Belfius uses Microsoft Azure Machine Learning to help detect fraud and money laundering
When Belfius, a prominent Belgian bank, started using AI and Machine Learning in operations, they struggled to synergize results for monitoring potential illegal activity. What did they do? Read this insightful customer story showing how by using Azure Machine Learning, Azure Synapse Analytics and Azure Databricks Belfius improved development time, increased efficiency and gained reliability.
How is Belfius using Azure Machine Learning?
Belfius utilizes Azure Machine Learning primarily for fraud detection and anti-money laundering. The platform allows them to calculate fraud risk scores quickly and efficiently, with plans to implement real-time scoring to detect deceitful claims within minutes. Additionally, they process hundreds of millions of transactions annually to identify potential money laundering activities, using machine learning models to generate risk scores for suspicious transactions.
What challenges did Belfius face before adopting Azure Machine Learning?
Before adopting Azure Machine Learning, Belfius faced challenges such as a lack of overview of features, which resulted in data scientists repeatedly rewriting the same code for different data models. There was no versioning control or search capability, making it difficult to act quickly and efficiently. This hindered their ability to maintain consistency across operational models and slowed down development time.
What benefits does the managed feature store provide?
The Azure Machine Learning managed feature store enhances the work of data scientists at Belfius by allowing them to collaboratively develop and use features in production without the overhead of managing underlying pipelines. It increases agility by enabling the reuse of features, supports versioning, and encourages faster experimentation. This ultimately leads to more reliable machine learning models and reduces costs associated with feature development.
Belfius uses Microsoft Azure Machine Learning to help detect fraud and money laundering
published by Computer SuperCenter
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