The economy is a huge network – but the data on business partners and corporate customers is often kept in isolation. Connections to each other or to other companies and decision-makers are almost always unknown. This means that many banks are wasting a great deal of potential, especially when it comes to compliance audits.
Despite investing billions in digitalization, banks often still treat their data on customers, leads, suppliers etc. as they did in the days of the good old filing cabinet: they are recorded manually, only updated sporadically and enriched with purchased information. However, banks are missing out on the greatest potential because their data is not consistently networked with each other or with others. Relationships between business partners in the portfolio, as well as their connections to external companies and decision-makers, remain unknown.
Graph technology links data and extracts insights
Modern graph technology offers an innovative solution that can display complex relationships in powerful graph databases and also visualize them optimally. After all, a graph usually tells you more about interrelationships at a glance than a thousand words that you have laboriously gathered from the registers.
However, in order to be able to use correlations effectively, banks need two further components in addition to graph technology: firstly, reliable basic data on all market participants that depicts both the history and the current reality. And secondly, smart algorithms and tools that are capable of not only creating the network, but also deriving relevant insights from it and automatically feeding them into processes.
Perfect Match: Palturai BusinessGraph as a basic network
Palturai delivers everything together as a unique package. As a pioneer in graph intelligence, it helps companies to build intelligent data ecosystems. The Palturai BusinessGraph is a centralized basic network of millions of companies and their decision-makers. All data comes from valid public sources. If a bank now matches its customer data against the BusinessGraph, all connections become transparent in one fell swoop: among business partners, but also to other companies and decision-makers and across any number of stages. Smart tools make it possible to transform the results from the permanent matching into relevant insights and seamlessly integrate them into workflows.
Use case compliance: Understanding structures
In the area of compliance, Graph Intelligence supports the verification of new partners (KYC) and the fulfillment of regulatory obligations. Instead of complex research, all it takes is one click and even complex shareholding structures are presented in a clear diagram. Including the beneficial owner. The new technology also helps to uncover money laundering and other forms of economic crime. After all, complex interrelations are sometimes deliberately set up in order to commit and conceal crimes. Therefore, not only banks but also investigative authorities are among the users.
Economic Interdependence: Graph Intelligence without Leaving Data Outside the Company
Data is fundamentally a key asset for banks – not only to differentiate themselves from new competitors – but also from a legal perspective. In order to meet these requirements, the Palturai BusinesGraph offers the option of running “on-premise”, i.e. on the bank’s internal servers. This gives banks immediate access to the entire data universe and means they do not need to disclose any customer-relevant query information to outside parties.
