities using behavioral analytics and machine learning. The goal of this project is to design and develop an omnichannel platform called Visual Analytics, which would have a single interface for alerts that are generated across platforms.
This project was to design an omnichannel platform to allow fraud analysts to review and investigate alerts from different banking platforms. This would allow them to investigate fraud which happens cross-platform.
Based on user research, below problems were identified in the old product
1. Though there were multiple personas in the fraud team like fraud analyst, fraud manager, chief risk officer(CRO), etc. the existing product was designed to cater just the needs of the fraud analyst persona - which was to review and investigate alerts.
2. The existing product lacked the ability to show the status of ongoing investigations and also the ability to assign the work and monitor the progress and notifications, which are the key features to fraud managers.
For some of the key new features, I led the brainstorming workshops involving key stakeholders and the development team which lead to identifying key use cases and a diverse and rich application featureset for all three personas.
EARLY DESIGN EXPLORATIONS
Based on the research, created a new alert management workflows and investigation, namely 'My Queue' and 'Filters' to facilitate productive alerts assignment and showcase the performance of the fraud analysts. To aid the fraud analysts to detect fraud efficiently and accurately, create new fraud investigation workflows to show information of the suspicious transactions in a more holistic and contextual way.
With the new filters workflow, the fraud manager can pre-set the alert filters based on the type of transactions and assign it to a respective specialist in the fraud team. Further, the fraud manager can also track the progress of the investigation and assess the workload of each analyst.
With 'My Queue' workflow, the fraud analyst can see the set of alerts that have been prioritized and assigned by their manager. Before this, there was a general alert pool which had 1000's of alerts and it was a tedious experience to pick the relevant alerts for investigations.
DASHBOARD FOR CRO'S AND FRAUD MANAGERS
The new dashboard gives comprehensive visibility and actionable insights for heads of fraud ops and fraud investigators through the visualization of fraud KPIs, team productivity metrics, and operational status highlights
Based on user research, below problems were identified in the old product;
1. Fraud managers maintained an excel sheet to keep track of the assignment of work to fraud analysts and to monitor their progress and efficiency.
2. Fraud Analysts manually tracked the alerts they need to investigate every day, and there were no metrics to show the remaining work or the progress done.
3. The Chief Risk Officers did not use our old product because it lacked the KPI's like Fraud risk exposure, Loss incurred due to fraud, lack of reporting infrastructure, etc.
Conducted survey to quantify the concepts and our hypothesis from the user research. The survey findings also played a big role in making a case and providing confidence to the key stakeholders for the proposed design changes to improve the usability and user experience of the product.
REAL-TIME FRAUD INFORMATION
Real-time information of the dollar amount that Guardian Analytics prevented from financial fraud and also the dollar amount that was lost due to fraud. Further, ability to drill down on specific fraud channels and see a list of frauds in each channel.
TEAM MANAGEMENT AND ASSESSMENT
Assess the efficiency and the productivity of the fraud analysts in the team and also assess the workload on each of the analysts. Also, as an incentive for highly productive fraud analysts, they are awarded with badges when they are consistently on schedule and stop frauds - gamification.
CYBER FRAUD INTEL
Provide intel on fraud by showing information like - the high-risk locations, the high risky accounts, risky IP addresses and the different categories under which the frauds are taking place. This information will enable the fraud manager to put certain transaction under the scanner and thus preventing potential fraud.
Real-time chart of the transactions that are taking place and the amount of high risk and medium risk alerts that Guardian Analytics is generating. Also, show the status of each of the alert, case, and transaction which gives the fraud manager the bigger picture of the volume of transactions, alerts, and fraud.