The economy is a huge interconnected network — but data on business partners and corporate customers often exists in isolation. Many connections to individuals, other companies and decision makers are unknown. As a result banks miss potential efficiencies in resource use, especially during compliance audits.
Despite investing billions in digitization, banks often still treat their data on customers, leads, suppliers and other partners the same as in the good old filing cabinet days. It is manually recorded, updated sporadically, and enriched with purchased information. However, the greatest potential to banks is lost because their data is not consistently networked internally or with other organizations. Relationships between business partners and their connections to external companies and decision makers remain unknown.
Graph technology networks data and extracts insights
An innovative solution is offered by modern graph technology, which can display complex relationships in powerful graph databases and optimize them visually. A graph says more about interrelationships at a glance than a thousand words painstakingly collected from the registers and public sources.
However, in order to be able to use interrelationships effectively, banks lack two further components in addition to graph technology. First, they lack reliable basic data on all market participants, which represent both the history and the daily reality of relationships. Second, smart algorithms and tools are needed to not only create the network, but also derive relevant insights from it and automatically import them into existing processes.
Perfect Match: Palturai BusinessGraph as a basic network
Palturai delivers all of this together as a unique package. As a pioneer in graph intelligence, it helps companies build intelligent data ecosystems. The Palturai BusinessGraph is a central basic network of many millions of companies and their decision makers. All data comes from valid public sources. When a bank matches its customer data against the BusinessGraph, all connections become transparent at once. This includes connections among business partners, but also to other companies and decision makers currently and historically. Smart tools make it possible to transform the results of permanent matching into relevant insights and to seamlessly integrate them into workflows.
Use Case Compliance: Seeing through structures
In the area of compliance, Graph Intelligence provides support in the examination of new partners (KYC), as well as in the fulfillment of regulatory obligations. Instead of time-consuming research, a click is all it takes to present even complex participation structures in a clear diagram, including the beneficial owner. But this new technology also helps to uncover money laundering and other forms of white-collar crime. After all, complex interrelationships are sometimes deliberately set up to commit and conceal crimes. Therefore, not only banks but also investigating authorities are among the users.
Graph Intelligence without giving out data
Data is basically a central asset for banks — not only to differentiate themselves from new competitors, but also from a legal point of view. In order to do justice to these circumstances, Palturai BusinessGraph offers the option of running “on-premise”, on the bank’s internal servers. This gives banks direct access to the entire data universe and eliminates the need for them to pass on customer information to the outside world.