Vahan Sahakyan: The three focus areas for AI at Digitain

Vahan Sahakyan, CRM Product Owner at Digitain, writes for SBC News about how the sports betting software provider has been developing the use of artificial intelligence (AI) for “quite a while” – to improve both its internal processes and the customer experiences of its partner network.

Currently, we are focused on three main areas: customer insight, CRM and customisation.

With customer insight we provide our partners with a range of automatic alerts, based on our AI algorithms, for customers who are identified as potential risk from a trading, AML and responsible gambling perspective.

Responsible gambling is an important issue, and will remain so, and our use of AI in this area – although at an early stage – can help our partners remain compliant and also prevent negative consequences of problem gambling.

Our machine learning systems can identify and alert operators to any risky gambling patterns, assess risks based on the historical data and potentially personalise preventive measures and communications to individual customers.

The AI information has been “trained” on at least one year’s data for over 100k customers, using 25+ data points and at least 4 million transactions – and is continually updated and improves over time with our machine learning technology.

For new operators it takes a week for us to train the algorithm for any changes we have to make considering country / market variations.

At the moment we provide AI alerts to our partners to various coefficients associated with the above behaviours and leave it to them to decide what the next steps should be, as these are their customers, although our data could allow for our systems to make a range of automatic decisions if our partners wished.

Use of AI in our new CRM system will allow our partners to send a range of offers and information to individual customers in real-time, including recommended bet and promotional offer opportunities, even during a live match.

The recommendation engine aspect of our CRM platform has the potential to increase our partner’s customers’ lifetime values through more efficient targeting of bets, bonuses and promotions. There’s an obvious cost benefit through savings on marketing headcount also.

Customisation of betting and gaming products presented to individual customers is an area that has been discussed for a long time. We’re developing a system, using AI, to allow our partners to customise the display to their individual customers – sports, promotions, banners, and even specific slots suppliers and games – all based on big data analytics.

Overall, we’re very excited by the progress we have made so far, and our research project group will continue to develop new solutions. We believe that there are plenty of opportunities to add real value for our partners, generating additional revenues, saving significant costs and improving the overall, safe customer experience through the use of AI.

Published at Mon, 15 Mar 2021 10:30:00 +0000

Tookitaki Releases Whitepaper on Successful Deployment of AI-powered Anti-Money Laundering …

Introduces Tookitaki’s Anti-Money Laundering Suite Smart Alert Management module that differentiates alerts into three risk levels, replacing the legacy triage function in the current transaction monitoring system more effectively
The Smart Alert Management saw an improvement of 12x operating effectiveness for a large global bank

SINGAPORE, March 15, 2021 /PRNewswire/ — Tookitaki, which provides Compliance Platform as a Service (CPaaS) to global financial institutions, today announced the release of their whitepaper, titled “Powering the Next Generation of AML Technology with AI”, with contribution from Celent. The whitepaper introduces Tookitaki’s Anti-Money Laundering Suite (AMLS) Smart Alert Management module, which saw an improvement of 12x in operating effectiveness for a large global bank whose system generates 80,000+ alerts annually.

To combat the clutter generated in legacy transaction monitoring and screening processes, the Smart Alert Management module leverages machine learning (ML) to categorize alerts into three risk categories – low risk, medium risk and high risk. The solution learns from historical data and investigative outcomes to build a highly accurate ML model to differentiate and classify alerts under the three risk levels, helping compliance officers to focus on alerts that matter most. Financial institutions that generate around 50,000 alerts a year could see themselves saving US$1.5m per year.

Abhishek Chatterjee, Founder & CEO, Tookitaki, said, “Designed to reduce cost and drive operational efficiencies, our smart alerts management across transaction monitoring and screening enables better financial crime identification in a faster time. Joining hands with Celent to create this whitepaper helps us drive greater awareness of the efficacy and time-to-value of AI and ML-powered AML solutions in today’s disruptive landscape where financial crime continues to adapt and evolve rapidly.”

“Our resounding success with United Overseas Bank (UOB) is a huge testament to the agility, maturity and performance of Tookitaki’s AMLS, where we saw an overall true positive prediction rate of 96 per cent with close to 40% reduction in false positives,” he added.

Arin Ray, Senior Analyst at Celent, said, “Financial fraud and money laundering pose both reputational and regulatory risks for the financial services industry and its participants. Investments in technological advances and innovation in the area of anti-money laundering and financial crime compliance have the potential to improve efficiency and effectiveness of compliance programs of financial institutions, enhance their financial and shareholder values, and positively impact the wider ecosystem in the fight against financial crime.”

On March 9th, 2021, UOB was named the winner of the Celent Model Risk Manager Award for 2021 in the Data, Analytics, and AI category due to the successful implementation of Tookitaki’s AMLS. Celent’s annual Model Risk Manager Awards recognize the best technology usage practices in different areas critical to success in risk.

The white paper is available for download at https://www.tookitaki.ai/whitepapers/powering-the-next-gen-of-aml-technology-with-ai/

About Tookitaki

Tookitaki Holding Pte. Ltd. delivers Compliance Platform as a Service (CPaaS) to some of the world’s leading banks and financial institutions to help them transform how they manage their regulatory obligations. The Singapore-based company’s compliance infrastructure harnesses artificial intelligence (AI) to support a family of smart specialist compliance applications that set new standards in accuracy, speed and resilience. The uniqueness and robustness of Tookitaki innovation in the field of regulatory compliance have been acknowledged worldwide. In 2020, the company won the Regulation Asia Awards for Excellence and G20TechSprint accelerator. In 2019, the company was selected as a Technology Pioneer by the World Economic Forum. Tookitaki is backed by institutional investors like Viola, SIG, Illuminate Financial, Jungle Ventures and Spring Seeds, an investment arm of the Singapore government.

Media Contacts

PRecious Communications for Tookitaki in Asia-Pacific
Email: tookitaki@preciouscomms.com
T: +65 6303 0567