Improving fraud detection processes
How Metro Bank improved and scaled its fraud detection activities.
How BoNY Mellon eliminated keying errors, reduced costs and established an audit trail to effectively manage its data
When Maitland, a fund administrator, onboards a new client it must manage the primary records for all its funds. Due to the complexity and variety of the input data, ten people were required to gather the portfolio data using the existing process.
The process was highly complex, requiring manual checking, data input, rechecking and reconciliation with other data. Data was sent in via a wide range of data inputs, including Excel, Pdf, faxes and CSV and there were high levels of operational risk caused by potential ‘fat-finger’ mistakes from rekeying.
The high cost of onboarding – additional 10 staff – also meant that it was difficult to take on new business at a profit.
Xceptor was selected by Maitland for its ability to be configured by operational teams through an intuitive user interface and because of the short time frames for the initial implementation.
• Data is automatically collected and enriched from multiple input formats including Pdfs and faxes
• Gathering the trade position and static and pricing data is automatic as are reconciliation calculations
• Reduced headcount - Implementing Xceptor removed the need to recruit additional people to administer new client accounts
• Reduced operational risk - Operational risk has been mitigated with manual errors virtually eliminated
• Operations led - The process is managed by the operations team, enabling Maitland to be responsive to changes in the business environment
• Scalability - Data automation process has scalability and has been extended within Maitland to existing client data processes
We turned to Xceptor as it gave the best fit of the qualities we needed – genuine automation and flexibility for the business users. We recognised that not only would it be cost effective way to automate managing our new clients, but it could be applied to our existing customers too. We also saw great potential for Xceptor to be used for other data problems in our organisation and Xceptor has indeed proved very valuable for our operations team.